Do you have to know the
difference between a want
and a need?
Episode 16
Dr. Sarah Newcomb shares with listeners why the most common budgeting advice given, determining wants vs. needs, leads us to feel deprived. Instead she encourages individuals and couples to focus on developing strategies for fulfilling their basic human needs. As a result, you will be more mindful in your spending and better able to live within your means.
Sarah Newcomb, Ph.D., is a behavioral economist at Morningstar’s HelloWallet and author of the book, LOADED: Money, psychology, and how to get ahead without leaving your values behind. Her research interests focus on the effects of social and cognitive psychology on personal financial decision-making and her work has been featured in the Washington Post, Reuters, Money, and Bloomberg. She is also a regular contributor to PsychologyToday.com where she writes the blog, Loaded.
Show Notes:
- Check out Sarah’s new book, Loaded, and learn more about money psychology and living a healthier financial life. Sarah can be contacted at Sarah.Newcomb@morningstar.com
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