Dear friend,

Trying to curb your spending? Here's a proven idea to hold on to your money for longer...

Carry only R100 notes.

According to a study for the Journal of Consumer Research in Canada, shoppers are less likely to spend their money if they carry cash in large denominations.

Experiments showed that people carrying big notes in their wallets were less likely to part with their money than those carrying tens and twenties.

In one specific trial, researchers gave American business-school students a dollar. They told the students they could keep the money, or use it to buy sweets. Half the students were given a one dollar bill, while the other half were given four quarters.

Two-thirds of the students that had the quarters bought sweets... While only a quarter of those who got the dollar bill spent the money.

Psychologically, we fear that once we break a large note, we won't be able to stop spending the rest... So we hang onto it for longer.

But, be warned...

The students with the paper cash that did buy sweets, spent more...

So, I have to ask then... Why is it that when I draw money from an ATM, I only get served R100 notes? Are the largest and richest institutions in the world trying to help us save our money... Or spend more of it!?

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How to ensure your family pays you back...

Lending money to a family member is never a good idea.

In the first place, you feel pressured to lend the money because it's your sweetheart daughter... Or your youngest son... Or sickly uncle that you'd be denying the cash to if you said no... And often, you're their only hope.

But if that weren't bad enough... An investment house found a quarter of those that borrowed their family members and friends money, didn't get all their money back!

So what do you do?

The answer is to put the deal in writing. This will make them take their duty to pay you back more seriously.

For more money making and saving tips, subscribe to Insider Confidential today!

To your Success,

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References:

50Plus.com

For additional inspiration…

Take a look at some of our most popular past articles:

    * 4 Ideas for entertaining on a shoestring budget...
    * Teach your children the power of entrepreneurship these holidays...
    * Invest your money in this safe haven from the 1st July 2010…
    * 5 Simple ways to look like a millionaire - on a shoestring budget...

Which have been your favourites? Email me and let me know which articles are your favourites. pascale@fsp.co.za

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