Here\u2019s a timely question that came to Kiplinger\u2019s Personal Finance<\/i> magazine deputy editor Janet Bodnar\u2026 and her response.<\/p>\n\n\n\n
“I\u2019m in my 20s, and I\u2019m shocked at how many of my friends don\u2019t seem to understand how to save money now in order to use it for other things in the future. How can I get them to understand this?”<\/p>\n\n\n\n
You may have your work cut out for you. A study by Wachovia and the Consumer Federation of America found that among all age groups, young adults ages 18 to 24 are the most likely to say they\u2019re not saving adequately (62 percent versus 52 percent for all Americans).<\/p>\n\n\n\n
Asked about what keeps them from saving, they\u2019re more likely than the general public to cite psychological factors: spending to feel good (54 percent versus 29 percent); social pressure from friends or family (38 percent versus 20 percent); trips to the mall (32 percent versus 15 percent); and impulse spending (53 percent versus 37 percent).<\/p>\n\n\n\n
Looks like a little reverse psychology is in order. Here are 8 psychological tricks guaranteed to help your friends (and you) spend less and squirrel away more:<\/p>\n\n\n\n
So that money is taken off the top of your paycheck before you see it or spend it. The surest way to save is to have someone else do it for you. No matter how much you make, the tendency is to spend it all.<\/p>\n\n\n\n
Rather than to your checking account. You can transfer money to pay your bills, but psychologically it\u2019s tougher to withdraw money from savings.<\/p>\n\n\n\n
Make your cash last. That way you’ll always have a “slush fund.”<\/p>\n\n\n\n
If you\u2019re waffling on a purchase, chances are you won\u2019t go back.<\/p>\n\n\n\n
Collect credit card and ATM receipts. That will help you get organized, and give you a visual record of your spending.<\/p>\n\n\n\n
Keep it on your desk or dresser, and watch your money grow to hundreds of dollars a year.<\/p>\n\n\n\n
To buy a latte or go to a movie, put the money you would have spent into your cash jar. It\u2019s an immediate reward for self-discipline.<\/p>\n\n\n\n
Continue depositing the payment amount in a savings or investment account.<\/p>\n","protected":false},"excerpt":{"rendered":"
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