November 27, 2025 • 18 mins
Saving money feels great in theory… but sticking to it in real life? That’s the tricky part.
In this episode of A Little Bit Richer, our host Iona Bain is joined by financial coach Laura Ann Moore to unpack how to gamify your savings and make your money habits stick.
With Christmas spending peaking and New Year’s resolutions looming, Laura shares practical ways to keep saving, even when life feels expensive. From reframing your identity as a “saver,” to mastering habit stacking, to using tech, cashback, and clever psychological tricks, this episode is full of empowering tools that you can start using today.
Discover how to transform saving into something rewarding, sustainable, and dare we say… fun that will help make you a little bit richer.
You can watch episodes on L&G’s YouTube channel
And see behind the scenes content on TikTok and Instagram
You can follow Laura Ann Moore on Instagram
You can play the podcast and find other useful content on L&G’s website:
https://www.legalandgeneral.com/podcasts/a-little-bit-richer
Iona and her guests share their own personal thoughts and opinions in this podcast. These might be different from L&G’s take on things. They give financial guidance for a UK audience that’s relevant at the time of recording. It’s general best practice, not the kind of personalised advice you’d get from a financial adviser.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This series is brought to you by L& G, helping
you build a future that's a little bit richer.
Iona Bain (00:06):
Hello and welcome to A Little Bit Richer with me,
Iona Bain, brought to you by Legal & General. We all
know how important saving money is. It gets us out
of living paycheck to paycheck. It sets good habits and
it protects our future. But it's often easier said than
done. And as we've come to the last payday before
Christmas, maybe you're fretting about all those festive outgoings and
(00:29):
you're looking ahead to January and maybe some New Year's
resolutions. Well, you might be wondering how can I save
when I'm spending so much, or I know I should
be saving, but what are some hacks to get started?
So today I'm joined by friend of the show Laura
Ann Moore. Laura is a certified financial coach, financial wellbeing
(00:51):
speaker and host of the Mind Money Soul podcast. She's
on a mission to get you financially confident and take
control of your future. And having saved over £ 40,000 by
the time she was 27, she is the perfect person
for us to chat to today about staying motivated with
saving. Welcome, Laura.
Laura Ann Moore (01:12):
Thank you for having me back.
Iona Bain (01:13):
Well, it's lovely for you to come back. So how
can people make saving feel more real and achievable in
their day- to- day lives rather than it feeling like
a long- term distant goal? What are some good habits
for long- term saving?
Laura Ann Moore (01:28):
I think the key thing is to think about sustainability
and not be super extreme about it. I always talk
about this link between money and fitness. So if we
think about it, you want to get your summer bod
for next year. If you go full swing and you go, "
Right, I'm cutting out carbs, I'm cutting out sugar, I'm
(01:48):
cutting out alcohol and all the fun stuff," that works
for what, five, 10 days? And at some point that
restrictiveness makes you want to go the other way. It
makes you want to binge on all of those things. It
wants you to just throw the baby out with the
bath water and just go, "Ah," go crazy. So applying an attitude
when it comes to fitness of the 80/ 20 rule. Most
(02:10):
of the time you eat well, you exercise well, and
then you have the little treats. It's the same with
saving, I think, is finding a way to be more
sustainable day- to- day, saving little and often. And I
think the reason why some people find that hard is
the mindset of it feeling boring. But it can be
boring sometimes, but you can gamify it obviously. And I
(02:33):
think that starting small and working towards a goal is
better than waiting for the right moment to hit. I
think sometimes we fall into a trap of being like, "
I don't really know what I want to save for,
I don't really have that big of a goal," but
you're never going to regret having money saved.
Iona Bain (02:50):
Yeah. Do you find that people will often say to you, "
Well, I'll save once I've achieved this or I've achieved
that"? And what's your response to them?
Laura Ann Moore (02:58):
Yeah, I think it's one of those things where you don't
have to be saving all of the time, but I think
you don't want to be in a position where you
look back and you're like, " I've lost out on all
that time when I could have been doing some of
the little things that would've added up." So it's more
a reframe in mindset towards what saving looks like for
you and how you can work it into your day- to-
(03:19):
day in a way that feels good and not miss out.
Iona Bain (03:22):
Absolutely. So let's get into that. What does it take
to create that mindset? Just talk us through how we
can be more intentional with putting money away.
Laura Ann Moore (03:30):
So I think it's so easy to fall into a
mindset of saying things like, " I'm a spender, I'm not
a saver." Even if that is objectively true because you
have been spending more than you've been saving, that phrase,
the way that you speak about yourself, the way that
you speak about your money has a massive impact on
how you behave.
Iona Bain (03:50):
Yeah.
