7. What's the best way to save money? Easy: don't spend any! Yet while the solution's not that complicated, actually doing so is another matter. Willpower and good intentions often fail the best of us. To find out how to curb these pesky impulses, we've curated a few research-based tips from Associate Professor of Psychology at San Francisco State University, Ryan T. Howell PhD we found particularly helpful:
1) Don't pay for things using your credit card, but WITH cash instead. According to Howell, research reveals it's easier to overspend when you buy things on credit. That's because it doesn't feel "painful" at the moment, whereas using cash does.
2) Track your spending. Howell says this reduces your chance of buying an impulsive, emotional purchase, allowing your rational mind to take greater control while shopping. If you're at a shopping center like a mall, I'd even recommend tracking your expenses down the moment you make them. Doing that has helped keep me mindful of my purchases, saving me a ton of money as a result.
3) Have a vision of a tangible savings goal in mind. Envision what it'd be like to walk through the streets of your dream travel destination, Paris, Howell suggests, and you'll be likely less to impulsively spend on that latest tech or beauty deal.
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