There are several ways to make yourself save more money. A good savings plan can help you reach long-term financial goals sooner, such as paying off debt, saving for a vacation and buying a home. Of course, saving money is much easier to say. However, you might enjoy better results with these simple tips. Here are seven ways to make yourself save more money.
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1. Use Groupon and LivingSocial
If you’re looking for ways to make yourself save more money, never go out to eat or entertain without a buy-one-get-one free offer. These are more plentiful than you think. Simply sign up for a website that offers coupons, and you will receive email alerts for deals in your local area. Or you can search a coupon website for deals that match your interests.
2. Deposit Paychecks into Your Savings Account
I tried this method a few years ago and had great success. I would deposit all money into my savings account, and only transfer funds as I was ready to pay bills. This resulted in only spending what I needed for living expenses, allowing me to effortlessly save a greater percentage of my income. Unfortunately, when transferring money from savings to checking, banks only allow six freebies per statement period. Plan your transfers accordingly.
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3. Pretend a Pay Raise Doesn’t Exist
If you get a pay raise at work, don’t immediately go out and buy a new house or a new car. If you’re able to live comfortably on your current salary, pretend the raise doesn’t exist and deposit the extra money into your checking account.
4. Automate Your Savings
Talk with your bank to see if you’re able to set up an automated savings plan. With this plan, the bank transfers a certain amount from your checking into your savings at predetermined intervals. You can also enroll in a bank savings program, such as rounding up all purchases and depositing the surplus into your savings account.
5. Toss Spare Change into a Jar
Get a mason jar, and each day when you arrive home, toss in any spare change from your pocket or purse. Do this for an entire year and you’ll be surprised how quickly the money adds up. You might generate enough to treat yourself to something special, such as a new pair of shoes or a new purse.
6. Treat Your Savings Account like an Expense
The same way you make sure that all your bills are paid, apply this thinking to your savings account. The problem is that many people view savings accounts as optional. However, a savings account can be the thing that helps you get through financial storms, such as a job layoff, an illness, a divorce, etc.
7. Keep Paying a Bill – after It’s Paid off
If you're close to the end of your car loan term, you may excitedly think of a million uses for this money. But rather than blow the extra cash on non-essentials, such as shopping or dining out, take this money and start feeding your savings account.
If shopping and going out with friends are favorite leisure activities, savings may not come easy for you. But if you trick yourself into saving money, the reward is worth the effort. What creative saving strategies do you use?
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