University of Chicago professor Richard Thaler was awarded the Nobel Prize in Economic Sciences for his research into the study of human behavior in decision-making, also known as "behavioral economics". Tobie Stanger, Senior Editor at Consumer Reports, joins Your Cheddar to explain how Thaler explored how our irrational behavior becomes predictable patterns. In learning this, he realized we can use prompts, or "nudges," to help make better financial decisions. She explains how you can nudge yourself. You can, for example, work with your employer to automatically put a percent of your paycheck into the bank. Stanger also talks about the idea of "mental accounting" and says that when we try to keep track of what we're spending in our heads, bad things happen. We may, for instance, stop saving money depending on what we're buying. Plus, many people suffer from inertia--they don't want to change. But making small changes can save you a lot of money. Stanger suggests looking into your car insurance or life insurance policies every few years to see if you can find the same plan for a cheaper amount of money.