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Breaking Money News
A recent study conducted at Stanford Graduate School of Business has shown that shopping could lead to...wait for it...more shopping. Who knew?
The study aimed to show the psychology of spending money, which is that most people weigh the pros and cons of making a purchase on a single item. Once they decide to purchase the item; however, every other item gets considered less and less. The study also shows that those who pick up impulse items on the way into the store are more likely to purchase other items,
particularly ones they don't need.
Now, we all know the best way to have more money is to stop spending it, right? So now that we're armed with the knowledge of how spending gets out of control, it should be easier to avoid these pitfalls. But, realistically, it's a habit long ingrained and not something that's likely to go away overnight. Whenever you go shopping, make a list. If you're in the mood to browse, do it from outside and look at the displays in the window. Walking in takes more effort and will really make you think about your decision as opposed to already being inside where the decision to buy has practically been made for you.
The moral of the story: If you want more money, you have to spend less and save more! What tricks do you use to curb your spending? [MSN.com]