Effect of Expressing a Quantitative Goal on Savings Behavior

Loibl, C. & Scharff, R. L. (2010). Examining the effect of expressing a quantitative goal on consumer savings. Journal of Consumer Affairs, 44, (1): 127-154. http://dx.doi.org/10.1111/j.1745-6606.2010.01160.x.

Brief Description: The study extended the psychological concept of implementation intentions to the analysis of savings behavior. A field experiment was conducted with current participants of an America Saves campaign in a large city in a U.S. Midwestern state. The intervention required the treatment group participants to write down specific plans about the …

Managing Money in Tough Times: Managing in Tough Times

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What is Your Net Worth?

Having a Spending Plan is Critical

Building an Emergency Fund

What are Your Resources?

Debt Management in Tough Times

Making Extra Money

Freeing Up Money from Services

Saving Money at the Gas Pump

Stretch Your Food Dollars at Home

Stretch Your Food Dollar: Keep Food Safe

Stretch Your Grocery Dollars

Doing Things Together as a Family for Less

Keep Lines of Communication Open

Tips for Teens: How to Contribute to Family Needs During Tough Times

When Your Income Drops

Losing a job or otherwise experiencing a loss of income is a challenge in the best of times. In the current economy, it is essential to MAP OUT a plan to get back on your feet again. The PowerPoint presentation, fact sheets, and activities below are designed to help you MAP OUT your plan.

When Your Income Drops

Debt Management in Tough Times

Debt management involves developing one or more strategies to help a debtor get that debt under control.

 

Should you shop for a lower interest rate on your debt?

• This can be a good option, if it substantially reduces your monthly payments and the refinancing is not too costly. Inquire whether other higher cost debts can be rolled into the lower cost loan.

What if you can’t pay your bills

• Prioritize your debt. Keeping a roof over your head …

Making the Most of What You Have

MAKING THE MOST OF WHAT YOU HAVE

When your family income drops suddenly or
expenses unexpectedly increase, your first concern
may be how to pay your bills and meet your day-today
expenses. It is also important to look at your
total financial picture and determine which assets
you might use to meet family obligations.

man at table

Determining Your Net Worth

A net worth statement is a financial balance sheet.
It is a calculation of your assets (what you own)
minus your liabilities …

Stretch Your Grocery Dollars

sunset shopping cart

Planning Shopping Trips

• Keep a pad and pencil handy for jotting down foods as they run low. Encourage all family members to add to the list.

• Don’t shop with a hungry or tired child, or when you are hungry.

At the Store

• Stick to your shopping list; avoid impulse purchases. However, watch for “in store” specials that you know you can use.

• When buying a food for the first time, buy a small amount in case …

Managing Stress in Financial Crisis

Sources of Stress

  • Prices rise but your income stays the same
  • Cut‐backs, layoffs, or other restructuring creates job instability
  • You feel frustration with family members’ spending or debt
  • You have medical, automobile or household expenses that pile up
  • An unexpected event or crisis creates money problems for the family (illness, death, divorce, etc.)

Take Care of Your Body

Try to eat a healthy and balanced diet.

Take time for an enjoyable physical activity to relieve stress.

Get enough sleep. We …

Stretch Your Food Dollars at Home

Prevent Food Waste

• Cut down on the amount of food you throw away; freeze leftovers or use them in recipes like soups or casseroles. aInstead of thinking “leftovers” – think “planned overs.” Have a plan to use excess food from one meal, whether by using it within a few days or freezing it for the future.

• Take leftovers for lunch instead of eating out. Store properly to keep foods safe to eat.

• Before buying an unfamiliar food, …

Making Extra Money

Odd Jobs

Think about the type of skills or equipment you have that others may need. Can you change the oil in their car? Make a birthday cake? Clean their gutters?Consider that your time may be helpful to others if you have free time when they do not. You can find odd jobs in the classifieds section of local newspapers or web sites like Craig’s List.

reading paper

Bartering

Trading goods or services with others may not yield cash, but it …