[Be sure to read to the end of the post so you can access your special bonus that can help keep you on track with your savings goal in 2015.]
What would you do with an extra $1,431.00 in your savings account next year?
What if saving that money was easy, pain free and was able to change your mindset that can set yourself to be a super-saver for the rest of your life.
Of course, like anything, I can’t guarantee that this will work for you. Especially if you don’t take action.
Before you stop reading because you think that it’ll be impossible for you to save $1,431.00 in a year, stay with me… keep reading.
I’m going to show you an easy way to re-train your brain to become someone who saves money each and every week. The byproduct will be a savings account with more than fourteen hundred bucks in it before you ring in 2016.
This technique actually comes from a a psychological sales technique that called the-foot-in-the-door technique (FITD).
No, this is not the same as the more literal “foot-in-the-door-technique” that was once used by door-to-door salesmen where they would jam their foot between the door and the door frame so they could keep pitching you on the benefits of the vacuum while you desperately tried to close the door in their face.
This version of the FITD technique is a compliance tactic that that involves getting your brain to say “yes” to a series of small request which makes it more likely to say yes to a larger request later.
We’ve all been there, sitting down at the end of the year, writing down our New Year’s resolutions where we promise ourselves that we’re going to workout 7 times per week and save an extra $100 per month. We also know how long we usually stick to those New Year’s resolutions.
The issue with trying to go straight to 7 workouts per week and $100 per month in savings is that it’s such a huge “ask” when you’ve been a couch potato who spends more than you make for your entire adult life.
You need to start small.
Start with a small “ask” that you can handle and your brain can process.
When it comes to working out, this could be starting off with one workout per week. Or even just 5 minutes of walking/ jogging / jumping jacks / etc. and do it everyday.
Making the “ask” something small that you can handle, will mean that you’ll likely be more willing to say yes the next time you ask yourself for something a little bigger next week.
When it comes to starting to save money, you can use the FITD technique to start making small “asks” where you will start to put away trivial amounts of money making it as easy and painless as possible. It might seam trivial, but these small steps are helping you slowly change your money mindset into becoming a money saving machine.
If you follow this technique to a tee, you’ll end they year with $1,431.00 in the bank and a new way to look at saving money.
It all starts with $1.
Yes, one dollar is all it takes to start.
Can you save $1 tomorrow?
This means that on January 1, 2015 you’re going to save $1.
Of course, $1 in your newly minted savings account won’t make a material change in your life initially but, trust me, it’s the start of something much bigger because on January 8th you’re going to put away $2.
Then a week later, on January 15th, you’re going to put away $3 and then each and every week in 2015, you’re going to put away one more dollar than you did the week before.
Each week you’re going to be making a slightly bigger “ask” than the week before making it easier to say “yes” to each and every single one of the larger amounts.
The last week of the year you’ll be deeply rooted into this habit of saving money every week when you deposit $52 into your bank account.
Don’t believe me that these small numbers add up to $1,431.00? Here’s the proof:
It’s amazing how a small “ask” and subsequent action can lead to more than $1,400.00 in your savings account before the end of 2015.
The 1966 Publication That Can Help You Save Money in 2015
The foot-in-the-door technique was proven to be an extremely effective technique in a study published in the Journal of Personality and Social Psychology where they outlined two experiments that were conducted.
In the first experiment, 156 Palo Alto, California housewives where selected at random and split into test groups. All but one of the groups were called in the morning and asked if they were willing to answer a number of questions about what household products they use.
One of the groups that agreed to answer the questions where actually asked the 8 questions. This group was called the “Performance” group as they actually performed the small favor that was asked of them.
The next group that agreed to answer the questions was thanked for their willingness to answer the questions and and were told that their name would be added to the list of people willing to answer the questions and would be contacted later, if needed. This group was called the “Agree-Only” group.
The third group was familiarized with the what the group was trying to accomplish, they heard all of the questions they were going to ask but were never asked if they would answer the questions. This group was called the “Familiarization” group.
The final group was not called to asked if they were willing to answer these questions. They were placed into the group that were only contacted to make the “big ask”. This group was called the “One-Contact” group.
When each of these groups were contacted asking if they were willing to let five or six men into their home for about 2 hours to enumerate and classify all the household products that they had.
They were told that these men would have full freedom in their home and would be able to go through all the cupboards and storage places and that the information would then be used in a public service publication.
The results were very interesting and very compelling for the FITD technique.
52.8% of the Performance Group, the one that agreed and answered the initial series of questions, agreed to the larger request to have these men riffle through their their home to find out what household product they used.
33.3% of the Agree-Only group, the ones that agreed to answer the questions and where told they’d be contacted later if needed, agreed to the larger ask.
27.8% of the Familiarization group, the ones that heard all about the goal of the project but weren’t specifically asked if they would answer the questions, agreed to the larger ask.
22.2% of the One-Contact group, the ones where this was the first time they had heard from this group, agreed to let the men come to their home and look around.
137.8% more people from the Performance Group said yes to the large request when compared to the group that was only contacted once.
Based on these results I’m recommending that, if you’re trying to start saving more money in 2015, that you used the FITD technique to your advantage.
How You Can Use The FITD Technique To Help You Save More Money
Start off by asking yourself to comply with a very small request of savings $1 the first week. Then actually take the time to transfer the $1 to your savings account.
Then the next week, ask yourself to transfer $2 and, again, actually take the time to make the transfer.
It’s important here that you take the time each week to make the transfer as this will start to solidify this as a new habit for you.
Don’t allow yourself to say “I’ll transfer $10 at the end of the month” since that is 10 times bigger ask then $1 in the first week to get you stared. This will be much harder to do and this new savings goal of yours might suffer the fate of so many New Year’s resolutions.
Start with $1 on January 1st and run with it. You CAN do it.
[SPECIAL BONUS: Click here and I’ll send you an email every week with an encouraging note and a reminder to transfer your money.]
What If You’re Already A Super Saver?
Do you want to save more than $1,431.00 next year? Or are you already a super saver but want to start saving more? The starting amount and increments of the FITD technique is entirely up to you. If you’re already saving $200/month (~$46/week) you could start with $47 on January 1st, $49 on January 8th, $51 on January 15th and so on.
The key is to consistently make the ask and to slowly increase the amount each time so you’re continually agreeing a slightly bigger ask.
To help you stay on track, click here and I’ll send you an invite to calendar reminders I’ve schedule. You’ll receive an alert on your phone each week reminding you that it’s time to transfer your money.
What do you think of the FITD technique? Do you think that it can help you finally start to reach your savings goals?
P.s. I’ll help you stay on track.