Present bias: future you is real
Lesson 4 of 12 in our free Money Mindset guide: a 5-minute money game with the key points below.
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Questions you'll answer
Chip offers you £50 today or £60 in four weeks. How much extra (in %) do you get for waiting?
Dex says, "Saving is pointless when you're young, bro. Live now, save later." Best rebuttal?
Quick facts
- Auto-transfer to savings on the day money lands → Beats it. Decide once, let automation do the willpower.
- One-click checkout with saved card → Feeds it. Zero friction = more impulse.
- A 48-hour wait rule before buying non-essentials → Beats it. Most cravings fade in two days.
- "I'll start saving next month" (every month) → Feeds it. Next month never comes. It's giving procrastination.
- Naming your savings pot after the goal → Beats it. A pot called 'Lisbon trip' is harder to raid than 'Savings 2'.