Let’s be honest. Saving money isn’t always easy. You may have the best intentions and set up all sorts of goals, but when it comes down to it, the savings just aren’t growing the way you want them to. So, what are your options? Instead of pressuring yourself to save, here are a few ways to “trick” you into saving some extra cash.
You’ve probably heard that every penny counts but are you really putting that idea into practice? Every day you get home from work or school, you probably have some change that you have collected throughout the day.
It weighs down your pocket or purse and most of the time you forget to use it the next time you pay. Take advantage of those nickels, dimes and quarters.
Find a large jar or bank that you can begin depositing those coins into. Find a convenient location, (usually around the place you put down your wallet or purse at the end of the day).
Get into the habit of dumping the change into the jar, box or container. If you are cleaning up the house and run into some loose change, add it to your collection. While the amount may not be much it gets you into the habit of saving each and every day.
You can’t be sure how much you have in there by looking and you probably don’t even realize what you “deposit” on a regular basis, but the money is adding up.
Find a checking account that saves for you. Today, banks are looking for all types of ways to bring in new customers and keep them. Look for checking accounts that help you save automatically.
Here’s a great example. Purchases are usually never a whole dollar amount. You always have a little change added in there. For each purchase, the bank rounds up the charge to the nearest dollar. That change is immediately deposited into your savings account.
Much like the coin jar, you aren’t saving a huge amount of money each day, but you are saving. You’ll never miss the money and over time you could accumulate a substantial amount of cash.
Sign up for automatic savings transfers with your bank. If you use online bill pay, you are probably used to having certain amounts withdrawn from your account each month.
You get into the habit of paying these bills and you always take them into consideration when budgeting or spending. You can also add yourself to the list of people being paid.
Many banks allow customers to set up automatic savings transfers each month. You choose the amount to transfer and the date and the money automatically moves without you doing anything else.
This becomes a bill that you just expect every month. You plan around it and don’t think much about where it goes. However, over time, the money adds up.
In most cases you can change the amount if you want to save more or less and you can even change the date if it becomes difficult to pay by then. The flexibility makes this a great option to set up for your checking and savings accounts.
In each of these examples you are saving money. Cash is being deposited in a jar or a savings account and you aren’t doing anything out of the ordinary.
Most of the time these changes are easy to accomplish and most people are surprised when they find out just how much they were able to save over a short period of time. Even if you have to “trick” yourself into saving, it is still a great habit to get into.
