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During these economic times, people are trying extra hard to save a dollar. From website to website, practical tips on saving money abound. But most of the advice (such as keeping track of what you spend) seems obvious. Now several studies indicate that something unexpected might help you save money: Staying in a good mood.
Jennifer Lerner, a professor of public policy and management at Harvard University, designed a study to test the effect of mood on people's spending habits. Participants who viewed a sad film (about a boy's mentor dying), compared with people who viewed an emotionally neutral film (about The Great Barrier Reef), reported that they would spend roughly 30% more money to buy a set of highlighters.
A study headed by Cynthia Cryder, a doctoral student in social and decision making at Carnegie Mellon University, found the same effect. In this study, 33 participants (age 18 to 30) were randomly assigned to either watch a sad video or an emotionally neutral video. Once again, participants who watched the sad video later spent more money to purchase an item (this time, a water bottle).
An everyday example of this would be getting off from a terrible day at work. To blow off some steam, you head to the mall, hoping that the shirt you have been dying for has gone on sale. When you arrive, you notice it is still full price. Typically, you would hold off buying it but not this time. In an effort to cheer up, you disregard the price and become the happy owner of a new shirt.
The practical take home message: Being in a negative mood can increase your spending. So, if possible, make purchases when in good spirits and watch the savings pile up.
