How to Trick Yourself into Saving

How to trick yourself into saving moneyFor most people, saving money isn’t something they consider fun. In fact, some people consider saving money to be a sacrifice that takes away their ability to spend money on things they enjoy. That’s why people tend to put off saving money instead of paying themselves first.

But, the truth is, spending all of your money is not going to help you reach your financial goals.

If you struggle with saving money, try some of the easy savings tricks we discuss in this episode.

Plus, read on to find out some of our best savings tricks and our show notes from this week’s episode.

Make a List of Your Priorities

If you’re working on multiple financial goals, like paying off debt and saving money, or investing and saving money, it may be difficult to decide how to divvy up your money. When faced with this situation, many people opt to put off saving any money at all because they can’t decide the best way to prioritize their goals.

To beat this common problem, make a list of your priorities. Sit down and decide what is the most important think for you to accomplish first.

Or, look at it as a trade-off. This trick can work especially well for impulse shoppers.

Instead of immediately buying the item you want, take a minute to ask yourself if you’d rather spend the money on this item, or if you’d rather put your money toward your financial goal, like paying off debt, or even something else fun, like saving for an up-coming trip.

Move Money into Savings Immediately

Do you ever find yourself with a surplus of money in your account? Maybe you got an extra paycheck during a three paycheck month, or you sold some clutter from around your house. Instead of letting that money sit in your checking account or wallet, tempting you to spend it, move it into savings immediately.

Natural spenders may feel inclined to wait until the end of the month “just in case”, but if you really need the money back in your account for an unexpected expense, you can always transfer it back out of your savings account later. This way it’s not as readily accessible for impulse purchases.

Keep the Change

Find out if your bank has a program that automatically transfers your “spare change” into your savings account when you use your debit card. Many banks offer this service and it can help you save a few extra dollars each month.

If your bank doesn’t offer this service, you can do it yourself if you spend mostly with cash. Instead of putting your coins back in your wallet when you make a purchase with cash, put it in a jar or other container in your home. When the container gets full, take it to your bank and deposit it in your savings account.

Try a Savings Challenge

Another great way to make saving money more fun is to participate in a savings challenge, like the 52 Weeks of Savings Challenge.

Even if you don’t make it all the way through a savings challenge, you’ll still have a good chunk of money to put towards your savings goals.

Find out about even more savings tricks in this week’s podcast episode.

How to trick yourself into saving money

In This Episode, We Discuss

  • 1:35 – Little ways to save and avoid the pain
  • 7:35 – Debt rollover
  • 9:45 – Savings challenges and shopping bans
  • 15:50 – Finding a frugal approach to pricey habits

Related Links to Check Out:

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2 thoughts to “How to Trick Yourself into Saving”

  1. I appreciated the comments about budgeting not being helpful for everyone. I’m maybe your oldest listener at 61. I’m early retired, slightly, and financially independent by a huge safety margin and got there by maximizing my compensation and being frugal without a budget. Most of the credit goes to my trophy wife for 39 years who is a genius at living large on small spending. While she dabbled at budgeting mostly she controlled our cost of living without my three kids or I ever feeling constrained. Keep up the great podcast, even though I’m older than rocks I am happy to learn from smart young people like you!

    1. That’s something we discuss quite often as Erin is a big believer in not budgeting the traditional way, but instead just spending on the things you care about most. Glad you hear you have been successful with your finances! Thanks for listening!

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