Sometimes it can feel like you are just barely getting by. A huge portion of everyday Americans are living paycheck to paycheck just to get through the month.
You likely have a whole myriad of bills to keep in mind like rent, utilities, credit card minimums, title loan payments, groceries, and transportation costs. With all of that to take care of, it is no surprise you might feel like you don’t have money to put towards savings every month.
Saving is intimidating when it feels like you don’t even have enough money to get by every month., but there are ways to trick yourself into hitting your saving goals! If done right, it can feel like you aren’t even missing any income. If you can implement a few of these savings tricks, you should be able to save money without really trying!
How to Trick Yourself Into Saving
Sometimes all it takes to start a saving habit is to be a bit sneaky about it – you can trick yourself into saving the money that you usually spend. Here are a few ideas on how you can trick yourself into growing your savings account and building a stronger financial future:
When your self-control cannot be trusted, put your hope in technology instead. Do yourself a favor and set up automatic transfers out of your checking account and into your savings account or retirement fund. More than likely, you won’t even notice the money leaving your account. If you decide to automate your deposits into a retirement, see if your employer has a 401(k) program that can take out income from your check pre-tax. It wouldn’t hurt to ask about a 40(k)-match program while you’re at it.
#2. Keep it Hidden
Don’t let your savings be so easily accessible to you! Set up a different account or get an account at a different institution. Set up your savings so that you can’t easily transfer funds out for use. Make it a bit more difficult to get to your money and avoid seeing your account regularly so you aren’t as tempted.
#3. Make it More Exciting
Give your savings goals more significance by creating exciting plans. If you want to travel, then label the account “Trip of a Lifetime.” Or if you want to save for a home of your own, then label the account “Becoming a Homeowner.” Motivate yourself through goals with an air of excitement for what the future holds. It will make you feel accountable for the savings, and you will be less likely to remove funds from savings if you know that you’re actively hurting your goals.
#4. Use Technology
New forms of tech can be extremely helpful for saving and getting financially organized. There are a few different awesome services out there that take spare change or extra income and redirect them automatically to your savings or investments. Look into Digit, Acorns, and Keep the Change to learn more!
#5. Redirect Funds
Every time you cancel a service, unsubscribe from something, or pay off a debt, divert the money you spent on that every month into your savings account. That money has been tied up anyway and you won’t even notice it going into your savings. Instead of using your bonus checks, refunds, or rebates on spending, transfer that extra cash over to your savings account. You will be astounded at how quickly it all adds up. You can also look for opportunities to cash-out old investments that may not suit your needs anymore – like life insurance. If your children are grown or you’re recently widowed or divorced you may no longer need your life insurance policy and can use a life settlement calculator to see how much it’s worth.
Your financial goals are not only possible, but you can start working towards them now. All it takes is a few minor financial adjustments and you will be well on your way towards your saving goals.