Dr. Walter Mischel, PhD, conducted a test with 4-year old children in the 1960’s. The children were offered a marshmallow sitting in front of them. If they waited and didn’t eat it, they would receive two marshmallows instead. It’s a fun exercise all about self-control – regulating emotions and behaviors. Dr. Mischel is still following… Continue reading Saving Money & The Marshmallow Test – Would You Pass?
Scams & Mind Games Parting You and Your Money
‘Tis the season to be…Scammed. I’ve had two in the last 2 weeks, and you really need to be on your toes to catch them. The Time Warner magazine renewal is especially obtuse these days. You certainly wouldn’t call it customer friendly or brand building! I had 4 magazines for 1 year free as the… Continue reading Scams & Mind Games Parting You and Your Money
How to Manage Your Money Buckets & Behaviors
In our last blog we talked about mental accounting – how we separate our money into buckets in our minds. If we were all completely rational about it, generally speaking we would look at what we earn on our savings, what we pay on our debt, how our taxes are affected, and pay off our… Continue reading How to Manage Your Money Buckets & Behaviors
Dividing Your Money into Buckets – Good or Bad?
We all do it. We divide our money into buckets, physically or mentally for special purposes. There are buckets that are specifically defined by a financial structure, such as a mortgage or a 529 college savings fund. And then there are the other buckets that we mentally create to help drive our own behaviors. Sometimes… Continue reading Dividing Your Money into Buckets – Good or Bad?
Catch the Scam – Use Your Thinking & Feeling Brains
I received a letter in the mail from US Airlines suggesting I’d won 2 round-trip airline tickets. The letter just didn’t feel right according to the Feeling side of my brain – the side we use for most of the day on auto-pilot. And, my brain was right. But I didn’t figure out exactly why… Continue reading Catch the Scam – Use Your Thinking & Feeling Brains
Why You Avoid Money Decisions
Not deciding – is making a decision -to do nothing. Sometimes it is because we have way too many choices. According to Statista we have 8,970 mutual funds from which to choose. It can be overwhelming! Sometimes we fear we’ll regret the choice we made. This is called Regret Aversion and is a common human… Continue reading Why You Avoid Money Decisions
You Spend More on Accessories When Purchased with a Big Item
We are likely to spend more money for accessories when purchased with an expensive item like a new dress, sofa, or car than if we purchased them alone. Here’s why, and how you can save money by avoiding it. My husband and I bought a new living room sofa that was a fair amount of… Continue reading You Spend More on Accessories When Purchased with a Big Item
Save Money – Choose Your Shopping Buddy Wisely
If we have a choice of companionship when it’s time to go shopping, we often choose friends with a like-minded attitude if we’re not with family. Women are encouraged to shop together for good reason – they’re unstoppable. Women take pride in carefully selecting goods and comparing. It can be a social occasion and emotional… Continue reading Save Money – Choose Your Shopping Buddy Wisely
Should You Let Men Grocery Shop?
In this new evolved world with women and men working, traditional ‘home’ duties are shared with both partners. Men have learned to express themselves through cooking, which is great for all of us who never quite enjoyed the chore. But should they do the grocery shopping for the household? Not if you want to manage… Continue reading Should You Let Men Grocery Shop?
Higher Prices Mean Higher Quality – Or Do They?
We often have sayings, biases, and assumptions that are built and reinforced over time. For example, we often assume that a higher price means higher quality. We also assume that most people are sensible and will figure out a cheap scam so if a product is priced incorrectly, it won’t last long. But is this… Continue reading Higher Prices Mean Higher Quality – Or Do They?