Pocket Change: Using the Science of Personal Change to Improve Financial Habits

Every year, millions of people make New Year’s resolutions to save more, spend less, or otherwise become savvier about their financial habits. And every year, most of these resolutions end in failure.

Getting better with money and achieving your financial goals do not happen through passive waiting, wishing for life to be different, or gimmicky quick-fixes that promise you instant wealth. Living a healthy financial life requires real personal change (or a pocket change, you might say!) Thankfully, behavioral scientists have uncovered the secrets of habit modification which have the power to convert your resolutions into action.

The basic ingredients of healthy money behavior include motivation, persistence, and impulse control as well as a basic knowledge of personal finance. Most of us have the basic knowledge about money, but we are at a loss when it comes to strengthening our focus and motivation.

In this book, Dr. Heidi Beckman teaches readers how to use well-tested techniques from the field of psychology to build and sustain positive money habits. She covers topics that range from goal-setting and self-monitoring to personal efficacy and discipline. She also suggests how to design the social, psychological, and environmental context in which good habits will thrive. In this way, Dr. Beckman gives readers renewed energy for healthy money management well into the future.