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A new study has found that a single $100 bill prevents overpaying. University of Maryland’s Robert H. Smith School of Business found that the “denomination effect” is real. When those studied knew they had to save $100 or exercise self-control in spending, they were more likely to choose a single $100 bill than five $20 bills. Researchers say that if you want to save then increase your exposure to the ‘pain of paying’ now rather than in the future, as is the case with credit cards, then leave both your credit cards and small bills at home. The research will be published in an upcoming issue of the Journal of Consumer Research. It follows previous research by the pair that finds consumers spend more when using credit cards or gift cards instead of cash. For more information visit: “www.rhsmith.umd.edu”:http://www.rhsmith.umd.edu

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