Laura Ann Moore (03:51):
So first off, just noticing, like what are the things
that I say to my friends, to my partner, to
myself around my savings habits, and are they helping me
or are they hindering me? It requires a bit of
honesty I think, which can be hard. But just acknowledging,
okay, if I keep saying I'm a spender, guess what's
(04:11):
going to happen? I'm going to keep spending. So shifting
your language is a really great place to start because
that will help essentially train your brain that you are
capable of that thing. So for example, if you were
to save £ 5 a week, no, it's probably not the
amount of money that you're going to want to buy
a house very quickly, but it shows that you're building
(04:32):
the habit. It gives your brain evidence. And you can
say confidently, " I'm a saver." It builds the foundation for
you to use your words in a positive way. And
then the two kind of support each other. I think
that really helps for changing your mindset towards saving.
Iona Bain (04:47):
And do you find that people will often adjust their
spending once they get a pay rise, then they think, "
Hey, I'm at that point where I'm earning decent money,
therefore I'm going to enjoy myself"? How do you try
to combat that and still have a little bit of
a savings mindset going on there whilst still enjoying yourself?
Laura Ann Moore (05:05):
I'm a big believer you can do both, but sometimes
the weight's going to be different. But lifestyle creep, it's
so easy. You end up spending on a slightly more
expensive bottle of water, then you go to a slightly
nicer restaurant, slightly nicer clothes. So it's when suddenly you've
got more income each month. But instead of being strategic
and saying, " Okay, a percentage of that will be saved
(05:27):
and invested and a percentage of that will be spent
and enjoyed." It's easy to fall into the habit of
just spending it because it's there. And that's why I
think having a budget and a spending plan is so
useful for your financial success because it allows you to
understand where that money is going. I always say it's okay
to treat yourself a bit, but make sure you just
(05:49):
give that extra money direction. Because so many people look
back over years and years of having pay rises and
they're like, " I don't really know what I've got to
show for it," because you just inflate your lifestyle to
meet it.
Iona Bain (06:02):
And so you can see why people definitely get into
that mindset, but then it must really, really affect their
ability to save in the long run.
Laura Ann Moore (06:09):
Yeah, definitely. Because not only are you getting used to
that nicer lifestyle, even if it's only the mini luxuries-
Iona Bain (06:17):
They all add up. But most importantly, being conscious of
where that extra money is going at. And also habits.
I imagine that's a really important cornerstone of saving.
Laura Ann Moore (06:27):
Yes. And I think the habit of saving is when
you get used to it and it's just a part of
your life and it becomes a non- negotiable, you're not
having to convince yourself to save or persuade yourself or
motivate, it's just part of it. I think there are
things that you can do, like automating your finances. So
the day that you get paid, having an automation, like
(06:50):
a direct debit or a standing order that moves money
into savings straight away can be great, because it removes
the emotion. But just really understanding what does that habit
look like for me. And I love habit stacking.
Iona Bain (07:03):
So habit stacking is when you're just throwing all these
different habits in together and that way you're killing lots
of birds with one stone.
Laura Ann Moore (07:10):
It's using your brain basically to trick yourself into knowing
what comes next and just doing it without needing to
use your willpower. For example, on payday, every time I
move money into my spending account, I also move money
into my savings. Or every time I spend on something,
I also move it into savings. And you stack it
onto another habit. It helps it not feel like a
(07:33):
drag, like, " Oh, I've still got to do this thing."
I learned about habits stacking from the James Clear book
Atomic Habits. He believes in marginal gains. So 1% better
every day compounds massively. The same can be applied to
money. But when you apply it to your habits, it
doesn't feel so overwhelming. If all you have to do
is have one new habit, do that for a couple
of weeks, then it's embedded, introduce a new one, and
(07:55):
it rolls on. And then it just becomes a part
of your lifestyle. You can do that with saving.
Iona Bain (08:00):
Right. So rather than trying to do it all at
once, you got to start slow and build it up over time.
Laura Ann Moore (08:05):
Yeah. And meet yourself where you're at. So if you're
even struggling to budget right now or even have a
spending plan, start there. Don't think that you go there
and then next minute, no, you need to have £ 20,000 in saving.
Iona Bain (08:17):
Because I'm a big fan of talking about saving as
a way to give yourself options and freedom further down
the line. And what you mentioned before about setting up
a standing order to your savings account when you're paid,
that's like paying your future self first. Is that something
that you encourage people to think about?
Laura Ann Moore (08:33):
When I talk about budgeting and having a spending plan
now, I talk about the three S's, which is money
for survival, so living cost, money for spending, which is
the fun stuff, and money for success. Savings falls into
success, because when I had the £ 15,000 when I was younger
and I ended up very last minute going traveling, that
was my moment of money gives you choice and freedom.
(08:56):
Had I not had that money, I couldn't have taken
that opportunity. And giving yourself those little moments to go,
oh, I see how money can be a tool, I
see how when I'm good with my money or I
build a good habit and I'm saving and I'm enjoying
the process, the consequence of that is also positive.
Iona Bain (09:14):
It's self- care.
Laura Ann Moore (09:15):
A hundred percent.
Iona Bain (09:16):
So what are some fun ways to trick your brain
into saving more?
Laura Ann Moore (09:20):
There are three main ways, I think. So I'm not
a massive fan of no- spend months.
