6 Ways to Trick Yourself into Saving Money

Let’s face it: we’ve all made goals but never worked towards achieving them. From losing weight to sleeping more, it’s easy to say you want to do something but never make progress towards achieving it. Like many other goals, financial goals also seem to have a way to fall through the cracks.

Though saving money isn’t the easiest thing, it’s also not the hardest. If you find it hard to commit to saving money consciously, there are all sorts of ways that you can trick yourself into saving money without even trying.

Here are 6 easy ways to save money that are truly effortless.

1. Make Savings Automatic

One of the simplest ways to save money without even thinking is to make saving an automatic process. Most banks offer the ability to transfer money from your checking account into a savings or even an investment account. You can set it up so that a certain amount of money from your paycheck goes into savings. This is a great way to save money effortlessly because once you set up the automatic transfer, it continues until you end it.

By using an automatic transfer, you can never use the excuse that you forgot to put money into your bank account or that you spent the money you were meaning to save.

2. Increase Your Savings Amount

Once you’ve set up your automated savings plan and started to build your savings account, the next best step is to increase your savings by a percent every six months. Let’s assume you’re currently setting aside 10% of your monthly income. In six months, bump that percentage to 11% and continue to increase the percentage over time.

By making these small incremental increases, you can adjust to having a little less of your income while continuing to contribute to your savings account. In just a few months you’ll be surprised at just how much money you can save without trying.

3. Save Your Change

Everyone always prefers paper over metal, but over time, saving your leftover change from a purchase can really add up. Instead of letting change weigh down your pockets or take up room in your car cubbies, start putting it in a jar and watch your savings grow.

Since change in a jar doesn’t grow any interest, your best bet is to take your change to a bank in exchange for cash, and then put that cash into a savings account. Most banks offer coin collector machines that you can use for free or a low fee. The more often you swap out your coins for cold hard cash, the more savings and growing you’ll get to enjoy.

4. Get a Cash-Back Card

It may seem like a dream, but there are many credit cards out there that give you money back on your purchases. Most cards range between 1 to 2% but some lenders offer cards that give 5% cash back. The trick with using a cash-back credit card is being committed to paying off your charges each month. Otherwise you’ll have to pay interest on top of the principal balance.

But, if used properly, a cash-back credit card can be quite rewarding. Not only can you earn cash back on your purchases, you can also earn air mileage points, discounted hotel stays, and much more.

5. Get a Cash-Back Card

It may seem like a dream, but there are many credit cards out there that give you money back on your purchases. Most cards range between 1 to 2% but some lenders offer cards that give 5% cash back. The trick with using a cash-back credit card is being committed to paying off your charges each month. Otherwise you’ll have to pay interest on top of the principal balance.

But, if used properly, a cash-back credit card can be quite rewarding. Not only can you earn cash back on your purchases, you can also earn air mileage points, discounted hotel stays, and much more.

6. Save Your Bonuses

It may be tempting to spend your bonus money or your tax return on something frivolous, but the better option is to put a good chunk, if not all of that money into your savings account. Since you’ve already been doing just fine making the money you’ve made before the raise, it makes much more sense to put that money into an account where it can grow interest and make you money.

Reward yourself for earning a raise, but make a conscious decision to put a good amount of that money into a savings or retirement account. This way there’s no risk of you blowing your entire raise or tax return money.

Conclusion

Committing to saving money is easier when it takes very little time and effort on your part. By using these 6 tricks, you can save money and improve your financial standing now and long into the future.

 

photo credit: cafecredit Broke! via photopin (license)

One Response to “6 Ways to Trick Yourself into Saving Money”

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  1. Terence Rey says:

    Great tips! You may also do saving challenges like the 52-week money challenge or the like. But it’s true that it does need a lot of effort. Thanks for sharing!

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