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3 Steps to Save Money When You’re Tempted to Spend

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3 Steps to Save Money When You’re Tempted to Spend
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Feeling stressed about finances can also get you off track with your savings.

3 Steps to Save Money When You’re Tempted to Spend

Tiny savings will eventually add up. Rido/Shutterstock

The Associated Press

Updated:

Why do so many of us struggle to save?

Saving for the future can be difficult because of a cognitive bias known as hyperbolic discounting: our tendency to place greater weight on immediate satisfaction, even if focusing on the long term will have a greater payoff. This bias is why, when you get a raise, you may consider getting a new car—incurring a higher monthly payment—instead of socking away more money each month for retirement and perhaps getting to retire several years earlier.

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