Name: 3 psychological tricks to help you save money
Uploaded: 2019-02-05T14:28:09Z
Duration: 5 min 36 s
Description: We all want to save more money -- but overall, people today are doing less and less of it. Behavioral scientist Wendy De La Rosa studies how everyday people make decisions to improve their financial well-being. What she's found can help you painlessly make the commitment to save more and spend less.

We all want to save more money -- but overall, people today are doing less and less of it. Behavioral scientist Wendy De La Rosa studies how everyday people make decisions to improve their financial well-being. What she's found can help you painlessly make the commitment to save more and spend less.

3 psychological tricks to help you save money

Our environment shapes whether we actually save, not just our intentions or intelligence. Showing people their income weekly instead of monthly helped them budget better over the month, even though the amount stayed the same. Committing in advance, especially before receiving windfalls like tax refunds, increased savings rates from 17 to 27 percent in one experiment. Creating cues and barriers in daily life can turn good intentions into real financial change.