5 Ways to “Trick” Yourself Into Saving

[image error]Saving money is synonymous with flossing. We know we should do it, but it pains (and bores) us to do so – and we rarely make the effort. 

So to make life easier, here are 5 ways to trick yourself into saving at least a few extra hundred dollars a year. Okay, disclaimer: This will involve establishing some ground rules, setting some limits, and safeguarding against impulse purchases. But then, you can sit back and watch your savings grow.

Sleep On It  

See something you want to buy that you didn’t plan for?  Do yourself a giant favor and go home and think about it first.  Giving yourself at least 24 hours to decide if you really have to have this item — 72 hours is even better — will ensure you’ve given this decision the kind of caution it deserves.  I’ve personally saved hundreds, if not thousands of dollars, this way and I don’t think I’ve suffered too much by delaying gratification.  Preventing impulse purchasing is a huge step towards fixing broken budgets, and for big-ticket items like cars, TV’s and appliances, I recommend turning this into a “30-day” Rule.

Browse Not

Don’t kid yourself. “I’m just browsing” can quickly turn into “Ring it up!” ” My mother would always complain that going to Costco was like burning a $100 bill (because no matter how hard she tried, she could never get out without spending less than that).  As an adult, I find the same is true whenever I decide to “browse” in my favorite clothing stores — I often walk in intending just to look, and walk out having spent $200.  Lately, I’ve saved money by making a new rule: I don’t allow myself to walk into the store at all.  I estimate I’ve cut my average monthly discretionary spending by more than half lately, by simply denying myself the opportunity.  For necessary supplies, try limiting your big shopping trips into one per month (instead of once a week).  

Make Yourself Accountable

One way to commit to your savings goals is to hold yourself accountable to something, or someone.  For example, carpooling to work or school at least once a week saves gas and is good for the environment, especially if you do it consistently.  It’s also hard to break the commitment since others depend on your participation. Same goes for consolidating and running errands once a week with a friend or family member for trips to the store, bank or post office.  Or, to save on a gym membership, why not meet-up with a buddy in the park a couple times a week?  Setting aside a time and a place to do a savings activity with another person can be a huge motivator.

Establish Rules of Thumb When Eating Out

If you eat out frequently, make some ground rules about how, and what to order to save a few bucks.  For example skip the $3 sodas and ice teas (especially if they don’t come with free refills).  Drinking water is not only better for your health, it’s an easy way to save over $30 a month if you eat lunch or dinner out more than a few times a week.   If you enjoy an adult beverage from time to time, make a commitment to never order more than one drink — or to split a bottle of wine when you’re out to dinner with friends.  Finally, a sensible cap for meals can keep spending in check — decide you’ll never go over, say, $14 dollars per entree.

Find a Free or Frugal Hobby

Leisure activities can get expensive.  If you can replace at least one pricey past-time with one that costs next to nothing, you’ll be way ahead of the game.  For example if you’re a golfer, substitute one tee time a week for a trip to a community driving range.  If you’re a movie-lover, try checking out free DVD’s at the library instead of the costly $10-15 theater experience.  Don’t give up the activities you love, of course, but do make small, occasional substitutions where you can.

Eliminate One Recurring Expense

Are you paying for premium cable channels that you rarely watch?  Do you really need call waiting, 3-way calling and all the other extras your phone company charges you for?  What about memberships to clubs? Scour your monthly bills for a few ways to make some trims, and you’ll be amazed at how quickly these small, drop-in-the-bucket savings start to add up over a year’s time. If you eliminate one $36 dollar bill, that’s almost $500 a year in savings!  A few years ago when I was paying down my own credit card debt, I eliminated my cable bill and put that money towards my balance. After a year or so when the bill was paid off, I realized I didn’t even miss cable — and now that money goes straight into savings!