Willpower Tips To Saving Money, Paying Down Debt
BOSTON (CBS) – When it comes to spending, a recent survey by the American Psychological Association found the majority of Americans started the year with goal of saving more money.
Nearly 40-percent wanted to pay down debt.
Reaching those goals requires willpower.
WBZ-TV’s Paula Ebben reports
We can be tempted from going to the mall or the grocery store, or even sitting in front of a computer screen.
About a quarter of those asked in the survey said they don’t have enough willpower.
There are tricks, according to the APA, to change that.
- Start by tackling one financial decision at time. This can keep you from getting overwhelmed.
- Next, track your spending. Seeing is believing when all the numbers start to add up.
- Lean on a support system, whether it’s your family, friends, or members of a social network.
- Finally, avoid situations which you know will tempt you to spend.
Dr. Katherine Nordal of the APA cited one example of how a consumer might help themselves reach their goal:
“Say, OK, I’m going to the mall this weekend but . . . I can only spend $20-$25, so that’s all the money I am going to take with me, and I may take it in cash and I’ll leave the credit cards at home.”
Experts say willpower is a lot like a muscle.
The more you exercise it, the stronger it will get.