TED Talks Daily 3 psychological tricks to help you save money | Wendy De La Rosa
Jan 27, 2020
Wendy De La Rosa, a behavioral scientist focused on financial decision-making, shares insightful strategies for saving money. She discusses how our environment influences spending habits and highlights three psychological tricks to boost savings. Listeners learn about the common regrets tied to impulsive expenses like dining out and how small changes in one’s surroundings can foster better financial choices. Wendy offers practical advice to help rewire thinking patterns, making saving money not just a goal, but a manageable lifestyle.
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Environmental Cues
- Consider how your environment affects spending and saving habits.
- Changing how you perceive your income, like viewing it weekly instead of monthly, can improve budgeting.
Pre-Commit to Future Savings
- Make financial decisions for your future self, like deciding how much of a tax refund to save before you even receive it.
- Pre-committing makes it easier to follow through on saving goals.
Fresh Start Effect
- Utilize "fresh start" moments, such as birthdays or the new year, to set financial goals.
- Increased motivation during these times makes it easier to commit to change.