'Believing that you’re more financially responsible than you actually are leads you to save less than you otherwise would.' Try these tips for getting real about your spending habits.
, this is not one of them. Our research shows that believing that you’re more financially responsible than you actually are leads you to save less than you otherwise would . If you keep yourself in the dark, you may not see the red.people engage in financially irresponsible behaviors, taking on high-interest debt instead of dipping into their savings, to keep believing that they are financially responsible.
While most people don’t have a financial survey delivered to their inbox every day , here are some suggestions for keeping it real:: It can be psychologically unpleasant to budget and track your finances, but the short-term pain can lead to long-term well-being by helping you to save and avoid costly financial decisions. The good news is that this is easier than ever with many apps allowing you to track and manage your finances .
Having a financial buffer by saving money can substantially improve day-to-day well-being. Psychological biases, in the form of positive illusions, may make this endeavor even more difficult than it already is. But being aware of this illusion, and knowing how to combat it, can empower you to improve your financial path.Garbinsky, Emily N., Nicole L. Mead, and Daniel Gregg.
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