Overcoming Financial Stress With The Saver And The Spender

In part 1 of a  6-part series, Kelsa discusses Cognitive Biases and how they impact us and our money each and every day! It’s important to know what these are because they are impacting the way you make decisions and the way you think about your finances every single day. And advertisers and retailers are fully aware of what these tendencies are and they’re using them to influence you. Notes from episode/ summary of major points/ etc: What is a cognitive bias? The Anchoring Bias - what it is and how it’s being used to affect my decision making Kelsa’s example of how this bias impacted a choice she made recently How we can overcome the anchoring bias   Additional tips/ strategies/ other things to consider/ etc: In order to combat the effect of anchoring, it’s important to put your own anchor to the amount of money you would otherwise spend = called self-anchoring. Use something like “# of hours if I spend $x” or “# of days my goal is delayed for $Y.” Note that we can fall victim to anchoring when