Blog
back

For The Love of Money

March 1, 2019

The Psychology of Saving

I could be saving more money. I know that. But something happens in my mind when I get my paycheck…You know that feeling you get when you have money after a long time? That sense of relief and freedom. For me, I think I should buy something I need. I realised recently I only had work pants, so I went out and bought jeans. Something always pops up. And, if I hadn't bought all those things, then I’d have money.

If I had set aside $5 every month for the last couple of years, then at least I’d have something now to fall back. I think about it all the time...really, really intently.

But it’s always the same cycle — I get my paycheck and the relief is too much. It means I can pay bills and go live my life.

Patrick Ryan

Is the License to Spend Killing Your Savings? You’re Not Alone. Did you know that the average consumer spends $1,320 (of the total paycheck for a household that earns roughly $63,000 a year) on Amazon? Did you know that the average American family spent over $2,900 in 2016 on entertainment, including going to the movies, seeing sporting events, and buying lottery tickets? Researchers found that more than half of the population increases their spending on paydays by over 25 percent. They also found that 11 percent more prone to go on any shopping trip on paydays, spending more than they would on a shopping day when they don’t get paid. Tips Split your paycheck across multiple accounts to avoid feeling rich with money.  Leave your credit card at home. Use debit cards for recurring expenses. Separate Wants From Needs. Make a list of what you really need and stick to that. Treat yourself but only in moderation.

Saving the Music

People who hear my music typically have a great response to it. I’ve been playing the guitar for 12 years. Guitar used to be my passion but now it’s all about vocals and lyrics.

My plan is to make more music, better music. I can see myself at local performances, maybe even open mic nights. But it’s hard to meet people in the industry and get them to hear new music. Truth is, I’m really good at sales, but marketing myself musically is hard to do.

I have a new job now that pays well. It’s going to be great for my work-life balance. With the free time I’ll have now, I’ll be able to focus more on my music and I can finally start saving. I’ve tried to do music full-time with no other job and that just doesn’t work. Cause you have no money, no gas and in the end, no car which means you definitely can’t do performances.

I’m only 25 and I’m still shaping my life. It’s just been a bad cycle, to pay my bills and go to sleep but I’ll be able to do bigger things now. I even have enough to get a starting-level music video. I want to start doing bigger shows now, meet people who own the venues and get invited. Who knows I might even go back to California one day to perform live.

— Patrick Ryan, Michigan, Ann Harbour


Through stories of our shared struggles and triumphs, we see that we’re all connected. Want to share your story? Email us at stories@earnin.com.

1Disclaimer: Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

2Disclaimer: Balance Shield cash out is subject to your available earnings and daily pay period max. Other restrictions and/or third party fees may apply. For more information visit earnin.com/TOS.

3NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 18 years of age or older and a legal resident of the U.S. or DC. Games begin each Sunday starting 12/6/20 at 9:01 p.m. ET and end the following Monday at 9:00 p.m. ET with the last Game ending 12/19/21. To download the App, view the Official Rules, odds disclosures, prize details, and alternate means of entry, visit https://www.earnin.com/wewin/. Void where prohibited. $10,000,000 grand prize payable over 29 years. Sponsor: Activehours, Inc. (d/b/a Earnin ®), 200 Portage Ave, Palo Alto, CA 94306.

4Disclaimer: Up to 2 days early is based on comparison with traditional banks. Exact timing is dependent on your employer's payroll policies. For more information on eligibility and requirements of Earnin Express, visit earnin.com/TOS.

5Source: Internal analysis conducted by Earnin on December 10, 2020.

1Restrictions on use of Services and/or third party fees may apply, see Earnin.com/ privacyandterms for details.

2Balance Shield cash out is subject to your available earnings and daily pay period max. Other restrictions and/or third party fees may apply. For more information visit Earnin.com/privacyandterms.

3Tip Yourself Account funds are held with Evolve Bank & Trust, Member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% APY and $0 monthly fee service. Other restrictions and/or third party fees may apply, see Earnin.com/privacyandterms for details.

1Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

2Restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

3Balance Shield cash out is subject to your available earnings and your daily pay period max. Other restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

4NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 18 years of age or older and a legal resident of the U.S. or DC. Games begin each Sunday starting 12/6/20 at 9:01 p.m. ET and end the following Monday at 9:00 p.m. ET with the last Game ending 12/19/21. To download the App, view the Official Rules, odds disclosures, prize details, and alternate means of entry, visit WeWin Game & Sweepstakes Official Rules. Void where prohibited. $10,000,000 grand prize payable over 29 years. Sponsor: Activehours, Inc. (d/b/a EarninⓇ), 200 Portage Ave, Palo Alto, CA 94306.

5Tip Yourself Account funds are held with Evolve Bank & Trust, Member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Your Tip Yourself Account and any Tip Jars are not Savings Accounts. For more information/details visit earnin.com/tos.

6Up to two days early is based on comparison with traditional banks. Exact timing is dependent on your employer’s payroll policies. For more information on eligibility and requirements of Earnin Express, visit earnin.com/tos.

7Your Max on Earnin Express is up to 80% of your payroll or $1000, whichever is less. The 80% is dependent on you routing your full paycheck to Earnin Express. For more information on eligibility and requirements of Earnin Express, visit earnin.com/TOS.

8By using Cash Back Rewards (powered by Empyr) you allow participating merchants and/or card networks details of your transactions. For more information, see Earnin.com/tos.

9Learn how we collect and use your information by visiting our Privacy Policy.

1Disclaimer: Restrictions and/or third party fees may apply, see earnin.com/tos for more details. Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection.

2Disclaimer: Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third party fees may apply, see Earnin.com/TOS for details

3Disclaimer: Community Member must have had at least 1 successful debit with Earnin. Limit to 1 Max Boost per pay period. A boost will not adjust a Community member's daily max. Restrictions may apply, see earnin.com/tos for more details

*Disclaimer: Balance Shield cash out is subject toyour available earnings and daily pay period max.Other restrictions and/or thirdparty fees may apply. For more information visit earnin.com/TOS

1Restrictions may apply, see earnin.com/tos for more details. Tip Yourself Account funds are held with Evolve Bank & Trust, member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Your Tip Yourself Account and any Tip Jars are not Savings Accounts. For more information/details visit earnin.com/tos

2Disclaimer: NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 18 years of age or older and a legal resident of the U.S. or DC. Games begin each Sunday starting 12/6/20 at 9:01 p.m. ET and end the following Monday at 9:00 p.m. ET with the last Game ending 12/19/21. To download the App, view the Official Rules, odds disclosures, prize details, and alternate means of entry, visit https://www.earnin.com/wewin/game-rules/. Void where prohibited. $10,000,000 grand prize payable over 29 years. Sponsor: Activehours, Inc. (d/b/a Earnin), 200 Portage Ave, Palo Alto, CA 94306.

3Disclaimer: Restrictions Apply. See earnin.com/tos for more information

*Disclaimer: Up to 2 days early is based on comparison with traditional banks. Exact timing is dependent on your employer's payroll policies. For more information on eligibility and requirements of Earnin Express, visit earnin.com/TOS.

**Disclaimer: Restrictions and/or third party fees may apply, see earnin.com/tos for more details. Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection.

*(*) Internal analysis conducted by Earnin in January 2021, represents total users who Cashed Out at least once from January 1 to December 31, 2020.

Download on the App Store
4.7 +189K ratings
Download on Google Play
4.5 +147K ratings