Name: 【TED】Wendy De La Rosa: 3 psychological tricks to help you save money (3 psychological tricks to help you save money | The Way We Work, a TED series)
Uploaded: 2019-02-09T15:08:24.000Z
Duration: 5 min 48 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Sentences with adverbs of degree

So now that I was 4,000 dollars in the hole, I did two things.

Past simple

The first is that I unlinked my credit card

Instead, I linked a debit card that only had 300 dollars a month.

I had to go through the whole process of adding a new card,

and we know that every click, every barrier, changes our behavior.

and is something that we should be doing.

And yet, overall, we're doing less and less of it.

Your savings behavior isn't a question of how smart you are

The amount we save depends on the environmental cues around us.

we showed people their income on a monthly basis.

In another group, we showed people their income on a weekly basis.

And what we found was that people who saw their income on a weekly basis

were able to budget better throughout the month.

that we didn't change how much money people were receiving,

we just changed the environment in which they understood their income.

And environmental cues like this have an impact.

So I'm not going to share tricks with you that you already know.

I'm not going to tell you how to open up a savings account

or how to start saving for your retirement.

What I am going to share with you is how to bridge this gap

Fundamentally, we think about ourselves in two different ways:

In the future, we're going to save for retirement,

But we oftentimes forget that our future self

is exactly the same person as our present self.

We know that one of the best times to save is when you get your tax return.

In the first group, we texted people in early February,

hopefully before they even filed for their taxes.

"If you get a tax refund, what percentage would you like to save?"

They didn't know if they would receive a tax refund or how much.

In the second group, we asked people right after they received their refund,

"What percentage would you like to save?"

In that second condition, when people just received their tax refund,

they wanted to save about 17 percent of their tax refund.

But in the condition when we asked people before they even filed their taxes,

savings rates increased from 17 percent to 27 percent

Because you're committing for your future self,

and of course your future self can save 27 percent.

came from the fact that we changed the decision-making environment.

We want you to be able to harness that same power.

and think about the ways in which you can sign up your future self

for something that you know today will be a little bit hard.

Sign up for an app that lets you make savings decisions in advance.

The trick is, you have to have that binding contract.

Number two: use transition moments to your advantage.

that helps older adults share their housing.

targeted to the same population of 64-year-olds.

In one group, we said, "Hey, you're getting older.

In the second group, we got a little bit more specific

is highlighting that a transition is happening.

we saw click-through rates, and ultimately sign-up rates, increase

In psychology, we call this the "fresh start effect."

Whether it's the start of a new year or even a new season,

So right now, put a meeting request on your calendar

Identify the one financial thing you most want to do.

get a handle on small, frequent purchases.

and found that the number one purchase people say they regret, after bank fees,

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【TED】Wendy De La Rosa: 3 psychological tricks to help you save money (3 psychological tricks to help you save money | The Way We Work, a TED series)

commitment

present

regret

trick