Iona Bain (09:25):
Yeah, that feels very restrictive.
Laura Ann Moore (09:26):
So restrictive. Where's the fun?
Iona Bain (09:28):
No.
Laura Ann Moore (09:28):
But no- spend zones would be, okay, where are my
biggest triggers with overspending? Where do I spend when I
look back and go, " Oh, really wish I hadn't done
that"? They're the places that you would put a bit
more of a rule around. For example, if your weakness
is after work, tired, can't be arsed to cook, you
know you're going to be getting a Deliveroo. But then
(09:48):
afterwards you're like, " Oh, I could have probably even made
that for half the price."
Iona Bain (09:52):
Yeah, yeah.
Laura Ann Moore (09:52):
So if you know that's your trigger, you would say, " Okay, I'm going
to maybe do no deliveries during the week." Or you
can step foot outside in London and before you know
it, you've spent £ 100. So maybe you say, " Monday, Tuesday,
Wednesday, I don't spend before 12 PM." Just zones of
the day of the week where you just make an
active choice to not spend as much, therefore allowing you
(10:12):
to save a bit more. So that'd be one. The
second one is what I like to call buy one, save one. So
if you are going to buy something and you have
to then say, " Okay, whatever I've spent on this item,
I will also put the same amount into savings." So
it kind of is like the concept of only buy
it if you can afford to buy it twice. And
(10:33):
I think that that creates awareness around how much you're
spending, if you can afford it, if it fits into
your budget right now. And it's not to say you
can't ever have that thing, it just brings awareness to
the moment. And then the third one is the three
week rule. So every time you go to spend money on
something that is a non- essential, it's something a bit
more fun, spontaneous, maybe a bit more luxurious, you write
(10:57):
it down in the notes in your phone, what it is,
how much it was. You could even add in the
emotion that you were feeling, if you want. Make it a bit like a diary.
And then after the first three weeks of the month,
you wait till the last week, and you go back
over that list. First off, what actually do I still
want? A lot of them you'll be like, " Definitely don't
need that fifth pair of the same type of trainer."
Iona Bain (11:18):
Yeah.
Laura Ann Moore (11:18):
But if you look at that and go, " Okay, I've
got a little bit money left over my budget, I
am still going to buy that thing." So it's not
that you're fully restricting yourself, you're just waiting till later
on in the month. Also, if you add up all of that
money that you would've spent, look at it and you go, "
That's technically how much I've saved, because I've not spent
that money."
Iona Bain (11:36):
Yeah. That's a really good point. And I think a
lot of this is about putting friction back in your
finances because it's just too easy to spend now. With
cash dying out, with us all tapping our cards, with
us spending online, one- click payments, these are all methods
that are geared towards us spending more. And so it's
I think down to us as individuals to just put
(11:58):
those speed bumps back in our finances.
Laura Ann Moore (12:00):
Yeah. And with the age of social media, I think
it's so easy to look at everybody else living what
looks like a dream life and be like, "Well, I want
that now." And I think learning the art of delayed
gratification goes hand- in- hand with learning how to save,
that you can't uncouple them. And the more that you're
able to learn how to enjoy and create delayed gratification,
(12:21):
I genuinely think the happier you are long term in
life and also financially happy.
Iona Bain (12:25):
Yes, I couldn't agree more. So can you talk about
some of the features on banking apps that might make
it a little bit easier to do all of this?
Laura Ann Moore (12:33):
I like being able to have in a bank account
on your phone different pots that you can name, that
you can emotionally attach to your goal, but then using
the AI part, which is roundups. So when you're spending
money, let's say it was £ 11.59 and it rounds it
up to £ 12, and that extra 41 p goes in
a little pot. It might not seem like a lot,
(12:56):
but over the course of a month of spending, it
can add up and it can just be a nice
little savings pot that is so useful.
Iona Bain (13:03):
And also giving those pots nice names.
Laura Ann Moore (13:05):
Yes. Because when you see the name of that, it
says holiday fund, or wherever you're off to, Ibiza fund,
or you really want a new car, if you are
one of those people that is more likely to dip
into your savings once you've done it, when you go
to that pot and it says, you can ask yourself, "
Okay, this money that I'm about to take out, is
(13:26):
that, A, taking me closer towards my goal or further
away from it, but also, what am I taking from
my future self?" That is a meal on holiday.
Iona Bain (13:34):
Yeah, that is one less cocktail in Ibiza.
Laura Ann Moore (13:36):
YEA.
Iona Bain (13:36):
You do not want to deprive yourself of that.
Laura Ann Moore (13:38):
You don't want to deprive yourself of that. Keep that
money in there. It brings awareness to that moment, but
it creates that connection between what that future version of
yourself is using that money for. And that kind of
taps into the sort of neuroscience part of your brain,
which is allowing you to visualize and create emotion. And
therefore, if the behavior comes from the emotion, if you see, "
Oh, I'm taking from something that's going to be really
(14:00):
fun ..." And let's use coffee, for example. I love coffee.
