3 Ways To Trick Yourself Into Saving Money

    • Melissa Chapman
  • Saving
money jar

Life can be extremely expensive. It seems like prices are always on the rise, while wages just aren’t adjusting to them. To get through these tricky times, it is crucial to have a solid saving strategy in place. Having good savings in the bank will help you in so many ways, and it is the best tool to deal with a difficult economy.

While saving on a budget may be difficult, there are ways to do it without you even thinking about it. These are our top 3 ways you can trick yourself into saving money without realising you’re doing it.

1. Save Automatically

Many people end up spending their money before being able to save it, and often people just don’t know when to put their money away. One of the best ways to save is to treat your savings like you would a bill and to automatically pay them each month.

When it comes to the time of the month where you have to pay your bills, put money away into your savings account in the same way that you would pay for your cell phone, car, insurance etc. One of the best ways to do this is to set automatic savings transfers through your bank account. This way your money will go into savings without you even thinking of putting it there.

Another technique that works well is to set up multiple savings accounts and payments. You can name these things like ‘holiday fund’, ‘retirement plan’ or ’emergency savings’. This way you can budget a certain amount to go into these different savings plans and can access them when you know it’s necessary, so you don’t need to take out cash loans.

Through treating your monthly savings payments as if they were any other bill that needs to be paid off, you can easily build up a steady flow of money without even thinking about it. This is a highly effective way of making yourself save money when you aren’t even actively stashing the money away.

2. Live Without Any Extra Money

If you really want to save money without making any difficult sacrifices in your life, one of the best ways to do this is to just not spend any extra money that may come your way. When you finally get that promotion at work, try not to add the extra money into your lifestyle. Rather live on the same budget that you did before, and put away the extra amount. This way the increased money you get through your promotion can be used on a holiday, buying a new car, or on any other savings goals you may have.

There are times in life when we happen to run into some extra money. Whether this is through receiving it as a gift, a bonus at work, or a job on the side. This should all be seen as extra money that you didn’t need to live with before you got it, so you probably shouldn’t need to spend it now.

Whenever these moments may come about, put the money straight into your savings account. This won’t change the way you are living, but it will build up some extra savings for when you need them.

3. Replace Costly Habits

If you have any regular habits which are either bad for you, or bad for your wallet, try to replace them with something that won’t affect you as much. Through replacing money spending habits with cheaper, or free ones, you can stash away the money you would have normally spent. This is a great way to save.

For example, if you buy a cup of coffee every day, rather try to make that coffee at home. Then you can put the money you would have normally spent on the coffee into a jar. It will amaze you just how quickly this jar will fill up, and you can see exactly how expensive these habits are. By placing the money you would normally have spent into a jar, you are tricking yourself into building a solid pile of savings.

Another way this could work is to find a routine in your life that is expensive and replace it with a free activity. This way you will still keep yourself busy during that time but will be saving the money you normally spend.

If you follow these three guidelines, you will realise that saving money is not as difficult as it may seem. Through a few simple changes in the way you handle your money, it is easy to keep up your lifestyle while building some savings at the same time. This will allow you to have more money for the things you really want, while not sacrificing your life.

Mammoth Investor
New South Wales 2000