Exploring the Psychology of Spending and the No-Buy Challenge

More Americans in 2024 are taking on a ‘no-buy challenge,’ according to the Associated Press. They’re pledging for at least a year to purchase only essential items to curb impulse spending, reduce credit card debt or become more environmentally conscious. We hear from someone who’s taken on the challenge and the impact it’s had on her, and we explore why we’re tempted to overspend in the first place. Have you attempted a ‘no buy challenge?’

Guests:

Adriana Morga, reporter covering financial literacy and personal finance, Associated Press

Aparna Labroo, professor of marketing and consumer psychologist, Kellogg School of Management, Northwestern University; co-editor of the Journal of Consumer Psychology

Elysia Berman, creative director and content creator, @elysiaberman on TikTok

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