However, I would happily cut back on a couple of
coffees to save for that because I do that every day. So I'm like, "
Oh, that's okay. This is more exciting for me." And
it can come back after, once I've saved.
Iona Bain (14:12):
Yes. Good point. Let's come on to how you can
save money whilst you're shopping. Is there any ways that
you can start to build up that cash even whilst
you're spending?
Laura Ann Moore (14:21):
Definitely. So number one being cash back. So I think
people get a little bit confused by cash back because
they're like, " What's the catch?" But essentially it's different websites
where if you're planning to spend online anyway, especially coming
up to Christmas, you're going to be buying those gifts
if you use a cash back site first ... So you
go to the website, write in the retailer, click on
(14:42):
it, it directs you there. You spend money as you'd
planned, so either a percentage or a set fee, you were
already going to spend that money, so why not get
a little bit of kickback? Also, I'm a big fan
of just searching for discount codes. The amount of vouchers
and discount codes you can find when you're shopping online
just by typing in retailer discount code, it's crazy. So
(15:02):
therefore you're actually saving money itself on the purchase.
Iona Bain (15:05):
Yeah.
Laura Ann Moore (15:06):
And then I think looking at the areas of your
life where you already spend money and being able to
look at, okay, well where could I save with this?
So for example, if you love shopping for clothes, and
first of all, can you sell your own clothes and
make some money back on Vinted, and then utilize that
money within Vinted, which is a secondhand online store, to
(15:27):
buy new clothes? So it's kind of like you're not
really losing or gaining anything. It's kind of more like swapping.
Iona Bain (15:32):
Yeah, you're keeping your money within that platform and therefore
it's not really coming out of your bank account.
Laura Ann Moore (15:36):
Exactly. Especially with fast fashion. It's a way of looking after the
environment, looking after your own bank account. Another one is if
you're wanting to save a bit of money while you
spend with groceries, planning is one of the best ways
to help save money when you're spending. Planning ahead, for
the week for your dinners, taking lunch in instead of
eating lunch out, all things like that.
Iona Bain (15:56):
Yeah, absolutely. I mean, Laura, I could talk to you about this all day
long, but if I had to whittle you down to
three tips for staying motivated while saving for the long term,
what would they be?
Laura Ann Moore (16:06):
I think number one would be tracking your progress. It's
really important to make sure you know where you're headed
and how you're doing. Even if you feel like your
progress isn't going as quick or as easy as you
want, that is all data. What is working, what's not?
Where can I be better? What's tripping me up? All
(16:27):
of those little things is just data to do a
better job for the next month. Number two is celebrating
your milestones. So if you have this big goal, I
want to save £ 20,000 for a house deposit, but right
now you have £ 100, that feels overwhelming. That is like,
what's the point? How do I even get started? So
being able to see the staircase, a little celebration when
(16:50):
I hit my £ 1, 000. Obviously you don't spend the
thousand and undo all of that work. But a little treat, something
that feels rewarding to be able to do that. And I definitely think using
visual aids is really, really useful.
Iona Bain (17:04):
Oh, I'm such a visual person, so that really works
for me.
Laura Ann Moore (17:08):
Massively. And coloring it in, stickers, anything that's very childlike
and playful brings just a little bit of joy to
it. And it actually turns on a little bit in the brain,
which is the dopamine. It makes it exciting. That's why,
you know when you have a to- do list and
you do something that's not on the list, so you
add it to the list so you can tick it
off? I do that all-
Iona Bain (17:27):
I do that all the time.
Laura Ann Moore (17:29):
There's something in the brain that it makes you feel
good, it makes you feel accomplished. So doing the same
thing with your savings, it makes you more connected to
it. And I think it just makes the whole thing
more enjoyable. And the third tip would be having the
mindset of a saver. So knowing that you see yourself
as a saver, you speak about your savings in a
positive way, and that you believe in your own abilities
(17:51):
to save. I'm a big believer of being like, no
one's coming to save you. It's on you. And that
can help you feel so proud. The sense of achievement
when you reach your own goals and you've done it
is just like nothing else. But you have to have
that belief in yourself first. Even if up until this
point you've always struggled, use this as like a catalystic
(18:14):
moment to wipe the slate clean and say, " It doesn't
matter what's happened up until this point, I'm resetting. I
know that I can do it. And I'll start small
and I'll build it up and I'll build that confidence and
trust with myself so that I am a saver."
Iona Bain (18:25):
Everyone at home is like, " Yes, I can do this."
Laura Ann Moore (18:28):
Yeah.
Iona Bain (18:29):
So galvanizing and inspiring. Thank you so much, Laura.
Laura Ann Moore (18:32):
Thank you for having me.
Iona Bain (18:34):
Honestly, so many great tips on how we can gamify
our savings there and set good habits for the future.
If this episode has sparked some inspiration for saving, I
would love it if you could share the podcast and
help others get a little bit richer too. This podcast
is brought to you by L& G. You can keep
up with the show on YouTube, TikTok and Instagram at Legal & general.
