Charles Duhigg, author of “The Power of Habit” was interviewed recently about how habits affect personal finance. He notes that not all habits are negative, but that we need to “diagnose the cue and reward,” in order to change the bad ones. Duhigg believes habits are resistant to change because of the rewards we receive, suggesting that we need to find new, healthy behaviors that also provide rewards, and that we need to be deliberate about it. Duhigg says habits are very important to financial success; “What you spend money on every day has a huge influence…” on saving and debt.
Read full article here: Q&A with Charles Duhigg: diagnosing, restructuring bad money habits
Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.