If you want to be better off you need to win the money mind games, says psychology expert Claudia Hammond
THINK ABSOLUTE, NOT RELATIVE
Multiple studies have shown that the more an item costs, the more careless we tend to be about its price. Sound wrong to you? To illustrate this, imagine you’re on a seaside holiday and you decide to hire a bike to cycle along the coast road. You walk along the promenade checking out the prices. The first hire shop you find is charging £25 a day, but you see a sign for another shop that offers a bike for just £10 a day. The second shop is a ten-minute walk away but with a price difference like that, maybe it’s worth checking out the cheaper bikes. As long as they look roadworthy you can hire one of those instead and congratulate yourself on saving £15, enough to pay for a second day’s cycling or a nice lunch in a café on the cliffs. Now imagine you are back home and are buying a new car. The first dealer has one you like for £10,010. You want to make sure you’re getting a good deal so you go to a second showroom, which has the same car for £10,025. Is it worth going back to the first place to save £15? You’d almost certainly decide it’s not. Yet the sum you could save is the same as in the bike hire example. Countless studies have shown that we make judgements like this, viewing a saving as a proportion of the total cost rather than an actual amount of money with a determined spending power. This is called relative thinking and is particularly common among more affluent people.
ALWAYS PAY WITH CASH, NOT A CARD
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