Numerous studies have linked music to spending behavior. They showed that the kinds of music you listen to can impact your opinion of your finances, the likelihood you'll exceed your budget at the grocery store and your approach to balancing your checkbook or paying credit card bills.
A song's tempo and beat can impact just about any financial situation, and consequently your credit score.
Here are a few financial decision-making scenarios and what kind of music would be most suitable for them:
Making a Budget
Just the thought of sitting down to determine a monthly budget gets many people stressing. Lullabies are good at calming your nerves. Soft, slow-tempo music is good to play in the background when discussing finances with your spouse or reviewing your monthly budget. This is true because you'll be more likely to set a realistic budget (and stick to it) if you approach the topic with a calm, cool head.
Songs with 70 to 85 beats per minute are recommended. Something light, but not too slow like "Let it Be" by The Beatles or "Realize" by Colbie Caillat.
Shopping at the Supermarket
Every week you find yourself spending more than you planned – even if you shop with a list. Research has shown you're more likely to give in to impulse purchases if your supermarket pipes instrumental or classical music over its PA system. The reason for it? Classical music causes you to slow down, spend more time in the store and give you a lot more time for impulsive purchasing. A shopper who leisurely takes strolls down the aisles is more likely to toss extra items into their cart than one who's in a hurry.
You can counter the supermarket's music with heart-pumping tunes that have 130 to 160 bpm. Studies have shown the effect of fast songs will help keep you revved up while shopping for up to 30 minutes after listening. A few examples are "I'm So Excited," by the Pointer Sisters or "Poker Face" by Lady Gaga.
Allocating Your 401(k) Investments
The stress of not knowing where to invest or how much of your earnings to allot can make you question your ability to make a sound, financial decision. A study from National Central University in Taiwan found fast tempo music improves your decision-making ability – including when you're under pressure to decide how to allocate your 401(k) contributions.
To improve your decision-making skills, researchers suggest songs with a heart-thumping beat of around 125 to 130 beats per minute (bpm). For example the Black Eyed Peas' "I Got a Feeling" or Pink Floyd’s “Money” are suitable songs. Just don't make them too loud because loud music can be distracting, so stick to a level that's no louder than your indoor speaking voice.
You're Shopping and You Get an Offer
You're shopping at your favorite store and you go to the checkout. The store clerk offers you the chance to save 10 percent just by opening a new store credit card. As you're bobbing your head to the beat of the song that's playing overhead, you're easily prepared to say "Sign me up!"
Studies have found we tend to lose our heads a bit when we like the music playing at a mall or department store. If you find yourself humming or whistling along, experts suggest pausing or taking out your mp3 player and turning on instrumental music that’s 60 to bpm. You'll be able to clear your head and focus on how a new credit card or purchase will affect your finances long term. Some examples are "Moonlight Sonata" by Beethoven or "I Dreamed There Was No War" by The Eagles.
To keep all your melodies straight, try creating different playlists on your mp3 player. Give them names like "grocery shopping" and "budget" so you can quickly refer to them whenever you need a musical financial intervention.
Whether you have unsecured credit cards, medical bills, personal loans or collection accounts, there’s help for you. The National Debt Relief Group offers a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within minutes, or you can call now – (888) 703-4948.
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