Saving money is a habit that doesn’t come naturally to everyone. It’s all too common to see something you want and instantly blow the little money you’ve saved on that one thing, only to realize later you didn’t want or need it after all. Whether you’re saving up for retirement or trying to gather enough for a down payment on a new house, you need to find a way to make yourself set money aside that’s going to stick with you.
Stash Your Savings Somewhere You Can’t See It
If your savings are easily accessible to you, you’re more likely to want to spend it. One tip is to put your temporary savings in another bank account or even in a PayPal account, where it takes 2-3 days for money to transfer between the two. This helps cut down on impulse buys because by the time the money gets to you, the urge to buy has probably faded.
Automatically Transfer Savings
Manually transferring savings gives you a chance to reconsider. When you see how much you’re transferring, a part of your brain starts yelling, “No! You could spend that on new clothes or that new radio you want for your car!” Soon it becomes a habit to spend your extra money, and your savings account is empty. Fight back on this by setting up an automatic transfer so money gets saved without you even knowing it.
Don’t Go Shopping Without a List
One of the greatest dangers for impulsive shoppers is being set loose in a mall or a supermarket. Their eye is drawn to everything they see, and before long, they’ve spent $100 more than they planned. That’s $100 that isn’t going to make it to the savings account.
Don’t go shopping without a list, and make a vow to yourself that you’re never going to deviate from it. Not ever, for any reason. While this sometimes means you’ll make two or three trips to the store to pick up something you forgot, it helps you stick to only buying what you’ve determined to buy ahead of time, and that will save you time and money in the long run as you build that habit.
Have Someone Hold You Accountable
Whether it’s your spouse, your neighbor, your best friend, or even Facebook, telling someone about your savings goals makes it more likely you’ll stick to them. Nobody wants to go back and admit that they spent their savings money on something they didn’t need. Better yet, ask them to check in on how it’s going on a regular basis. Their reminders will help you keep your savings goal in mind every time you’re tempted to spend.
With these simple tricks, you’ll find yourself with a tidy little stash at the end of the year. Put that toward your goal, and before you know it, you’ll accomplish it. Then it’s time to set a new one and the cycle begins again.
