Unit 7 Activity

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University Of Georgia *

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3200

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Psychology

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Dec 6, 2023

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3 psychological tricks to help you save money 1. Give an example of an environmental cue that can impact how a person spends money. Sales and discounts are both examples of environmental cues that can impact how a person spends money. Sales and discounts encourage people to spend more money. 2. How can a person harness the power of pre-commitment, for example, with their tax return? Pre-commitment is a powerful strategy to help with financial goals. When it comes to tax returns, one way to harness this power is to adjust your tax withholding throughout the year so that you receive less of a refund and have more money in your paycheck. Doing this allows you to allocate any extra funds toward savings or investments, 3. Identify a transition moment you could use to implement a new savings plan. A transition moment could be starting a new job. It’s a perfect time to set up automatic

contributions to a savings account or retirement plan. 4. According to Ms. De la Rosa, what small, frequent purchases made by most people interfere with their savings and cause regret? According to Ms. De la Rosa, the small, frequent purchases made by most people that interfere with their savings and cause regret is eating out. 5. Once a person has identified the ways they are wasting money instead of spending it, what can they do? Once they’ve identified those areas, they can create a budget to limit spending in those categories. They can also redirect that money into their savings account or investments. Invest for who you are and more advice for millennials' financial future 1. When it comes to investments, does Boudreaux believe your age should dictate your risks?

When it comes to investments, Boudreaux does not believe that age should dictate your risks. He stated that it can vary for every individual. 2. What does Boudreaux say is the purpose of having a savings account? When it comes to the purpose of having a savings account, Boudreaux, states, “The purpose is to help protect us from any of those uncertain things that might come up, whether that's a job opportunity that requires us to move across the country or I'm going to try to start a business. If we have cash, it provides us a lot of ability to ride that out.” (“'Invest For Who You Are' And More Advice For Millennials' Financial Future”). Works Cited “'Invest For Who You Are' And More Advice For Millennials' Financial Future.” NPR , 29 May 2016, https://www.npr.org/transcripts/479846618. Accessed 16 November 2023. Parker, Priya. “Wendy De La Rosa: 3 psychological tricks to help you save money | TED Talk.” TED Talks , 5 February 2019, https://www.ted.com/talks/wendy_de_la_rosa_3_psychological_tricks_to_help_you_ save_money?language=en. Accessed 16 November 2023.

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