Good, bad, or indifferent, we all have inherent biases that can influence or decision-making, and that includes our finances. While we want to approach them with rational and critical thinking, we often follow with our emotions instead.

Barry Bigelow with Great Waters Financial joined Good Morning Northland to discuss why we make irrational money decisions through a concept called behavioral finance and gave tips on how we can avoid making them in the future.

Bigelow discussed four different biases people have about making financial decisions. Those included Familiarity, overconfidence, loss adversion, and representativeness.

One of the big messages Bigelow says is to always have a plan when it comes to taking charge of your finances.