Shave a minute
Having a shorter commute is a dream but how much would you pay to shave a minute off it asks this Five Thirty Eight blog. For New Yorkers, it is $56 per month, as that’s how much they pay on average for a one-bedroom apartment that’s a minute closer to main centre. But surprisingly, this relationship breaks down if the commute is longer than 30 minutes.
Conventional economics says you should invest as much of your excess money as possible but this WSJ article says that if you want to be happy, then it’s all about the cash you have. When your money is tied up to a pension or investments, it might feel more abstract and inaccessible but a healthy bank balance makes you feel more financially secure.
Credit card puzzle
Why you would you hold high-interest credit card debt when you have savings? Surely the financially prudent decision would be to pay down your debt. But as this study published by the Federal Reserve Bank of Boston finds, many people do just that. There are many possible reasons for this. For some it may even be a sophisticated strategic decision.