Ian's list

Top picks from the web on money and your life, from ING economist Ian Bright – May 1, 2015

Dining in style

Dining in style

Some US restaurants now charge extra for reservations, especially at popular times, notes economist Tim Harford in The Atlantic. This has angered some customers, with a reservation necessary to get a table at their favoured restaurant. Harford disagrees, noting “while restaurants have traditionally treated the reservation as an integral part of the meal, their customers can already unbundle the two if they wish by simply not showing up. No-shows are a nightmare for restaurant owners”.

Special price for you

Special price for you

Skilled hagglers use six proven principles for influencing others and getting what they want, according to a Psychology Today post: reciprocity, commitment, social proof (or a tendency to follow the herd), liking, authority and scarcity. Successful hagglers also know how to resist these blandishments and framings from a persuasive sales person. The article suggests that by recognising the techniques, we too may be able to resist – and secure a better price when negotiating.

Parental control

Parental control

What is the best way to teach children about money? You may well ask – as Ron Lieber did, writing in the New York Times. Lieber poses this question with the story of Scott Parker, who once withdrew his entire salary in cash to show his children the reality of budgets. Some parents feel their finances are “grown-up data” and want to shield their children, but teaching them about financial decision-making could help them as adults, he suggests.

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Ian Bright
Ian Bright

Senior economist at ING
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