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5 Ways to Trick Yourself Into Saving Money

trick yourself into saving money

Saving money can be hard to do. Most people have admirable goals of getting out of debt and building their savings accounts, but substantial progress is rarely made. If you are determined to change your financial habits and save money every month, try following these tips to trick yourself into saving significant amounts of money without even realizing it.

  •  Carry Large Bills: Only carry large bills in your wallet and leave debit and credit cards at home. This will help curb your appetite to buy smaller, more unnecessary purchases such as a pack of gum. Not only does it feel awkward to hand a cashier a one hundred dollar bill when paying for an ice cream cone, but it also feels like you are paying a lot more for the item than if you paid using a couple of single dollar bills. Most people have a tendency to limit their spending of large bills to larger, more important purchases, so this is a great way to weed out the daily purchases that can end up breaking the budget.
  •  Turn coupon savings into actual savings: Clipping coupons is a common money saving strategy; however, it backfires on some people. When a person realizes that they have saved ten dollars on groceries that week, they often feel the need to “reward” themselves by buying a higher priced item or going out to eat. In the end, the result is the same as if they would not have used coupons because the same amount of money was spent. Instead, consumers should check their receipts to find the total amount of money that was saved, and deposit this amount into a savings account. This way, money saved using coupons is actually saved.
  •  Empty your pockets each day: At the end of the day, go through your pockets or wallet to find all of the loose change from the day’s transactions. This includes coins and single dollar bills. When you are only carrying large bills, there can be quite a few dollar bills left over at the end of the day after breaking a large bill or two. Place this money in a designated container that is deposited directly into a savings account every few weeks. Chances are, you will not notice a few dollars missing here and there, and meanwhile, the savings accumulate!
  •  Save “extra” paychecks: Many people get their paychecks every week. During most months, this results in a worker receiving four checks per month. However, some months have five weeks, and therefore an extra paycheck is earned. Monthly budgets are usually calculated on a four week income period, so this fifth check is considered extra money. Take advantage of these events and place the check directly into your savings account without feeling a strain on the month’s finances.
  •  Thank the weather: Usually, there is one month during the spring and fall months where consumers get a break on their utility bills. The weather seems to be just the right temperature, and the heater and air conditioner rarely get used. This results in a significantly lower utility bill. Instead of just sending in a check to cover the expense of the bill, write yourself an additional check to be deposited into your savings account. Write the check to equal the difference between your average utility bill and what the month’s lower bill was. This way, the monthly budget remains on track and there is still a nice contribution made to savings.

Most people have good intentions to save money, but actually building a savings account may prove to be more difficult than expected. If you are finding it hard to make monthly contributions to your savings accounts, try using these tips to build a balance without feeling the pinch.

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