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☆ Americans can't stop 'spaving' — here’s how to avoid this financial trap
▼ + stars: | 2024-05-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Spending more to save more is an all-too common pitfall. But spending to save can lead to excessive buying habits and high-interest credit card debt if you aren't careful, according to consumer savings expert Andrea Woroch. ″'Spaving is us justifying our desire to buy more," said Brad Klontz, a Boulder, Colorado-based psychologist and certified financial planner. Yet, even as inflation and high interest rates squeeze budgets, consumers continue to fall for these financial traps. "We are just constantly spending more than we can afford and then we experience stress related to our financial health," Klontz said.

Persons: Andrea Woroch, Brad Klontz, Klontz, spaving Organizations: Finance, YMW Advisors, CNBC's Locations: Boulder , Colorado

☆ No emergency fund? These tips can help you build savings and find extra cash in your budget, advisors say
▼ + stars: | 2024-01-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

If you're like most people, you may not have an emergency savings fund. It's not necessarily our fault, experts say, as our brains are programmed to focus on our needs today. He and other financial advisors typically recommend having at least three to six months' living expenses set aside in case of an abrupt change in income or unexpected event. At that point, it doesn't feel like as much of a stretch to set aside 20% of your income toward retirement and 5% toward an emergency fund. Financial advisors often see this barrier to savings with their clients and have their own tactics for nudging clients to set aside more cash and free up flexibility in their budgets.

Persons: It's, We're, Brad Klontz, CNBC.com, Klontz Organizations: Finance, CNBC FA

☆ Forget ‘spend less’ or ‘save more.’ Make this your No. 1 financial resolution for 2024
▼ + stars: | 2023-12-28 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —You may think that improving your financial life is simply a matter of taking unpleasant but necessary steps: Curb spending. So make just one financial new year’s resolution for 2024: Figure out what financial well-being means for you. You can avoid the action but you can’t bury something completely when it comes to money,” Agnew said. Spend in ways that are true to who you are, not others’ expectationsBeyond creating a greater sense of security, financial well-being is about using your money as you wish. Figure out your relationship with moneyThere are plenty of other ways to define financial well-being for yourself.

Persons: ”, Ashley Agnew, you’re, Agnew, you’ll, ” Agnew, “, Meghaan, It’s, ” Lurtz, Lurtz, Brad Klontz, Morgan Hounsel, Brian Portnoy Organizations: New, New York CNN, Financial Therapy Association, Centerpoint Advisors Locations: New York, Here’s

☆ 'You can't trust your instincts,' says financial psychologist—here's how to avoid emotional spending
▼ + stars: | 2023-11-27 | by ( Annie Probert | ) www.cnbc.com time to read: +2 min

When it comes to emotional spending, "the deck is stacked against us," says financial psychologist and certified financial planner Brad Klontz. Roughly 75% of both millennials and Gen Z admit to emotional spending, possibly because they're less likely to think about their retirement funds when clicking "buy." "But as you're pulling the trigger, you're pretty excited about this thing you're buying." While emotional spending is a common habit, it's not one you want to turn into a bigger problem. Nearly 40% of emotional spenders say they've gone into debt because of it, and Klontz warns of the stress that emotional spending can put on your finances and relationships.

Persons: Brad Klontz, Gen Z, they're, That's, Klontz, spender Organizations: CNBC

☆ There’s a connection between workers’ mental health and retirement, emergency savings, research finds
▼ + stars: | 2023-10-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

In this article T-CA Follow your favorite stocks CREATE FREE ACCOUNTNicoletaionescu | Istock | Getty ImagesFinancial strain associated with anxiety, depressionAcademic research has also highlighted a connection between mental health and retirement savings. Admittedly, it may be difficult to identify whether mental health conditions lead to poorer financial outcomes, or vice versa. The research from Telus Health points to strong relationships between financial preparedness and mental health. Emergency savings can affect mental healthWhether workers have emergency savings set aside was another factor that led to higher or lower mental health scores, Telus Health found. "Not having emergency savings was one of the biggest factors in terms of people's mental health," Allen said.

Persons: There's, Brad Klontz, Klontz, Allen Organizations: Istock, Getty, Cornell University, Medica Research, CNBC, Council, People, Telus Health, Workers

☆ 'Girl Math' is the latest financial trend going viral on TikTok where purchases under $5 don't count and big ticket items should be measured by their cost per wear
▼ + stars: | 2023-08-14 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +4 min

Move over "girl dinner" and "lazy girl jobs," a new personal finance trend has gone viral on TikTok. Called "girl math," this humorous trend has users breaking down purchases into their smallest possible units to justify them. "Girl Math" was first popularized by the New Zealand podcast Fletch, Vaughan & Hayley. Girl math," Sam James, another user, joked in a video posted on August 3, which has racked up over 3 million views. Even so, "Girl Math" joins the roster of emerging personal finance trends making waves on TikTok.

