Tricks to Force yourself into Saving more of your Money

Saving money can be a real pain for the majority of us. While some can do it better than others, it can be hard to put away our hard earned money and not spend it on stuff that we want. However, just like any other habit, you can learn how to save money once and for all. If you can’t look at your money without spending it then you need to trick yourself into not spending your money.

The first way you can do this is to simply convince yourself that you aren’t making as much money as you think you are. If you live week to week on a variable paycheck this can be easier to do. Say you earn 1,000 one week, and then you earn 800 the next week, you can trick yourself to think that you are only making 800 each way. Trust me, it does work. Once you get a number in your head it tends to stick.

Another good way to not spend all of your money right away is to simply withhold it from yourself. Take more off the top in the form of taxes each week. You will get it all back as a tax refund at the end of the year, and you will have your money to deposit all at once into your savings account. You might lose interest on the money, but you will save more than zero this way.

Put your money into an IRA or a savings bond. This way you are going to be able to save your money, earn interest on the bond, and then you can have it back after a certain period of time. The goal is to put your money in a safe place without fear of taking it out before you really need it for something. It works well as a plan for longer term savings.

Other good ways of saving your money is to put it into an account that you don’t have sole access to. Maybe you might give it your mom when you get home if you are younger and let her decide how much you get to spend every month. Once the habit develops you won’t feel the urge to spend all your money on stuff you might not need.

Saving your money is something that we all need to learn to do. You never know when an emergency is going to take out your entire income and you will need more than you have for a short period of time. Having that money in the bank eases your need for cash and you can rest assured knowing that you have it there.