According to a recent Bankrate survey, nearly three out of four (74%) of U.S. adults have a financial regret.

The most common is not saving early enough for retirement (21%), followed by taking on too much credit card debt (15%) and not saving enough for emergencies (14%).

There are many reasons why we make poor financial decisions. Today’s article uncovers them and offers a few strategies for counteracting the natural tendency to do the opposite than we know is good for us.

Why is it so difficult to overcome financial troubles?

In an evolutionary sense, our brains simply are not wired to make good decisions about money. To survive, our “fight or flight” decision-making capability developed over millions of years. These often were quick life-or-death choices, so our brains developed efficient shortcuts to help us vanquish immediate threats.

While mental shortcuts may have helped us avoid being gobbled up by lions, they can lead to making bad financial decisions. That’s because our brains, hard-wired to value immediate rewards over delayed rewards, are not especially good at envisioning what our lives could look like in the far-distant future.

But the power of investing is embedded in having a long time horizon — to take advantage of steadily compounding returns and being able to tolerate inevitable periods of market weakness. Mental shortcuts sometimes downplay or completely ignore certain facts which can also lead us to making errors in judgement.

Biases, emotions, and social networks

Behavioral economists have identified at least three common biases that get in the way of making good money decisions:

Anchoring >> Anchoring is our tendency to rely too heavily on the first piece of information we receive when making a decision. A very common example is the tendency to overvalue a stock or other investment opportunity based on a cocktail party tip, without getting a more complete picture of its worth based on fundamental analysis, research into industry dynamics, evaluating management, and so on.

Overconfidence >> We have a human tendency to overestimate our capabilities and downplay the risks involved in many decisions. Many of us are prone to taking on more debt than is prudent, or buying high-risk investments that are inconsistent with our goals or risk tolerance.

Confirmation bias >> Confirmation bias is our tendency to seek out only the information that supports our existing beliefs and ignores contradictory facts, such as making spending or investing decisions based on incomplete or biased information.

Emotions play just as an important role in guiding our decisions about our finances. Fear of missing out (FOMO) can lead to making impulsive spending/investing choices. Greed is a powerful motivator that can lead us to riskier decisions or take on too much debt. Envy may be compelling us to “keep up with the Joneses,” even if know we can’t afford this level of conspicuous consumption.

More recently, social influences have disrupted household finances. Social media platforms are prime culprits when they show people having far more fun than we are in exotic destinations, pricey restaurants, or glitzy weddings. Feelings of inadequacy can cause some of us to spend more, and sometimes recklessly so.

We don’t want all of this to sound like a diatribe against having or spending money. After all, having wealth and abundance is one of life’s great joys. But we need to recognize how our brains can put up obstacles to creating real wealth to more confidently toward what we want in life.

Coping mechanisms that can help train your brain

There are many practical ways to train your brain to become more aware of your money biases. Start by writing down what you spend every day for a month or two. You may be surprised at how much your desire for instant gratification is influencing your decisions. Next, ask friends and family members for their perspectives on spending and saving. It may help challenge your beliefs and convictions about the role that money plays in your life.

Finally, there are several practical tips that can help put you on the road to financial discipline:

• Simplify bill-paying — Rescheduling the timing of your bills so they are due around the same time reduces your chances of forgetting to make a payment and frees up your mental capacity to focus on longer-term money decisions.

• Consolidate your money into as few accounts as possible. Use a single credit card, instead of multiple cards to make the most of rewards.

• Carve out a block of time each day or once a week to cross off one unnecessary expense, such as a subscription you don’t use.

• Don’t deny yourself small pleasures that make you happy. If you like having coffee out with friends, it’s not going to break the bank.

• If managing money stresses you out, go for a walk before you open your accounts.

• Make spending hard. Carry only enough cash to buy what you need, pay off credit cards in full each month, and clear off saved credit card info from websites and apps. Asking for a receipt every time may help you spend less in the moment.

It never hurts to engage a financial adviser to help you with budgeting and creating a comprehensive financial plan. Unbiased advice from trusted third parties may help you better govern the emotions that can derail you on the road to financial independence.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Bruce Helmer and Peg Webb are financial advisers at Wealth Enhancement Group and co-hosts of “Your Money” on WCCO 830 AM on Sunday mornings. Email Bruce and Peg at yourmoney@wealthenhancement.com. Securities offered through LPL Financial, member FINRA/SIPC.