Persons: Fletch, Vaughan, Hayley, I've, Mckennaelianna, Sam James, Alyssa Davies, Brad Klontz Organizations: Service, New Zealand, Zealand, CNBC, Fox Locations: Wall, Silicon, TikTok

☆ 'We’re all crazy when it comes to money,' advisor says. How to manage your psyche for better finances
▼ + stars: | 2023-06-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

D3sign | Moment | Getty ImagesHuman psychology and money don't mix well. Left unchecked, our psyches can easily sabotage financial decision-making, behavioral experts said during a panel discussion at CNBC's Financial Advisor Summit. "We're all crazy when it comes to money," said Brad Klontz, managing principal of YMW Advisors in Boulder, Colorado, and a founder of the Financial Psychology Institute. Additionally, feelings of shame, such as thinking we have too much or too little money, are pervasive, experts added. It's kind of like a thumbprint, so it's very unique," added Cherry, a CFP and member of the CNBC Financial Advisor Council.

Persons: Brad Klontz, Klontz, Preston Cherry, Charles Schwab, Cherry Organizations: CNBC's Financial, YMW Advisors, Financial, Institute, CNBC Locations: Boulder , Colorado, Green Bay , Wisconsin

☆ Barbara Corcoran: ‘I’ve never saved a dime my whole life’—here’s why it made her richer
▼ + stars: | 2023-05-22 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

Millionaires often stress the importance of saving money along your journey to financial freedom. "I'm just not a believer in saving money," Corcoran tells CNBC Make It. Now, whenever Corcoran obtains money, she thinks about the best potential ways to use it, she says. "I gave half of it away to family, friends, education funds, charities, because I really believe if you spend, money comes back to you." "And I don't believe in hoarding money, saving money, everything like that.

☆ More money will certainly mean more problems in your relationships, financial experts say—especially a marriage
▼ + stars: | 2023-04-21 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +4 min

It's obvious how financial instability can negatively affect relationships – less money means more compromising. Coming into a "life-changing" amount of money can be disorienting, says Susan Bradley, a certified financial planner and the founder of Sudden Money Institute. In opposite-sex marriages, which partner makes more money can also be a source of stress, especially if it's the woman. Well, how many times do you do that before they start to feel weird and you start to feel weird?" Decisions like this can cause stress — stress you wouldn't have if that house was never an option in the first place.

☆ To improve your finances, learn your 'money script,' psychologist says
▼ + stars: | 2023-04-11 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

"We call that, in our research, 'money scripts.'" Money scripts, from avoidance to vigilanceIn Klontz's research, he's found that there are generally four different money scripts: "money avoidance," "money worship," "money status" and " "money vigilance." On the other end of the spectrum, money worshippers believe wealth is the key to solving all their problems and finding happiness. Money worshippers tend to spend too much, he added, overestimating the sense of satisfaction and meaning they'll get from buying things. Money status seekers, Klontz said, often conflate their net worth with their self worth.

☆ Investors 'are pretty afraid right now,' financial psychologist says. These 2 steps can help
▼ + stars: | 2023-03-31 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

watch nowWith high inflation, the threat of a recession and ongoing market volatility, we're in a period of high financial uncertainty. Understandably, many investors "are pretty afraid right now," said Brad Klontz, a psychologist and certified financial planner. And when we're stressed, our frame of reference tends to become short, said Klontz, who is also a member of CNBC's Financial Advisor Council. If you're investing for retirement, you may not need that money for decades, and so the answer is no. If market volatility is causing you a lot of stress, you may need to make adjustments.

☆ Why bank runs like the SVB collapse happen: 'It's like a mass delusion that becomes a reality'
▼ + stars: | 2023-03-17 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

Shares of multinational financial firm Credit Suisse soared in early trading Thursday after the bank announced it would borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. Late last week week, SVB's clients — many of them tech startups — pulled their money from the bank en masse, forcing regulators to step in and seize deposits in what became the second-largest bank failure in U.S. history. Others say the bank failed to manage risk properly. Anonymous employees at the bank say the firm would have been fine had it not spooked depositors by publicly revealing its struggles. It comes down to our herd mentality, our tribal brain," says Brad Klontz, a certified financial planner and financial psychology professor at Creighton University.

☆ The No. 1 action Americans took in 2022 to build wealth
▼ + stars: | 2022-12-13 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

If earning more money is on your to-do list in the upcoming year, it's worth examining the actions other Americans say they took to do so in 2022. When asked which steps they took to build their personal wealth in 2022, 27% of Americans said they invested in the stock market. Zoom In Icon Arrows pointing outwards Gene Kim | CNBC Make ItInvesting during a down market: 'You should be super excited'Investing in the stock market in 2022 has required some perseverance. While the slide in stock prices has likely scared off more than a few investors in the short-term, those looking to build long-term wealth have been smart to keep buying. That's because, historically, the stock market has trended steadily upward.

☆ Bob Pisani: How my obsession with a Black Sabbath poster showed how irrational we can be when investing
▼ + stars: | 2022-10-20 | by ( Bob Pisani | ) www.cnbc.com time to read: +8 min

If you think knowing something about behavioral economics prevents you from doing stupid things, let me tell you about the Black Sabbath poster I bought. How I almost lost my mind bidding on a stupid Black Sabbath poster One day I was monitoring an online auction of rock posters. A 1976 Black Sabbath poster came up for sale. It's not like Black Sabbath has an intense cult of collectors, like Zeppelin or the Velvet Underground. With that damn Black Sabbath poster, I violated all the rules.

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