As publicly traded companies continue to report financial data for the second quarter, high growth in sales and revenue has continued to push stocks higher, with the S&P 500 index up about 3% last week. If you’re worried about a bubble, consider this: revenue growth is expected to be 15% for the quarter. And expectations are that growth will slow slightly but remain in double digits for the rest of the year.
And if you’re looking to grow your savings and investments, it’s time to play some games. Mind games, that is. It’s time to use your brain’s hardwiring in your favor, and here are four ways to do it:
Set up a second email account, just for merchants. You’ll stop getting all the promotional emails that trigger a fear of missing out on a great deal or encourage you to shop just to shop. Sending them to a different account allows you to check for discounts or promotions when you actually need something.
Use your shopping cart, in real life and online. Put the throw pillow or candle in your basket when you’re in the store. Carry it around. Then put it back. You’ll get the same chemical surge in your brain as if you’d actually bought it. Online, put whatever you want in your cart. Then wait a day or two before you go back to complete the purchase. Again, you’ll get all the feel-good chemicals just from adding it to your cart, without actually buying anything.
If you’re actively trying to build savings or pay down debt, take things a step further. Any time you don’t buy something, transfer that amount of money to savings or make a credit card payment. It’s okay to make multiple credit card payments, even in the same day.
Finally, switch to a debit card if you need the discipline. You can even take the extra step of setting up a second checking account, and transfer spending money to that account each paycheck. When that money is gone, it’s gone. Just be certain to check for fees from your bank on that second account before you open it.
Your action item this week is to remove your credit cards from online shopping sites. The pause to stop and pull out your card can give your brain a moment to consider if you really need the item.
If you have a question you want answered, email us at info@covingtonalsina.com. Be sure to check out our Facebook page or website to see our upcoming educational events.
CovingtonAlsina is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.