Saturday Morning With Jack Tame

Struggling to save money? Ed McKnight has a few tips that are backed by science that should help with your finances.    Mental accounting Having rules of thumb (like 50% of spending to needs, 30% to wants and 20% to savings) actually works.  It also helps people save more, especially if you are using different bank accounts (e.g. a needs account. A wants account. A savings account).    Big goals vs small goals People save 82% more if you say "I'll just focus on savings $100 a week." Rather than "I want to save $5k".    The Save More Tomorrow approach    This method takes half of an employee's pay increase and adds it to a savings account, repeating every time they get a pay rise.   During this study people went from saving 3.5% of their pay to 13.6%.    LISTEN ABOVESee omnystudio.com/listener for privacy information.