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

Teaching Children Coping Skills

TEACHING CHILDREN COPING SKILLS

Children are capable of learning and utilizing coping skills that will help them through difficult situations. Adults frequently become so preoccupied they forget that tough times have an emotional as well as a financial impact on their children. Children depend on their parents for emotional security. When parents are tense, upset, and inattentive, it disrupts the flow of normal activities.

Losing a job or income affects all members of the family. It can mean sudden lifestyle …

Things You Can Do When Money Is Short

THINGS YOU CAN DO WHEN MONEY IS SHORT

older couple biking


  • Think about things you have been spending money on that you can do without – movies,magazines, music, gas, sodas, etc.
  • Think about ways to earn money – baby-sitting, pet sitting, mowing lawns, delivering papers, etc.
  • Think about ways to stretch the money your family does have – sew or mend clothing,garden, baby-sit for younger brothers and sisters, prepare meals, etc.
  • Turn off the lights, television, stereo, and other small appliances.
  • Take shorter

Keeping a Roof Overhead

KEEPING A ROOF OVERHEAD

Keeping a roof overhead is an important concern
when your income drops. If you rank your bills in
order of priority, chances are housing is at or near
the top of the list.

When you are under the financial stress of reduced
or lost income, one of the biggest expenses is
housing. Housing expenses include mortgage or
rent payments, insurance, taxes, household
maintenance and repair, utility bills, furnishings,
and cleaning supplies.

When income drops, careful planning …

Meeting Your Insurance Needs

MEETING YOUR INSURANCE NEEDS

When your income or personal situation changes,
review your insurance coverage. If your income
decreases because of a layoff, illness, disability,
divorce, or death of a breadwinner, you may find it
extremely difficult to pay insurance premiums. If
this happens, you should first determine your
minimum needs for insurance. Then, call or write
your agent to check into a different payment plan
that allows you to keep your coverage. Or,
investigate plans with lower premiums.

Insurance …

Coping With Stress

COPING WITH STRESS

Unexpected income changes are among the most
stressful events a person can experience.
Unemployment, a disaster, divorce, or the death of
someone you love can be personally devastating
and can trigger the same reactions.

stressed mother


Personal Crises Are Stressful

In a personal crisis, you may feel tense and angry.
You may have mood swings and find yourself
lashing out at others. Feelings of frustration can
lead to family arguments. You may feel depressed
and discouraged. These feelings may …

Controlling Spending

CONTROLLING SPENDING

When the family faces reduced income, take
immediate action to stop all excess spending.
Whether your situation is temporary or extended,
you need to get the most for your money.

Studies have found that many families do not
adjust their lifestyle for about six months after
their income is reduced. That six months of
ignoring the situation can bring disaster. When
you take charge of your financial situation
immediately, you are making a positive
contribution to your family’s …