A financial psychologist offers advice on overcoming a money bias that may be hindering your wealth accumulation.

Most individuals are aware of the need to take certain actions to manage their finances effectively, but they have not yet implemented those steps.

People who struggle financially can find comfort in the fact that their financial difficulties are a result of their honesty, as humans tend to prefer familiarity and avoid risk, a phenomenon known as status quo bias, according to Brad Klontz, a financial planner, psychologist, and author of "Start Thinking Rich."

"He states that we have a dislike for making changes, which requires thinking, energy, and activity. However, we are mentally lazy, essentially."

Saving money for debt repayment or retirement involves setting aside funds that could be spent immediately in order to achieve a future objective.

To overcome financial inertia and become rich, you must put systems in place that motivate and excite you, according to Klontz.

Automate your goals with purpose

To break free from the cycle of spending money as soon as it arrives, individuals must determine how they want their funds to benefit them.

"To achieve your financial goals, you must have a compelling vision that you are emotionally attached to, according to Klontz. Delaying gratification, which is not natural for you, is the first step."

Financial stability, long-term goals such as retirement, medium-term plans like buying a house, and pressing needs like getting out from under debt or establishing an emergency fund are all important considerations when it comes to managing finances.

Establishing a spending plan is easier after carving out money for various goals.

To keep track of your major goals, Klontz recommends creating separate accounts with specific names. For instance, you could name your savings account for a family vacation to Italy in 2025.

"Klontz emphasizes that the hack is crucial because it goes beyond a mere account with funds; it now has an emotional connection to a goal."

Once you've established your accounts, you can set up automatic transfers to them, either directly from your paycheck or through an automatic transfer from a checking account. After that, you can relax, knowing that your money is being put to work towards your goals, safely tucked away and out of your mind.

"If you solely depend on yourself to check your monthly finances and write checks towards your goals, you will likely fail. Automation eliminates the friction, allowing you to never have to think about it."

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