There are so manysubtle attitudesthat can influence our money habits.
A new study from Stanford found that feelings of power can make us better savers.
Researchers conducted five experiments.
They basically studied how “power trips” affect our savings behavior.
In one study, researchers gave subjects $10 to report to a research lab.
After the interview, the subjects were to save a portion of their $10.
Those who sat in the tall chair saved an average of $6.94; the low-sitters saved $4.49.
Another study simply asked participants to imagine they were either the leader or member of a small group.
Leaders saved between 34-42 percent.
Members only saved 13-18 percent.
it’s possible for you to read more about each study in detail.
Money makes us feel powerful, so we hold onto it to feel more in control.
But control is a big part of getting your finances in order.
When you start to feel in control of your money, that momentum is motivating.
This is why the debt snowball methodworks so well.
It’s not easy to manifest a power trip.
And if you’re barely making ends meet, it’s really difficult to feel powerful.
For example, you mightset smaller milestonesfor your goals.
This way, you feel a sense of achievement and power more frequently.
For more info, check out the full study.
Researchers: How Do You Encourage Saving?| Stanford Business viaLearnVest
Photo byScott Swigart.
