Want to Save Money? Carry Around $100 Bills

Posted By Anshu Dixit

By SEAN GREGORY

For shoppers in today's economy, there's just too much temptation out there. Sure, your pockets are tight. But there are clearance sales in every store and deep discounts down every aisle. So how do you stop yourself from spending — especially when you know that during this awful downturn, you should be saving every last penny?

Just arm yourself with $100 bills.

According to a new study to be published in theJournal of Consumer Research, shoppers are less likely to spend their dough if they are carrying cash in large denominations. This so-called denomination effect can be a powerful predictor of consumer spending habits. Through a series of experiments, the study shows that if people have an equivalent amount of money, say $100, the folks with a Ben Franklin in their pockets might not part with it, while those carrying Andrew Jacksons and George Washingtons more easily give up the cash.

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