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

Deciding Which Bills to Pay First

DECIDING WHICH BILLS TO PAY FIRST

When you do not have enough money to cover your family’s basic living expenses and pay all your creditors, you face some difficult financial decisions.

When family income is reduced, your spending habits must change. The sooner you change, the more likely your financial problems can be lessened. Your family should be part of the decision-making process, since their cooperation is essential to carry out the plans.

When your bills exceed the money available …

Stretching Your Food Dollar

 

Grocery shopping can be a real challenge,
especially if you are on a limited budget. However,
food is a flexible budget expense which can be
reduced when money is tight. By planning ahead
and managing your money wisely, you can still serve
meals which are appetizing, easily prepared, and
nutritious.

shopping

Food Shopping Starts at Home

Most of us can change our food spending habits in
ways that make each food dollar go further and still
improve nutrition. Before dashing …

Sizing Up Your Financial Situation

Image:Woman with bills feature.jpgSometimes unforeseen events in life challenge us. Regardless of the reason, you need to take charge during these challenging times.

 

SIZING UP YOUR FINANCIAL SITUATION

Sometimes unforeseen events in life challenge us. They may include unemployment, downsizing, a disability, natural disasters, divorce, or widowhood. Regardless of the reason, you need to take charge during these challenging times. When faced with reduced income or increased expenses, you need to develop a spending plan to help pay your bills. If your income …

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

 

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 (what you owe). Preparing a
net …

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 …