Make future savings easier than today’s impulse: test your skills
Today’s wants feel more real than tomorrow’s needs. Automation and vivid goals make the future easier to choose. Answer each question to see the explanation; your score appears at the end.
This test checks that you can
- Recognise present bias
- Use automation and commitments
- Keep room for present enjoyment
- Practice
1. Present bias means…
- Practice
2. Best tool against present bias?
- Practice
3. Should a plan include present enjoyment?
- Key idea
4. Which statement best explains "Now feels louder than later"?
- Key idea
5. Which statement best explains "Remove the monthly decision"?
- Key idea
6. Which statement best explains "Make the future vivid"?
- Action plan
7. In the action plan, which step comes first?
- Mistake to avoid
8. Which of these is a mistake this lesson warns against?
- Mistake to avoid
9. Which of these is a mistake this lesson warns against?
You automate $50 a week. How much is saved in a year (52 weeks)?
Show the answer
$2,600
$50 × 52 = $2,600.
Set up or increase one automatic transfer that runs on payday.