Isn’t it great that the holiday season begins with Thanksgiving? There’s something good for the soul about pausing long enough to take stock of all that we have to be thankful for. And while I’ve mentioned the following idea before, I think it’s worth repeating. One of the best ways to remember all that we […]
Archive | Psychology of Money
Penny Wise and Artichoke Foolish
Like many of us, a grocery shopper named Jill is paying more attention to the cost of food these days. So, as described in a New York Times article, when one store’s price on cauliflower seemed too high, she went to another store, and then another. Finally, she found a good price, only to discover […]
Never Forget Who You Are
“Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock. – […]
Learning From Marketers’ Playbooks
Some of the best insights about shopping smart come from marketers. The trick is to learn their strategies for separating us from our money, and then play defense. That was the focus of a great post on the Get Rich Slowly blog, which reviewed the book, “Why We Buy.” For example, retailers do what they […]
Controlling What We Can Control
Eight in ten Americans feel stressed about money, according to a survey by the American Psychological Association. Nearly 60 percent of respondents say they are concerned about job stability, while 50 percent say they are increasingly concerned about their ability to provide for their family’s basic needs. How are people responding to the stress brought […]
Why We Feel So Bad
According to a CNN/Opinion Research Corp. poll, nearly 60 percent of Americans believe a depression is “somewhat likely” (38 percent) or “very likely” (21 percent). However, the CNNMoney.com article that reported on the findings noted that economists “generally don’t believe another depression is likely.” If “irrational exuberance” helped drive the market up, “loss aversion” may […]
Happy Choices
Harvard Psychologist Daniel Gilbert was asked by the Washington Post for some suggestions on making choices that’ll make us happier in 2008. Gilbert said one mistake people often make is overestimating the negative impact of a bad decision, and that keeps us playing it safe. Got a dream? His advice is to go for it. […]
Saving Advice From Those Who Know
Consumer Reports recently asked its retired readers what they wish they had done differently in preparing for their later years. Their biggest regrets had to do with their saving habits. Some 35 percent wish they had started saving earlier (only 15 percent started in their 20’s) and 30 percent wish they had saved more each […]
The Psychology of Money
The science of shopping is a hot topic, with a number of journals helping marketers get inside the minds (and wallets) of their customers. A recent Chicago Tribune article summarized some of the recent research. “Shopping momentum” was the topic of a recent Journal of Marketing Research article. Researchers have found that the first purchase […]