(18:56):
And before I go, I just want to say, if
you've got a question or a topic that you'd like
answered on the show, we would really love to hear
from you. So please do get in touch on our
socials. Until next time, see you soon.
This series is brought to you by L& G, helping
you build a future that's a little bit richer.
Iona Bain (00:06):
Hello and welcome to A Little Bit Richer with me,
Iona Bain, brought to you by Legal & General. We all
know how important saving money is. It gets us out
of living paycheck to paycheck. It sets good habits and
it protects our future. But it's often easier said than
done. And as we've come to the last payday before
Christmas, maybe you're fretting about all those festive outgoings and
(00:29):
you're looking ahead to January and maybe some New Year's
resolutions. Well, you might be wondering how can I save
when I'm spending so much, or I know I should
be saving, but what are some hacks to get started?
So today I'm joined by friend of the show Laura
Ann Moore. Laura is a certified financial coach, financial wellbeing
(00:51):
speaker and host of the Mind Money Soul podcast. She's
on a mission to get you financially confident and take
control of your future. And having saved over £ 40,000 by
the time she was 27, she is the perfect person
for us to chat to today about staying motivated with
saving. Welcome, Laura.
Laura Ann Moore (01:12):
Thank you for having me back.
Iona Bain (01:13):
Well, it's lovely for you to come back. So how
can people make saving feel more real and achievable in
their day- to- day lives rather than it feeling like
a long- term distant goal? What are some good habits
for long- term saving?
Laura Ann Moore (01:28):
I think the key thing is to think about sustainability
and not be super extreme about it. I always talk
about this link between money and fitness. So if we
think about it, you want to get your summer bod
for next year. If you go full swing and you go, "
Right, I'm cutting out carbs, I'm cutting out sugar, I'm
(01:48):
cutting out alcohol and all the fun stuff," that works
for what, five, 10 days? And at some point that
restrictiveness makes you want to go the other way. It
makes you want to binge on all of those things. It
wants you to just throw the baby out with the
bath water and just go, "Ah," go crazy. So applying an attitude
when it comes to fitness of the 80/ 20 rule. Most
(02:10):
of the time you eat well, you exercise well, and
then you have the little treats. It's the same with
saving, I think, is finding a way to be more
sustainable day- to- day, saving little and often. And I
think the reason why some people find that hard is
the mindset of it feeling boring. But it can be
boring sometimes, but you can gamify it obviously. And I
(02:33):
think that starting small and working towards a goal is
better than waiting for the right moment to hit. I
think sometimes we fall into a trap of being like, "
I don't really know what I want to save for,
I don't really have that big of a goal," but
you're never going to regret having money saved.
Iona Bain (02:50):
Yeah. Do you find that people will often say to you, "
Well, I'll save once I've achieved this or I've achieved
that"? And what's your response to them?
Laura Ann Moore (02:58):
Yeah, I think it's one of those things where you don't
have to be saving all of the time, but I think
you don't want to be in a position where you
look back and you're like, " I've lost out on all
that time when I could have been doing some of
the little things that would've added up." So it's more
a reframe in mindset towards what saving looks like for
you and how you can work it into your day- to-
(03:19):
day in a way that feels good and not miss out.
Iona Bain (03:22):
Absolutely. So let's get into that. What does it take
to create that mindset? Just talk us through how we
can be more intentional with putting money away.
Laura Ann Moore (03:30):
So I think it's so easy to fall into a
mindset of saying things like, " I'm a spender, I'm not
a saver." Even if that is objectively true because you
have been spending more than you've been saving, that phrase,
the way that you speak about yourself, the way that
you speak about your money has a massive impact on
how you behave.
Iona Bain (03:50):
Yeah.
Laura Ann Moore (03:51):
So first off, just noticing, like what are the things
that I say to my friends, to my partner, to
myself around my savings habits, and are they helping me
or are they hindering me? It requires a bit of
honesty I think, which can be hard. But just acknowledging,
okay, if I keep saying I'm a spender, guess what's
(04:11):
going to happen? I'm going to keep spending. So shifting
your language is a really great place to start because
that will help essentially train your brain that you are
capable of that thing. So for example, if you were
to save £ 5 a week, no, it's probably not the
amount of money that you're going to want to buy
a house very quickly, but it shows that you're building
(04:32):
the habit. It gives your brain evidence. And you can
say confidently, " I'm a saver." It builds the foundation for
you to use your words in a positive way. And
then the two kind of support each other. I think
that really helps for changing your mindset towards saving.
Iona Bain (04:47):
And do you find that people will often adjust their
spending once they get a pay rise, then they think, "
Hey, I'm at that point where I'm earning decent money,
therefore I'm going to enjoy myself"? How do you try
to combat that and still have a little bit of
a savings mindset going on there whilst still enjoying yourself?
