It’s not easy to save in today’s world. Prices are going up, wages are going down. But just because saving money is hard, it doesn’t mean that you can’t do it. In fact, a lot of Americans are getting smart about their money. Right now, they’re using five different ways to actually trick themselves into saving. Here’s how you can do it too.
1. Pay yourself first
It’s really easy to do this. It’s just like paying bills, only it comes after you actually paid your bills. Once you’re done with them, make sure to make another payment, but this time to your savings account. You can either put in there just a part of the money that you’re left with after paying your bills or all of it.
2. Keep the change
This will probably make you laugh, but it’s no laughing matter. Unknowingly you throw away a lot of money each year. A nickel here, a dime there, and without even realizing it you’re losing dollars and even tens.
Don’t do it. Get yourself a change jar and make a habit out of depositing change in it. And don’t just do it yourself, also get your family to do it. Once the jar is full, you can use that money to buy yourself something nice.
3. Getting a raise doesn’t mean that you have to spend more
Getting a raise is great news. It means your income increases. But don’t forget that the annual cost of living also increases. Prices also grow, more than once a year. You’re going to really need that extra money so don’t throw it away on useless stuff.
So use that extra money for something that counts, such as retirement savings.
4. Don’t lose good habits
Let’s just say that you managed to pay off your mortgage after years of hard work, discipline and acting responsible. Don’t change! Just because you don’t have a mortgage anymore to think of, it doesn’t mean that you should start acting irresponsibly. Remain responsible and smart, and you won’t regret it.
5. Don’t waste good luck
Let’s say that you get a larger-than-usual tax refund. Don’t waste it. Instead, put it to good use. You won’t miss the money, and it’ll get you closer to your goal if you put it in your savings account, accruing interest.