If you’ve ever experienced a sense of euphoria after paying off your credit card in full or purchasing a piece of furniture that finally completes your living room, you know that our relationship to money isn’t just a purely economical one.
There’s a big psychological component, too.
And this is exactly why a growing number of scholars these days are studying behavioral psychology and economics—in tandem.
The reason: They want to figure out how to best capitalize on our emotions—the pride we feel when a savings account balance grows or the panic that ensues when a hefty bill arrives in the mail—in order to help us adopt more productive money habits.
Scholars like Jonathan Zinman, Hersh Shefrin and Julie Agnew—all luminaries in the field of finance-related behavior change techniques. And the very kind of people whose brains we love to pick for advice on how to work toward kicking unproductive habits—say, like a never-ending cycle of overspending—in order to get on the right financial track.
Each one of them has a unique perspective to share, so read on and you may just glean a good money habit or two.