Altering our habits and attitudes around money requires a little brain training and putting up some guardrails, behavioral scientists said. First, acknowledge that having money trouble isn’t a personal shortcoming, said Wendy De La Rosa, a professor at Penn’s Wharton business school. “You’re asking a single individual to stand up against a whole host of organizations who are incentivized to get you to part with your money as quickly as possible." Make spending hurtUpfront fixes have some power to improve your financial life, but making smarter decisions about spending is an ongoing challenge. See how much money you have left each month, Rick says, after accounting for monthly bills, retirement contributions, emergency savings and coming savings goals.

Source: Wall Street Journal December 28, 2023 04:06 UTC