Trying to buy a house? Save for retirement? Finally pay off your student loans? Then you know that saving thousands of dollars doesn’t happen overnight.
And you also know that your good intentions (“This year I’ll save $20 a week!”) can easily get pushed to the side when life gets in the way—and before you know it, you’ve gotten off track from your savings goals … again.
But a new study suggests it’s not really those shiny new boots or car trouble that stands between you and progress. The problem is time. Or, more specifically, your brain’s perception of time.
Researchers from the University of Pennsylvania found that often, the longer you pursue a goal, the farther away it seems, which can lead you to get sidetracked or give up—even if you’re close to reaching your goal.
In fact, a recent study published in Psychological Science found that people who break down their savings goals into cyclical time frames, like weeks or months, save 78% more money than people who solely focus on a far-off future goal.
Read the whole story: Forbes