8 Sneaky Ways You Can Trick Yourself Into Saving More
Consciously saving money is good, but what’s even better is tricking yourself into saving more. Try these simple and fun ways to help you fatten up your savings account faster.
Earning money and saving up for the future is no child’s play, but who says you can’t have a little fun and games while saving? Come up with different kinds of games that can help you save more, like the $5 challenge where you keep every $5 bill you get. Or a swear jar where every time someone swears in your home, they need to pay up a dollar. Be creative, come up with as many games as you can. The next thing you know, you have $500 in your jar.
Automate your savings
Even if you trust yourself enough to know that every month, you will deposit money to your savings account, it’s still good to consider automating your savings. This way, you’ll not only save time and effort, but you’ll also be 100% sure that part of your money goes directly to your savings account.
Use saving apps
There are lots of saving apps available on the internet. Make use of them to help you manage your money better.
Divert your savings
This just means that whenever you finish paying off a debt or after canceling a monthly subscription, continue “paying” your monthly dues. However, this time, your money goes to your savings.
Save your salary raise
If, after years of working your butt off, you’re finally given a raise, put a percentage of it to your savings. Say you’re given a 4% raise, put 2% of your salary directly to your savings. Or much better, act as if you didn’t get a raise and put all 4% into your bank.
Customize your accounts
Remember when you were young and would put labels on your money jars? That’s the concept here. Customize your accounts and name them according to their purpose. Like, “Bora-Bora vacation,” or “College Fund,” or “Porsche money.” That way, every time you deposit, you’re reminded of your goals.
Keep all the extras
Any extra money that falls on your lap should go straight to your savings. Any. It can be cashback rewards, coupon rewards, bonuses, or random money found in your bag. Whatever it may be, it should go straight to savings.
Pretty much like coming up with games, creating challenges for yourself will help you be more motivated. You can do a monthly challenge where you save a certain amount that increases every week or a calendar challenge, where you also keep a certain amount for each month.