How To Trick Yourself into Saving Money Regularly

Trick yourself into saving money???… Regular assessment of your personal finance is very important for better money management. You could be jostling between jobs, starting a new one, or freelancing, and wondering how to manage your finances.

Having a frugal mindset and lifestyle can save one from unforeseen circumstances that may hit from time to time. You can trick yourself into saving money.

Many people nowadays already have a good savings mindset. However, we tend to give up along the way sometimes due to lack of discipline, pending debts, spendthrift habits, and lots of other justifications we give ourselves.

I’m not perfect at savings either. Trust me it is usually easier said than done! We need to be more creative about how we save money.

I believe the following personal finance tips can help you trick yourself into saving money:

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Give Yourself an Allowance

Each time you receive your monthly paycheck or earnings, set a fixed amount out of it, for your necessities. You may be earning $1000 a month but voluntarily decide to live on a maximum of $500 monthly. Tailor all your monthly expenses to fit into that budget and be consistent and disciplined at it.

Set aside the remaining $500 as savings monthly, and by the end of the year, you’ll have a swooping $6000.

Automate Your Savings

This could be in the form of a standing order, where you instruct your bank to transfer money into your savings account, each time you receive your monthly pay.

There are also apps like Digit, that enable you to automate the savings process yourself. It can analyze your spending and help you budget and save for an upcoming event or a rainy day.

Stash Away Your Raises

Each time you get a raise at work, do not rush off to spend it! You’ll most likely feel like you deserve a treat. Nevertheless, resist the temptation to dive into the closest snack bar or supermarket, and rather add that money to your savings.

Make Extra Money

There are various side hustles you can get involved in, to complement your main hustle. Having several sources of income can improve your lifestyle and boost your savings.

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Invest For the Future

Generate money while you sleep!

There are tons of investment opportunities out there. Real estate, agriculture, stock markets, energy, IT, and many more. This could depend on your locality or sector of interest.

Although investments are more often than not, a great way to let your money make more money for you, do your due diligence, and carry out in-depth research before taking on any investment. They are all risky so you need to do a proper risk assessment, prior to making any investment(s).

Investing for the future is a great way to trick yourself into saving money!

Avoid Unnecessary Loans

When you practice good money habits, you’ll avoid getting into debts, altogether. Try to live within your means and make expenses only from what you already have. Bankruptcy doesn’t always knock at the door. It can hit hard, unexpectedly and you do not want to be in-depth when it does.

Pay Off Debt

As soon as you can, get rid of any debts you may have! You will have more money.

Do not always wait for your creditor to come knocking before you do. This wouldn’t only make you credible before your creditor, but also help you have a better follow up of your assets while cutting down on our liabilities.

You shouldn’t be making financial plans and projections based on debt you’re still holding on to, past your due date.

Have Frugal Fun 

You can have fun-filled memorable experiences without breaking the bank. Outdoor activities such as swimming, taking a walk, biking, fishing, picnics, rock climbing, camping, and bonfires with storytelling sessions, are great ways to have fun with family and friends.

Plan Your Meals

Eat out less and cook at home, more. You will be quite bamboozled if you take out time to track your expenses from restaurants, monthly. Make it a habit of cooking and eating your own food, rather than buying out and you’ll notice significant changes in your accounts.

Trick Yourself into Saving Money on Water

It’s true there are areas where water isn’t potable, therefore posing a health hazard to inhabitants of such areas.

Nevertheless, instead of buying bottled water, you can buy and set up a water filtration system at home which will be a better way to save money on water, in the long run.

Own an Affordable Car

Ideally, buy a car when you have the money to. Avoid taking up loans for that.

When you include the cost of gas, insurance, maintenance, and more, you see that your expenses could be quite high. I believe that for a car to be affordable, monthly car expenses shouldn’t exceed 10-12% of your monthly income.

Get a Financial Advisor

Take this route if things are really getting worse with you and your finances. You really can’t ignore money issues when things start going downhill.

Generally, it’s important to take up good money habits. Set realistic financial goals, keep an eye on your daily expenses, and don’t make impulsive unplanned purchases.