Laura Ann Moore (05:05):
I'm a big believer you can do both, but sometimes
the weight's going to be different. But lifestyle creep, it's
so easy. You end up spending on a slightly more
expensive bottle of water, then you go to a slightly
nicer restaurant, slightly nicer clothes. So it's when suddenly you've
got more income each month. But instead of being strategic
and saying, " Okay, a percentage of that will be saved
(05:27):
and invested and a percentage of that will be spent
and enjoyed." It's easy to fall into the habit of
just spending it because it's there. And that's why I
think having a budget and a spending plan is so
useful for your financial success because it allows you to
understand where that money is going. I always say it's okay
to treat yourself a bit, but make sure you just
(05:49):
give that extra money direction. Because so many people look
back over years and years of having pay rises and
they're like, " I don't really know what I've got to
show for it," because you just inflate your lifestyle to
meet it.
Iona Bain (06:02):
And so you can see why people definitely get into
that mindset, but then it must really, really affect their
ability to save in the long run.
Laura Ann Moore (06:09):
Yeah, definitely. Because not only are you getting used to
that nicer lifestyle, even if it's only the mini luxuries-
Iona Bain (06:17):
They all add up. But most importantly, being conscious of
where that extra money is going at. And also habits.
I imagine that's a really important cornerstone of saving.
Laura Ann Moore (06:27):
Yes. And I think the habit of saving is when
you get used to it and it's just a part of
your life and it becomes a non- negotiable, you're not
having to convince yourself to save or persuade yourself or
motivate, it's just part of it. I think there are
things that you can do, like automating your finances. So
the day that you get paid, having an automation, like
(06:50):
a direct debit or a standing order that moves money
into savings straight away can be great, because it removes
the emotion. But just really understanding what does that habit
look like for me. And I love habit stacking.
Iona Bain (07:03):
So habit stacking is when you're just throwing all these
different habits in together and that way you're killing lots
of birds with one stone.
Laura Ann Moore (07:10):
It's using your brain basically to trick yourself into knowing
what comes next and just doing it without needing to
use your willpower. For example, on payday, every time I
move money into my spending account, I also move money
into my savings. Or every time I spend on something,
I also move it into savings. And you stack it
onto another habit. It helps it not feel like a
(07:33):
drag, like, " Oh, I've still got to do this thing."
I learned about habits stacking from the James Clear book
Atomic Habits. He believes in marginal gains. So 1% better
every day compounds massively. The same can be applied to
money. But when you apply it to your habits, it
doesn't feel so overwhelming. If all you have to do
is have one new habit, do that for a couple
of weeks, then it's embedded, introduce a new one, and
(07:55):
it rolls on. And then it just becomes a part
of your lifestyle. You can do that with saving.
Iona Bain (08:00):
Right. So rather than trying to do it all at
once, you got to start slow and build it up over time.
Laura Ann Moore (08:05):
Yeah. And meet yourself where you're at. So if you're
even struggling to budget right now or even have a
spending plan, start there. Don't think that you go there
and then next minute, no, you need to have £ 20,000 in saving.
Iona Bain (08:17):
Because I'm a big fan of talking about saving as
a way to give yourself options and freedom further down
the line. And what you mentioned before about setting up
a standing order to your savings account when you're paid,
that's like paying your future self first. Is that something
that you encourage people to think about?
Laura Ann Moore (08:33):
When I talk about budgeting and having a spending plan
now, I talk about the three S's, which is money
for survival, so living cost, money for spending, which is
the fun stuff, and money for success. Savings falls into
success, because when I had the £ 15,000 when I was younger
and I ended up very last minute going traveling, that
was my moment of money gives you choice and freedom.
(08:56):
Had I not had that money, I couldn't have taken
that opportunity. And giving yourself those little moments to go,
oh, I see how money can be a tool, I
see how when I'm good with my money or I
build a good habit and I'm saving and I'm enjoying
the process, the consequence of that is also positive.
Iona Bain (09:14):
It's self- care.
Laura Ann Moore (09:15):
A hundred percent.
Iona Bain (09:16):
So what are some fun ways to trick your brain
into saving more?
Laura Ann Moore (09:20):
There are three main ways, I think. So I'm not
a massive fan of no- spend months.
Iona Bain (09:25):
Yeah, that feels very restrictive.
Laura Ann Moore (09:26):
So restrictive. Where's the fun?
Iona Bain (09:28):
No.
Laura Ann Moore (09:28):
But no- spend zones would be, okay, where are my
biggest triggers with overspending? Where do I spend when I
look back and go, " Oh, really wish I hadn't done
that"? They're the places that you would put a bit
more of a rule around. For example, if your weakness
is after work, tired, can't be arsed to cook, you
know you're going to be getting a Deliveroo. But then
(09:48):
afterwards you're like, " Oh, I could have probably even made
that for half the price."
Iona Bain (09:52):
Yeah, yeah.
