#DontBeJan – 5 Ways to Trick yourself into Saving Money

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#DontBeJan and drop the savings ball. Trick yourself if you have to!

The hardest thing for me to master was the art of saving. By the time I learned how to do it properly, I was in my late 20’s. The sooner you learn how to do this, the better off you are. I can not count the number of times where things came up and I was not prepared to handle the full cost of it without being burdened. I would love for everyone to be prepared and thus, it’s why it is one of the reasons why we founded Stretch Recipes. 😀
 
Over the years I’ve tried things. Some successful, some not so much. Just wanted to share some of the ones found online or through creative ingenuity to help you find a way to save if you’ve been struggling. Here are the top 5:
 

V. Keep the Change

So the Keep the change program by Bank of America banks allows you to round up for purchases, automatically depositing the difference in a savings account. Genius idea! If I spend money at a convenience store and it costs $1.67, Bank of America will deduct $2, using $1.67 to pay for my purchase and depositing $0.33 into savings. This method works best if you already round up when purchasing items to calculate your balance, have enough discretionary income where you aren’t living check to check, and can most importantly control your impulse purchasing.
 

IV. Envelope System by Dave Ramsey

Sometimes writing and visually seeing how much you spend and how much you have remaining will keep you dedicated to a budget. In order to save effectively, budgeting is key and this envelope system can help you effectively create a way to do both.
 

III. Open a Savings Account at a Credit Union that’s far from your home

I once opened a savings account at a credit union. At the time, it was close to home, but when I moved from Chicago, they didn’t have a branch in LA. This actually worked in my favor when I signed up for direct deposit through my job. I did a small amount of $15 per paycheck. I wouldn’t have easy and immediate access to it, so I had to budget around it. Sometimes, keeping your savings account far away from you will actually help you start. Once you see the impact it makes over time, you’ll be addicted to savings!
 

II. Meet with a Financial Advisor

Sometimes having someone else that holds you accountable is just the swift kick in the butt you need. A financial advisor will sit down with you and help you establish a budget and may potentially have a savings product that is a right fit to force kick you into the habit. Sometimes the idea of “spending” to save is what you need and a proper Advisor, a Fiduciary will have a way to help you. Now don’t get discouraged if they say you don’t make enough. Keep looking until you find one that will work with you and for you. I personally will work with anyone who is serious and committed in California or Texas, has at least $25/wk to save or earns at least $25,000 per year or more.
 

I. Piggy Bank

As silly as it sounds, change adds up. The act of creating a ritual around a piggy bank works for small kids, why not you? Sometimes it’s simply getting down to basics and setting a savings ritual. They say it takes 30 days to create a habit and a year to break 1. You’re needing to break the cycle of not savings, so for a year, even if it’s just on Sunday morning, wake up, smile, be grateful, and stuff a dollar into a good old fashioned piggy bank. Not the one that is easy to pull money out of, but the one that you have to break in order to get the cash. Buying a clear one can also help you see your progress, but sometimes having one that’s not clear can stop you if you lack impulse control. Get two piggy banks. One clear and one not. Stuff $5 into each one and after 52 weeks of practice, hopefully, you’ll find yourself in the habit of saving and $520 ahead! While the piggy bank method is not the most effective way to leave your money, the act of the ritual will get you in the habit of saving. This is the most important habit to establish.
 
 

We hope you find one of these methods effective in establishing the practice. We want you to succeed financially so that you can thrive. We can’t collectively make the world a better place when you’re stuck in a rut with no gas. We want you out of the rut and with gas in your tank!
 

Do you have any special tips or tricks for getting into the practice of savings? Where do you struggle the most? Chime in below or Tweet us @StretchRecipes

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