If there’s one mantra I live by, it’s that “slow and steady wins the race.” Maybe this is why I’m quick to discount any money method that promises to straighten out your finances and heal your relationship with money in one fell swoop. Yet, my usual cynicism didn’t rear its head when I came across a new financial strategy: microdosing. Of course, I was still slightly skeptical (“microdosing” isn’t exactly a word I expect to hear in a financial context), but when I inquired further, intrigue outweighed skepticism, and I realized this approach to money might be worth a closer look.
Coined by Lindsay Bryan-Podvin, a Cash App financial therapist and the founder of financial therapy practice Mind Money Balance, microdosing your finances is said to be a long-term financial strategy that actually works—for anyone. If you think this sounds too good to be true, I get it! I thought the same thing. But after speaking to Bryan-Podvin myself, I’m now a believer in the microdosing strategy, and I’m willing to bet you will be too.
Ahead, I’m sharing everything there is to know about microdosing your finances, including what the heck it means, the benefits of this strategy, and some tips to start microdosing your own money.
Lindsay Bryan-Podvin, Financial Therapist Expert
Lindsay is a Cash App financial therapist expert, podcast host, speaker, and author of The Financial Anxiety Solution. In her therapy practice, Mind Money Balance, she uses shame-free financial therapy to help people get their minds and money in balance.
What does it mean to microdose your finances?
Microdosing your finances is the practice of regularly taking small actions that support your long-term financial well-being and goals. It is not about setting strict spending parameters for yourself or changing your lifestyle completely. Rather, it’s about making bite-sized changes by altering or removing habits that are hindering your immediate and future financial growth. Examples of this include saying “no” to buying takeout or depositing an extra $20 into your savings. Over time, these small habits make a noticeable difference in your bank account and in your money mindset.
That said, while this may sound like a buzzy new money method designed for short-term use to improve your financial situation, it’s actually much more than that. Microdosing your finances is a lifestyle practice structured around healthy and sustainable money habits. These habits are built gradually over time through repetition, which comes from regularly making small changes to your spending. In essence, microdosing your finances is all about making smart money moves for yourself and your future, which is precisely why everyone—including the most financially savvy—can benefit from using it.
The benefits of microdosing your finances
It creates money habits that stick
Habits are formed through repetition, and Bryan-Podvin says financial microdosing uses this principle to create money habits that actually stick. For example, an impulse spender who buys whatever they want, regardless of whether they need it, will likely have a visceral reaction to not buying a dress that catches their eye. But this feeling will fade over time, the more they resist temptations and focus on buying things when they need them. Not only will this rewire their spending habits, but they’ll make smarter choices and feel more confident handling money.
It motivates you to improve your financial situation
Additionally, we’re quick to discount small steps we take to benefit ourselves financially, like making coffee at home or meal prepping, namely because they seem inconsequential in the big picture. But Bryan-Podvin says the opposite is true. She explained that all progress is good, no matter how small it may seem. Microdosing celebrates small habits, which is “essential for achieving long-term financial goals,” explains Bryan-Podvin. This is what keeps you motivated to keep going.
“Microdosing your finances is all about making smart money moves for yourself and your future, which is precisely why everyone—including the most financially savvy—can benefit from using it.”
What’s more, celebrating all progress shifts your money mindset. Bryan-Podvin explained that moving toward your goals is impossible if you believe you’re bad at handling money or incapable of sticking to a budget. But consistently taking small actions, like checking in on your bank accounts and cooking at home more, rewrites this narrative. Instead, it reinforces that you have the tools to handle money and are capable of implementing the necessary changes to improve your financial situation.
It makes your goals more accessible
Lastly, the beauty of this practice is that it hones in on what you can do today to make long-term financial goals, like paying off debt or buying a house, a reality. This, consequently, makes your goals feel more accessible because microdosing your finances forces you to break down larger goals into smaller attainable steps. You might not be able to buy a house or pay off all your debt now, but you can, for instance, microdose by allocating more money out of your paycheck to get closer to reaching those goals. Bryan-Podvin says doing this keeps you moving toward the finish line.
How to start microdosing your finances
The good news is that you don’t have to be a financial genius to start microdosing your money. Being committed to sticking with the strategy and following these tips is really all you need to get started:
Record all your wins
Because microdosing your finances stresses that even the smallest financial wins get you closer to your goals, keeping track of these wins is key. Some micro-wins to keep track of, whether it be in a journal or in your Notes app, could be:
- “Moved product to wishlist instead of adding it to cart”
- “Drove to pick up a to-go order to avoid paying a delivery fee.”