Laura Ann Moore (09:52):
So if you know that's your trigger, you would say, " Okay, I'm going
to maybe do no deliveries during the week." Or you
can step foot outside in London and before you know
it, you've spent £ 100. So maybe you say, " Monday, Tuesday,
Wednesday, I don't spend before 12 PM." Just zones of
the day of the week where you just make an
active choice to not spend as much, therefore allowing you
(10:12):
to save a bit more. So that'd be one. The
second one is what I like to call buy one, save one. So
if you are going to buy something and you have
to then say, " Okay, whatever I've spent on this item,
I will also put the same amount into savings." So
it kind of is like the concept of only buy
it if you can afford to buy it twice. And
(10:33):
I think that that creates awareness around how much you're
spending, if you can afford it, if it fits into
your budget right now. And it's not to say you
can't ever have that thing, it just brings awareness to
the moment. And then the third one is the three
week rule. So every time you go to spend money on
something that is a non- essential, it's something a bit
more fun, spontaneous, maybe a bit more luxurious, you write
(10:57):
it down in the notes in your phone, what it is,
how much it was. You could even add in the
emotion that you were feeling, if you want. Make it a bit like a diary.
And then after the first three weeks of the month,
you wait till the last week, and you go back
over that list. First off, what actually do I still
want? A lot of them you'll be like, " Definitely don't
need that fifth pair of the same type of trainer."
Iona Bain (11:18):
Yeah.
Laura Ann Moore (11:18):
But if you look at that and go, " Okay, I've
got a little bit money left over my budget, I
am still going to buy that thing." So it's not
that you're fully restricting yourself, you're just waiting till later
on in the month. Also, if you add up all of that
money that you would've spent, look at it and you go, "
That's technically how much I've saved, because I've not spent
that money."
Iona Bain (11:36):
Yeah. That's a really good point. And I think a
lot of this is about putting friction back in your
finances because it's just too easy to spend now. With
cash dying out, with us all tapping our cards, with
us spending online, one- click payments, these are all methods
that are geared towards us spending more. And so it's
I think down to us as individuals to just put
(11:58):
those speed bumps back in our finances.
Laura Ann Moore (12:00):
Yeah. And with the age of social media, I think
it's so easy to look at everybody else living what
looks like a dream life and be like, "Well, I want
that now." And I think learning the art of delayed
gratification goes hand- in- hand with learning how to save,
that you can't uncouple them. And the more that you're
able to learn how to enjoy and create delayed gratification,
(12:21):
I genuinely think the happier you are long term in
life and also financially happy.
Iona Bain (12:25):
Yes, I couldn't agree more. So can you talk about
some of the features on banking apps that might make
it a little bit easier to do all of this?
Laura Ann Moore (12:33):
I like being able to have in a bank account
on your phone different pots that you can name, that
you can emotionally attach to your goal, but then using
the AI part, which is roundups. So when you're spending
money, let's say it was £ 11.59 and it rounds it
up to £ 12, and that extra 41 p goes in
a little pot. It might not seem like a lot,
(12:56):
but over the course of a month of spending, it
can add up and it can just be a nice
little savings pot that is so useful.
Iona Bain (13:03):
And also giving those pots nice names.
Laura Ann Moore (13:05):
Yes. Because when you see the name of that, it
says holiday fund, or wherever you're off to, Ibiza fund,
or you really want a new car, if you are
one of those people that is more likely to dip
into your savings once you've done it, when you go
to that pot and it says, you can ask yourself, "
Okay, this money that I'm about to take out, is
(13:26):
that, A, taking me closer towards my goal or further
away from it, but also, what am I taking from
my future self?" That is a meal on holiday.
Iona Bain (13:34):
Yeah, that is one less cocktail in Ibiza.
Laura Ann Moore (13:36):
YEA.
Iona Bain (13:36):
You do not want to deprive yourself of that.
Laura Ann Moore (13:38):
You don't want to deprive yourself of that. Keep that
money in there. It brings awareness to that moment, but
it creates that connection between what that future version of
yourself is using that money for. And that kind of
taps into the sort of neuroscience part of your brain,
which is allowing you to visualize and create emotion. And
therefore, if the behavior comes from the emotion, if you see, "
Oh, I'm taking from something that's going to be really
(14:00):
fun ..." And let's use coffee, for example. I love coffee.
However, I would happily cut back on a couple of
coffees to save for that because I do that every day. So I'm like, "
Oh, that's okay. This is more exciting for me." And
it can come back after, once I've saved.
Iona Bain (14:12):
Yes. Good point. Let's come on to how you can
save money whilst you're shopping. Is there any ways that
you can start to build up that cash even whilst
you're spending?
Laura Ann Moore (14:21):
Definitely. So number one being cash back. So I think
people get a little bit confused by cash back because
they're like, " What's the catch?" But essentially it's different websites
where if you're planning to spend online anyway, especially coming
up to Christmas, you're going to be buying those gifts
if you use a cash back site first ... So you
go to the website, write in the retailer, click on
(14:42):
it, it directs you there. You spend money as you'd
planned, so either a percentage or a set fee, you were
already going to spend that money, so why not get
a little bit of kickback? Also, I'm a big fan
of just searching for discount codes. The amount of vouchers
and discount codes you can find when you're shopping online
just by typing in retailer discount code, it's crazy. So
(15:02):
therefore you're actually saving money itself on the purchase.
