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Psychological Impact of Save Now Buy Later

Last updated :
March 10, 2024

minutes read

We’ve all been there. You have a little extra money in your pocket and you just can’t help but to splurge.

It’s a natural impulse: you want something, you buy it. The challenge is that if you don’t have a good budgeting system in place, you can easily find yourself in debt.

Save Now Buy Later (SNBL) is designed to help you overcome this challenge.

It’s a simple concept; rather than buying something on impulse, you save up a certain amount of money and then you can use this to buy whatever it is you want or need.

The SNBL scheme helps you in two ways. Firstly, it encourages you to be mindful of your spending habits and to practice self-control. Secondly, it allows you to set goals for yourself - you save for a certain amount of money and then you can treat yourself knowing that you earned it.

Let’s look at the psychology behind Save Now Buy Later and how it can help you manage your finances better. 

A. Self-control and impulse buying 

Self-control and impulse buying are two key psychological factors to consider when understanding why people make decisions to save now and buy later.

Impulse buying is when you buy something without thinking about how it will affect your life or your finances.

This type of behaviour is often driven by emotion or immediate gratification. 

Save Now Buy Later encourages you to practice self-control. You’ll need to be disciplined enough to save the money you want to spend rather than buying something on impulse.

This will help you to be more conscious of your spending habits and to budget better.

B. Positive reinforcement 

Positive reinforcement also plays a role in understanding the psychology behind save now buy later.

When a person gets a reward for making a good choice, this is called positive reinforcement. This reward could be something materialistic like money, or something you feel, like a sense of accomplishment. 

Save Now Buy Later schemes encourage positive reinforcement.

When you save up for something and then buy it, you’re rewarded with cashback offers, discounts, etc. by SNBL companies. Hubble Money, for example grows your money by 10% in a 100 days which you can use it for your lifestyle and daily expenses.

This in turn reinforces the idea that saving is good and that you should continue to do so.

C. Goal setting 

Goal setting is another key psychological factor that can be used to make decisions to save now and buy later.

Setting goals gives you a sense of direction and purpose for your money, and it can be a powerful way to get you to make smart financial decisions. By setting goals, you can save now and buy later in ways that help you reach your long-term financial goals.

SNBL helps you to set goals. Before you can buy something, you need to save up for it. This way, you can set goals for yourself and work towards them. This is a great way to motivate yourself to continue to save and to build up your savings.

SNBL is a great way to help you manage your finances better. It encourages you to practice self-control, to use positive reinforcement, and to set goals for yourself.

So, if you’re looking for a way to manage your finances better, Save Now Buy Later might be just what you need.

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Shuaib Azam
Shuaib is a Marketing & Growth lead at Hubble. When he isn't working on growth initiatives, Shuaib writes fiction and doodles space monkeys.

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