Why talking to your friends can help you save money | Your Money and Your Mind

What convinced British citizens to send in their taxes on time — and resulted in San Diego residents reducing their energy consumption? Learning that their neighbors were doing it. Behavioral psychologist Wendy De La Rosa shares the surprising power of our peers and how we can use it to improve our financial habits.

Managing your money can feel scary and complicated, but it doesn't have to be. In this TED series, behavioral scientist Wendy De La Rosa explains why we spend too much and save too little -- and shares easy steps to help us achieve a more secure financial future.

The TED Talks channel features the best talks and performances from the TED Conference, where the world's leading thinkers and doers give the talk of their lives in 18 minutes (or less). Look for talks on Technology, Entertainment and Design -- plus science, business, global issues, the arts and more. You're welcome to link to or embed these videos, forward them to others and share these ideas with people you know.

[johnkeithmarzo]

I and my friends share the same financial values and we really talk about the financial stuff a lot. It really helped us in attaining our financial goals.

[KayKayshaw]

Hey I realized I've done the "asking friend about their savings" stuff! It helped me to feel like I'm not alone

[puretechnicalanalysis]

When I was in my 20s I spent money on unnecessary things: telescope, electric guitar, new speakers every year, etc. And I almost don't use all this stuff. And only in my 30s I thought: if I didn't spent all this money, but invest it, I'd triple this money in 3-5 years! But unfortunately you can't go back in time. But better late than never.

[annabellewood]

I'm 42, retired with a net worth of over $1million. I'm currently traveling the world with my partner. I've loved the FIRE movement planned for it and I did it!
You can do it too

[IvanLpz_]

Don't waste your money on things you don't need. Invest in education, health and meet new people that will help you in the future.

[iantharobot]

Friend: I'm going to France!

Me: Have u paid of ur mortgage?

*user has blocked you*

[dailydoseofmedicinee]

Friends and good manner will carry you, where money wont go 👍

[christophergruenwald]

I put big extra payments on my mortgage and auto loan, because right now I might have less, but in the future it will save me a pile in interest expenses and years of making payments. I can’t wait to be 100% debt free.

[hoangyenvo]

Actually in Viet Nam, asking about salary is just a typical topic between friends and relatives.

[vanessasalascollins]

Why isn’t this the stuff that goes viral? So important!

[LaurenVacula]

I'm taking a course on manifestation right now and learning about Mirror Neurons. The people we surround ourselves with, the things we watch, and what we consume all very much matters!

[ashiqulislam]

I watched all your video at a time... it's so helpful for me.. and I want to watch more videos on this topic..

[peteradaniel]

Exemplifying the UK with regards to taxes is such a misnomer. Most people here are on PAYE and never need to work out or pay their taxes. It’s done automatically.

[simplefit]

Work hard, avoid debt, live on less than you make, and don’t rely on the government to fix your life! Keep working hard everybody!

[Bildungsromancuddy]

I live outside the US and celebrating paying down student debt is a rather bizarre concept to all of us 🤔 😂

[hakami]

My friends ask me for money and never pay me back

[komikuno]

Thanks now where do I get these “friends” you speak of?

[emilemil]

How to save money: spend less money.

It's literally that simple. Don't overcomplicate it.

[yuliiavoitenko]

where I can read more about the experiment with the rats, red button and scheduled eating?

[Melesniannon]

Me: "Hey buddy, nice to see you again. Tell me, do you have any savings?"
Friend: *eyes me warily* "why....?"

Bonus irony is that these videos have bots posting fake conversations pretending they're people sharing positive experiences investing in cryptocurrency to scam others into giving their money to a total stranger. People are wary of talking about their finances for very good reason.