Iona Bain (15:05):
Yeah.
Laura Ann Moore (15:06):
And then I think looking at the areas of your
life where you already spend money and being able to
look at, okay, well where could I save with this?
So for example, if you love shopping for clothes, and
first of all, can you sell your own clothes and
make some money back on Vinted, and then utilize that
money within Vinted, which is a secondhand online store, to
(15:27):
buy new clothes? So it's kind of like you're not
really losing or gaining anything. It's kind of more like swapping.
Iona Bain (15:32):
Yeah, you're keeping your money within that platform and therefore
it's not really coming out of your bank account.
Laura Ann Moore (15:36):
Exactly. Especially with fast fashion. It's a way of looking after the
environment, looking after your own bank account. Another one is if
you're wanting to save a bit of money while you
spend with groceries, planning is one of the best ways
to help save money when you're spending. Planning ahead, for
the week for your dinners, taking lunch in instead of
eating lunch out, all things like that.
Iona Bain (15:56):
Yeah, absolutely. I mean, Laura, I could talk to you about this all day
long, but if I had to whittle you down to
three tips for staying motivated while saving for the long term,
what would they be?
Laura Ann Moore (16:06):
I think number one would be tracking your progress. It's
really important to make sure you know where you're headed
and how you're doing. Even if you feel like your
progress isn't going as quick or as easy as you
want, that is all data. What is working, what's not?
Where can I be better? What's tripping me up? All
(16:27):
of those little things is just data to do a
better job for the next month. Number two is celebrating
your milestones. So if you have this big goal, I
want to save £ 20,000 for a house deposit, but right
now you have £ 100, that feels overwhelming. That is like,
what's the point? How do I even get started? So
being able to see the staircase, a little celebration when
(16:50):
I hit my £ 1, 000. Obviously you don't spend the
thousand and undo all of that work. But a little treat, something
that feels rewarding to be able to do that. And I definitely think using
visual aids is really, really useful.
Iona Bain (17:04):
Oh, I'm such a visual person, so that really works
for me.
Laura Ann Moore (17:08):
Massively. And coloring it in, stickers, anything that's very childlike
and playful brings just a little bit of joy to
it. And it actually turns on a little bit in the brain,
which is the dopamine. It makes it exciting. That's why,
you know when you have a to- do list and
you do something that's not on the list, so you
add it to the list so you can tick it
off? I do that all-
Iona Bain (17:27):
I do that all the time.
Laura Ann Moore (17:29):
There's something in the brain that it makes you feel
good, it makes you feel accomplished. So doing the same
thing with your savings, it makes you more connected to
it. And I think it just makes the whole thing
more enjoyable. And the third tip would be having the
mindset of a saver. So knowing that you see yourself
as a saver, you speak about your savings in a
positive way, and that you believe in your own abilities
(17:51):
to save. I'm a big believer of being like, no
one's coming to save you. It's on you. And that
can help you feel so proud. The sense of achievement
when you reach your own goals and you've done it
is just like nothing else. But you have to have
that belief in yourself first. Even if up until this
point you've always struggled, use this as like a catalystic
(18:14):
moment to wipe the slate clean and say, " It doesn't
matter what's happened up until this point, I'm resetting. I
know that I can do it. And I'll start small
and I'll build it up and I'll build that confidence and
trust with myself so that I am a saver."
Iona Bain (18:25):
Everyone at home is like, " Yes, I can do this."
Laura Ann Moore (18:28):
Yeah.
Iona Bain (18:29):
So galvanizing and inspiring. Thank you so much, Laura.
Laura Ann Moore (18:32):
Thank you for having me.
Iona Bain (18:34):
Honestly, so many great tips on how we can gamify
our savings there and set good habits for the future.
If this episode has sparked some inspiration for saving, I
would love it if you could share the podcast and
help others get a little bit richer too. This podcast
is brought to you by L& G. You can keep
up with the show on YouTube, TikTok and Instagram at Legal & general.
(18:56):
And before I go, I just want to say, if
you've got a question or a topic that you'd like
answered on the show, we would really love to hear
from you. So please do get in touch on our
socials. Until next time, see you soon.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Are You A Charlotte?
In 1997, actress Kristin Davis’ life was forever changed when she took on the role of Charlotte York in Sex and the City. As we watched Carrie, Samantha, Miranda and Charlotte navigate relationships in NYC, the show helped push once unacceptable conversation topics out of the shadows and altered the narrative around women and sex. We all saw ourselves in them as they searched for fulfillment in life, sex and friendships. Now, Kristin Davis wants to connect with you, the fans, and share untold stories and all the behind the scenes. Together, with Kristin and special guests, what will begin with Sex and the City will evolve into talks about themes that are still so relevant today. "Are you a Charlotte?" is much more than just rewatching this beloved show, it brings the past and the present together as we talk with heart, humor and of course some optimism.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.