Spending ‘Dirty Old Money” Is Easier!
Do you keep crisp bills and try to unload the crumpled one? You’re not alone. Crisp new bills may look and feel nice, but they’re not worth a penny more than a similar bill that’s dirty and torn. And yet, when it comes to parting with that money, there is apparently a difference. According to a new study in the Journal of Consumer Research, people will spend more to get rid of worn out bills and hold on to new currency. The physical appearance of money can indeed alter spending behavior. Human nature can be funny when it really makes no sense!
This is funny, because I am definitely guilty of doing this. I’m the type who neatly organizes all my bills, $1’s, $5’s, $10’s…all in order in my wallet! And I DO grab the ‘old & dirty’ bill first and try to keep the clean and crisp ones in my wallet!
I also kind of ‘cringe’ when I see one of my friends pull out a crumpled and disorganized wad of cash if we are eating out and they go to pay the bill. I silently think to myself, “how can they operate like that…do they even know how much money they have in that crumpled wad?”
Have you noticed that you spend the dirty and torn bills before the new ones? Why?