Saving money isnt fun.
Its just not something your brain wants to do.
So if you want to develop good financial habits, youre going to have to trick yourself.
Because were human, and we want what we want and often that means spending, not saving.
I suggest taking the control out of your hands.
By that, I mean automating your finances.
Here are two strategies you’re able to try:
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
2.
Incentivize Your Savings
Most banks suck.
They charge you maintenance fees and monthly minimums and then give you next to no interest in return.
If that doesnt take a toll on your psyche, I dont know what would.
Instead, sign up for a bank thatll treat you right and shower you with decent interest rates.
We know opening a new bank account isnt exactly everyones idea of fun, but Varo makes it easy.
*https://www.fdic.gov/regulations/resources/rates/
3.
Because it simplifies everything, you should be able to spot any errors.
You might change your mind, right?
Dont keep you money under a mattress.
Instead, open a retirement account like a 401(k).
Start Small
Finding the money to save is tough, especially when youre on a tight budget.
But its vital you start putting anything even crumbs toward your future.
One trick to get yourself to save is to set aside your digital change whichAcornsdoes for you.
Your brain wont even know youre saving I cant think of a better trick than that!
Stop, Drop… and Wait
Let me sleep on it is one of my favorite phrases.
Ive avoided a lot of sticky situations by waiting to make a decision until the next day.
And that wisdom definitely holds up for financial decisions, too.
By forcing yourself to take a step back, youll prevent regrettable impulse purchases.
Avoid Tabs at All Costs
Want to pay cash?
Or start a tab?
If you want to save money, your answer should always be the former.
Theres no pain involved in ordering another drink but there is pain involved in paying for it.
Make yourself feel it.
Its like one giant tab.
Think of Prices in Hours
Lets say a new set of golf clubs costs $300.
That doesnt sound so bad, does it?
After all, there are more expensive items you could be buying.
But hold your horses.
Are you willing to pay 30 hours of your life for those clubs?
Sometimes just looking at purchases in a different way is what your brain needs to make the right decision.
Use the Stranger Test
Is that cute new sweater speaking to you from the rack?
Just whispering you should probably have it?
Well, before listening too hard, check the price.
Say its $32.
Which would you rather have?
In most cases, the cash is probably more appealing.
Let yourself enjoy that purchase while making sure youre saving as much as possible.
Here are a few simple ways to cut the cost on your purchases.
Heads up, though: Be sure these tools arent tricking you into spending more money.
You might want to impulsively purchase an item because Ibottas offering $10 cash back on it.
Capital One Shopping Price Protection compensates us when you sign up using the links we provide.
Turn That No Into a Yes
Saying no is no fun, so dont think of it that way.
Instead, make your brain view every no as a yes.
Then, look at staying in as a money-making opportunity.
The same goes for finances: Accountability partners work.
If you want to save more money, recruit a friend with similar goals.
Agree that every time you make an unnecessary purchase or go out for drinks, youll text each other.
Literally
Saving for a house?
Cut out inspiring home photos from magazines, then hang them on your wall.
Saving for a trip to Paris?
Make the Eiffel Tower your phones wallpaper.
Let Yourself Splurge
Thats right: I said let yourself splurge.
It wont save you money at the moment, but it probably will in the long term.
Susan Shain is a freelance writer and digital nomad.
Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
*Chime is a financial technology company, not a bank.
Banking services and debit card provided by The Bancorp Bank N.A.
or Stride Bank, N.A.
