Financial Values and Budgeting

Front

Naresh started a new job and deposits part of his paycheck into savings.

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Financial

Front

Ginny made a budget using her personal values.

Back

Ginny identified what is important to her and used that knowledge to decide how to use her money.

Front

Social values in relation to money.

Back

How your family, friends, and community members impact your feelings about money.

Front

Behavioral economics

Back

Combines economics and psychology to study why people behave the way they do in the real world

Front

Cognitive bias

Back

An error in the way we think that can influence our decisions

Front

Example of the Sunk Cost Fallacy

Back

Continuing to eat a meal because it was expensive, even when full

Front

Awareness is often the first step to overcoming the influence of a cognitive bias.

Back

True statement about cognitive biases.

Front

Confirmation Bias

Back

Cognitive bias influencing Andrew's decision making when he finds resources highlighting benefits of a car model.

Front

Take time to reflect and identify why she is eager to use the app.

Back

An action Mina can take to overcome cognitive biases.

Front

Seek out reviews that talk about the disadvantages of using the app.

Back

Another action Mina can take to overcome cognitive biases.