- “Brought homemade cold-brew to work for an afternoon pick-me-up”
Admittedly, documenting wins like this might feel awkward at first, but you’ll get the hang of it in no time. More importantly, recording all your wins will essentially create a flowchart showcasing the changes and progress in your spending habits. You can then compare these changes with your bank accounts and see exactly how this progress has impacted your finances.
Log in to one account at a time
We all know that we should regularly check our finances, yet this is something we fail to do. But logging into one account is the lazy girl (or anxious-avoidant) antidote to this. Simply log into one account and one account only, another account the next time, and so forth. This will make the task of checking in on your finances feel less overwhelming. More importantly, it’ll give you a snapshot of your financial situation and show you how your bite-sized actions are impacting it.
Furthermore, scheduling recurring money dates with yourself is the easiest way to hold yourself accountable to this. These money dates can be weekly, bi-weekly, monthly, or quarterly. If you’re checking in less frequently, consider downloading a personal finance app that lets you link multiple bank accounts, like Monarch Money, so you can get a complete overview of what’s up with your money in one go if that’s more your speed.
Talk about money regularly
Discussing finances with friends might’ve been considered bad form back in the day, but times have changed, and Bryan-Podvin is a huge fan of “cash yapping” with friends. She explained that sharing your microdosing wins with your inner circle is a great way to not only celebrate your progress but also normalize good money habits. Plus, this creates a support system you can lean on during your financial journey. Better yet, casually discussing finances can help reduce any shame you’re harboring about the topic of money in general.
Money relationships can be complex, but getting your feelings out in the open and talking to people who want the best for you can help you navigate and overcome these feelings. Taking advantage of an opening like “What’s new with you?” is one of the easiest ways to do this; in this case, you can then reply with something along the lines of: “I’m trying out this new money method called ‘microdosing’ your finances,” and let things progress naturally from there.
Create friction around your money habits
If you love to shop, can’t resist a good deal, or get FOMO about missing limited edition drops, you’ll want to remove shopping temptations from your life at the start of your microdosing journey. Bryan-Podvin says this will create friction around habits that are hard to break, like impulse buying, and get you on track for success. She recommends using merchant blocking tools for this, as well as unsubscribing from marketing promotions about sales and new arrivals, and unfollowing social media accounts that might tempt you to shop. Likewise, deleting shopping apps from your phone can also be helpful.
“Microdosing your finances forces you to break down larger goals into smaller attainable steps… doing this keeps you moving toward the finish line.”
While this might sound extreme, the good news is that it doesn’t have to be permanent. If anything, think of this as a temporary ad-blocker designed to cancel out the white noise and help you find your footing at the start of your money microdosing journey.
Give your bank accounts specific names
Bryan-Podvin is also a huge fan of swapping out the generic names for the money you have sitting in the bank, like emergency fund and savings, and replacing those titles with something specifically related to your savings goals. For example, an emergency fund might be called “peace of mind fund,” or a savings account might be referred to as “down payment money,” if you’re saving up to buy a house. Of course, the name can be anything you want, so long as it reminds you of what you’re saving for. It’s a small switch that has a major impact, namely because being reminded of what, exactly, you’re saving for will motivate you to keep saving.
Start slow and gradually work your way up
They say Rome wasn’t built in a day, so instead of trying to overhaul your spending habits simultaneously, Bryan-Podvin suggests starting with one thing and going from there. This can be anything from opening a pile of unopened bills, inquiring with your insurance company about an outstanding co-pay, or canceling a subscription to a streaming service you no longer use. Tackling one goal, regardless of how small it may seem, will get you out of your head and set your microdosing journey into motion.
That said, writing out a financial to-do list can be helpful here since it’ll show you all the money tasks you need to accomplish. Bryan-Podvin recommends starting with the easiest task on that list and going from there; however, you can try using the Eisenhower Matrix if you don’t know what to tackle first. This decision-making tool will categorize your goals and the tasks needed to accomplish them based on importance and urgency, which will point your focus in the right direction.
Should you try microdosing your finances?
As far as money methods go, microdosing is one that will give you the best bang for your buck (pun intended) since it encourages creating healthier money habits through micro actions, rather than a complete lifestyle overhaul. Plus, everyone’s finances are a work in progress. We all have our own financial journey that changes as we move through life, which means we can all benefit from continually evolving our money habits. Remember: You deserve to reach your financial goals, and based on the above, it seems clear that microdosing your finances can help you do just that.
Arianna Reardon, Contributing Writer
Arianna is a freelance writer and journalist, and the self-proclaimed hot and dirty martini queen. At The Everygirl, Arianna uses her authenticity and relatability to empower, inspire, and motivate women everywhere. Whether she’s writing about sex and relationships, career and finance, beauty and fashion, wellness, or home and living, Arianna’s passion shines through in all her work.
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