It’s all in your head! Being financially frugal with your money and putting some away to save is all about psychology. You’ve got to mentally commit before you’re ever going to be able to see the numbers increase. Here are some pretty simple ways to trick yourself into building that savings account.
Get More Tax Refund with Payroll Deductions
We know – manually removing money from your checking account and putting it into savings can be painful. Even having money be automatically taken out every month hurts because you still see that money leaving. Out of sight, out of mind. That’s the moto you need to focus on and the best way to do this is to claim fewer exemptions on your W-4 so extra cash is withheld from your paycheck. When tax season comes around you will get all that extra money back through a refund. You never had to see the amount actually leave your account the whole year so you won’t even notice it’s not there.
Remove Credit Card Numbers from Online Shopping Sites
One of the best moves from online retailers was adding the feature to save your credit card information for easy checkout. I mean think about it. The extra steps at the end of checking out can actually make you not even want to make a purchase on something you don’t even need. By removing all of your cards from all your favorite stores will force you to take that extra step of checking out when shopping online, which in turn, is deter you away from even making the purchase, hopefully. If you are an online shopping addict, you’ll be shocked at how much you can save by taking away the convenience factor.
Make Yourself Think You’re Broke
When your checking account is overflowing with cash it’s easy to spend money like you’re a celebrity. Easy way to fix this- make it look like you’re broke. Figure out the base amount you’ll need to survive and put the rest in a separate checking account that’s not connected to a card. Just the fact that looking at your main checking account and seeing a low number will be enough to put you on guard to think twice about every purchase. And if it gets to the wire, you can always transfer some back. But make sure it’s just enough to get you through. Once payday comes back around transfer whatever is left in the second checking account into savings.
Transform Your Routine
Change things up and make expensive routine things in your life either be scarcer or completely disappear. Take smoking for instance. Cut back or completely quit. Not only will it be a lot healthier, but you will also save a lot. Do you have a routine of eating out with friends multiple times a week? Try making a new tradition of eating dinner at each others house and everyone brings a dish. This one definitely takes creativity, but if you can find ways to switch out expensive routines for cheaper ones then you will be one your way to saving some green.