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As inflation makes its way through every corner of the economy, it can put pressure on consumers and their wallets. Are there ways consumers can help ease financial worries besides just collecting coupons?

Duke University professor of psychology and behavioral economics Dan Ariely joins Wealth! to give insight into the relationship between money and psychology and the behaviors consumers can understand to better help their wallet.

To help your wallet Ariely says the first thing to do is "figure out which are the things that we're doing that are giving us enough happiness, and which are the things that don't."

"We did a study with lots of consumers, and we showed them their credit card spending, and we say, 'Please tell us for each of those, to what extent do you regret it?'" Ariely explains, adding: "We found that the category that people felt they regretted the most was going out. And by the way, it's not because going out is a bad decision. But people felt that they go out and they end up eating too much and spending too much."

"So it's not that you need to cancel the category completely, but you need to think about it," Ariely advises, going on to highlight his other savings strategies.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino