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Trick Yourself into Saving Money

How to Trick Yourself into Saving!

Saving money can be difficult, and keeping it saved is even harder. In a previous post, we’ve talked about some money saving methods and I want to go into a little different strategy here. Lots of people will start saving money at first but find themselves dipping into the savings shortly after. It is good to learn some tips to trick yourself into saving money. The more you save, the better.

Automate things

Forget doing things manually, set up automatic savings and deposits to help. As the saying goes “set it and forget it”. Make it so money from your checking account automatically transfers to your savings account. Depending on your employer, you may even be able to do it straight from your paycheck.

Save your change

There are a few automated tools that allow you to “save your change” without doing anything. Bank of America offers a program you can enroll in that is called “Keep the change” where when you make purchases, it rounds up and puts the change in your savings account. Acorns is a great tool that helps you automatically invest. Like the “Keep the change” program they can automatically round up your purchases but the difference is it invests the money instead of just saving it. You can also set up automatic deposits. Another option is called Digit and it analyzes your accounts to see what you can afford to save and it moves it to a savings account.

Hide it

We’ll keep up with the sayings with this “out-of-sight, out-of-mind”. Go as far as to set up a completely different bank account with a savings account. Put money in it, leave the debit card in a drawer, turn on paperless statements, and forget about it. If you want to get extreme, don’t even get a debit card and make it a bank across town so you are less likely to go take any money out.

Name it

It may not sound like much but labeling accounts for certain things can have a powerful effect. Online banks often allow you to set up sub-accounts for free. You can name them whatever you want, emergency fund, new car, taxes, vacation, etc. Naming them can help you avoid taking money from them especially if it’s for something the account isn’t name for.

Make it a game

Make saving money fun, gamifying things always helps for success. There are a number of methods you could do and I will create a whole post about it. One method I’ll mention now is to start saving $1 on week one, $2 on week two, and so on. At the end of the year, you’ll have saved $1,378!

Divert it

When you go through and start cutting expenses take that money and send it over to a savings account. You can put it wherever you want that is savings but since you were already spending the money, you shouldn’t notice the difference but your savings will.

Save your raise

If you get a raise, don’t change anything but the amount you save. Divi it up into some different accounts such as retirement or the new car fund. If you want to put some in your pocket for fun money, make sure you’re still saving a majority of it.

Start Small

Even with methods like automatic transfers, start with something small. Maybe its only $10 a week, but that still adds up to $520 over the course of the year, and that’s from one small change. Even a service like Acorns where it saves a little by rounding up or recurring investments can add up to a lot. Starting small is better than nothing.

Easy Ways to Easy Ways to Trick Yourself into Saving MoneyTrick Yourself into Saving Money Final Thoughts

Sometimes the best way to save money is to trick your mind into it. When you don’t even realize you’re saving money, you end up saving the most. Hopefully, you can implement some of these strategies to watch your savings grow.

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