How do you trick yourself into saving?
As consumers, we trick ourselves into a lot of things: that we’ll wear those pants we just have to have; that Facebook isn’t taking over our lives; that it’s a good idea to teach people how to Dougie.
But when it comes to saving, there’s real value in finding ways to fool ourselves into cutting back.
Such as this. The blog 27 and Frugal recently highlighted a common method of self-discipline at the grocery store – avoiding a cart or basket so we only buy what we can carry. Legitimate? Definitely, but what other methods can we use to stop from spending ourselves dry?
For it’s case – and you might do this yourself – 27 and Frugal recommends imagining you always have to walk home from the grocery store, car keys in your pocket or not.
This way, the thinking goes, you won’t load up on items you don’t need (bulk, sale and otherwise) and can save by fooling yourself into grabbing only the necessities.
It’s a simple trick, but it’s hardly the first such tactic we use.
Automatic savings bank accounts, of course, are the most famous “eliminate the psychological hurdle of saving” method, though consumers do the same thing in a number of ways.
There’s the “Gift card layaway” system, via LifeHacker.com, whereby shoppers buy gift cards for items they’re looking to buy. So, if you want that new plasma TV, buy gift cards for Best Buy or wherever as you save money to ensure that cash stays focused and isn’t spent frivolously.
Or, some people – in a bid to remember their intentions to save – rubber-band a photo or advertisement to their wallets to keep such frugal initiatives fresh in the mind. So, if you’re trying to save for junior’s education fund, keep a photo of the kid attached to your wallet as a means to resist the urge to splurge.
What methods do you use to trick yourself into saving?
By Jason Buckland, MSN Money
*Follow Jason on Twitter here.
Posted by: Route66 | May 17, 2021 4:03:46 AM
Regardless what your income, saving is a matter of priorities. We have to learn to separate "want" and "need." If we want to save money more than we want a new TV, Ipod, etc., we will be successful.
Posted by: Jack | May 17, 2021 10:19:25 PM
Sorry, I just don't understand this concept of "tricking" yourself into saving. I just do it, period, end of story.
Posted by: GrantB | May 19, 2021 4:15:16 PM
Ask yourself,
Why do people value your money more than what they are trying to sell you! If its so great why do they want to sell it? Money in the bank gives you the freedom to choose. Don't give it up easily.
Posted by: JD | May 20, 2021 4:58:54 PM
Congratulations self satisfied and smug posters. Now back to the question posted...How do YOU trick yourself into saving? Aside from your bragging that you've saved money, you've offered no tips on the topic at hand.
Posted by: Chip | May 21, 2021 7:13:20 PM
EASY... especially in Canada. I've been doing this for over 10 years. You get yourself a "piggy bank" and any cash payments are paid with paper currency only. Piggy Bank any quarters, loonies and toonies and don't dip in for 6 months or 1 year. You'll be surprised how much you can accumulate. At the end of the year, you can then decide what to do with the "windfall"... take a vacation, invest it in RRSP, buy a big-ticket item.
Posted by: Mirza Abbas | May 22, 2021 10:16:18 AM
1.Make a list of items for shopping that they are necessary to survive.
2.When you go out, try to arrange as many errands as possible on your One route so that you don't have to go again and again for every errand individually and save gas.
3.When in the store you buy only what items you have listed on the paper. Nothing else.
4.Special Sales are very tempting, Do not cheat yourself. Those sales are not real sales unless you know the real worth of that particular item/s.
5.The prices of merchandise in almost all big stores have at least 3 to 4 times the actual price. When we as customer look at those prices, are very tempting and say to ourselves that..... OH !!!50% off.
6.Think several times before you decides to buy, whether it need or want. There are so many things we want to have but not necessarily need to survive.
Pickering, ON, Canada
Posted by: Dave | May 22, 2021 1:25:51 PM
My trick: I never spend metal money. Everyday whatever I need I use paper money and at the end of the day all my change goes into a bowl. Every Monday at 12 noon I take all that change to the bank and deposit it in an account that does not have an ATM card.
When I run out of paper money before payday, I never ever take more out of the bankI check my cupboards for lunch food, I pass on coffee breaks at the nearby diner, and I check my freezer for something to cook that night for dinner. I also never use c/c's.
The result is about $10.00 a day, $70.00 a week, $3500.00 a year, and I have been doing this for over 20 years. It's in addition to whatever my employer etc is doing in my pension plan and it's before any interest is compounded. Plus I don't feel any hardship at all...no sense of sacrifice or decisions about what to give up.
Hah...my bank tellers know me. Twenty years ago they used to tease me, but when they update my bank book each week they don't tease me now! Cheers!
Posted by: Dave | May 22, 2021 1:28:45 PM
One more point...live close to work. Don't buy in to living in the burbs and commuting to the city. There's 20 different expenses that you might call necessary but they aren't. Work in the city, live in the city. Work in the burbs, live in the burbs. I walked to work for almost 20 years...now I use a 180CC scooter that I paid for with paper money! I love it. Cheers again.