Investment decision-making in financial markets has become increasingly complex, now-a-days. This task has been made more complicated by the presence of large number of savings and investment institutions offering various financial products with heavy terms and conditions. Governments encourage saving and investment for the sake of economic growth, but barriers like limited access to the financial markets, asymmetries in information availability, and the complexities of financial products and available choices; weaken the tendency of individuals to save. These barriers and complexities lead people to rely on shortcuts which cause the occurrence of biases and create hindrances in financial decisions. Financial decision making is very important in the financial and personal wealth management of an individual. This includes the process of allocation of funds in savings and investments. People need to decide how much to spend and how much to save. At this point, the knowledge of Behavioral finance plays an important role in taking financial decisions. Behavioral Finance is a mix of psychology, sociology and finance, that tries to understand why investors often make choices that are not rational. Thus, the knowledge of Behavioral Finance explains how people (especially investors) tend to make mistakes in their financial decision-making based on their feelings. The present chapter discusses the linkage between Behavioral Finance and Decision Making. It also elaborates the various types of Cognitive and Emotional Biases in Saving and Investing.