Can Certain Passwords Cause You to Spend Less?

Presh Talkwalkar of MindYourDecisions, one of my favorite sites about interesting decision-making dilemmas, had a great article recently (re-posted below) about how people's passwords could influence their rate of savings.

Although not backed with data, Presh muses that using passwords such as 'SaveforRetirement' or 'Thinkofthecollegefund' could cause people to spend less impulsively because they have to consider alternate uses for their money. I am a big fan of this approach because of the way it leverages what psychologists call priming.

What is meant by priming? By forcing yourself to consider your spending in terms of other goals, you distract yourself from the instant gratification of spending and focus as well on your long-term financial goals. (A non-financial example of priming might be posting pictures of your fitness goals on your refrigerator or pantry door.)

Passwords for websites are not the only possible means of encouraging better financial behavior; you could also set your desktop image to be an emotional reminder of your finances, or you could sign up for financial monitoring services that help alert you to your current standing. Of course, these are not particularly difficult methods of staying on top of your finances, but they can be emotionally fraught, and they do require commitment. The real challenge here is motivating yourself to act, not the action itself.

Here is Presh's post, followed by two questions to consider (credit Presh Talwalkar, MindYourDecisions):

There’s a story I remember hearing that inspired this post.

One day a woman was at a credit union and she wanted to make a withdrawal. The teller found out the account was password protected and asked her to verify it.

“The password is SAVE,” the woman sighed, “My husband did that so I would have to say the word ‘SAVE’ every time I got cash.”

The story is amusing, but it also got me thinking.


There is some research about how priming our brains can influence our decision. For example, just thinking about money makes us less likely to spend. Or, to cite another study, people who think about money are more likely to reject sales pitches.

If thinking about saving can help us save in stores, would we be doing ourselves a favor by choosing our passwords to be about money?

I admit I have never seen any research on this topic specifically. But I think this is an idea that could possibly work. Here are some ideas for passwords and places to use this tip.

Possible passwords and uses

I’m combining two tips here. These passwords are all about money or being responsible. As many passwords require numbers, I have also included some 0′s and 1′s because these are low numbers (anchoring to a low number so you might spend less).

Money000
Dontspend0
SaveforRetirement
BeSmartJustSave1
Thinkofthecollegefund
PayOfftheMortgage01

You can consider using variants of these passwords at any site where you might spend money. A few sites are eBay, Amazon/any online retailer, travel websites, car rentals, Facebook, and for banks and financial institutions.

Just remember if you do choose a money-related password, make sure it’s complex and not easy to guess. Bad passwords are an easy way to lose everything.

What are some other ways you can think of to manage your finances with priming? Have you thought of any novel solutions in your own life?