Simple Tips to Trick Yourself into Saving More
Putting a conscious effort into saving money may sometimes seem like a difficult task, especially if you are just getting started or learning the “ins” and “outs” of saving on a budget. We have put together some simple tips to help. These simple tips to trick yourself into saving more are manageable, effortless and can really boost your savings.
Change it up
The classic strategy of keeping your loose change can really pay off. Most of us have car trays stashed with coins, weighing down your purse or jingling around in your pockets. Take your loose change and collect it in a piggy bank, coffee tin, water jug or whatever you have laying around. Not only is this the simplest way to grow your savings, but you can watch it add up right in front of you! Physically watching your collection of coins increase provides more incentive to keep going. Once your jar gets full, bring it to any PFFCU branch and run it through our coin counter for free.
Be your own bill
Balancing your checking account and paying bills is a fairly standard task that most of us are accustomed to. Why not make it a little more interesting by adding yourself into the process. Create a separate savings account and think of yourself as a creditor that needs to be paid each month. Set your own terms and create a company nickname to add to the fun. When you sit down to designate and pay your bills, make sure to pay yourself as well. Treat your new savings the same as any other creditor. When you pay your electric bill, you can’t go back to the electric company and ask for your money back because you want a new pair of shoes. Be strict. Treating yourself like a creditor is a simple way to trick yourself into saving more.
Use the buddy system
Most challenges in life are easier to accomplish with the support of friends and family. The same goes for saving money. Find a friend or multiple friends who want to begin this savings journey with you. Set up weekly goals and challenges. Check in each week, see who has reached their savings goal, and give each other support or tips learned along the way. Set up monthly challenges to see who can save the most!
Keep up momentum
If you are living comfortably on a budget and have reached a financial goal such as, paying off your car loan, keep on paying that bill, but change the payee to yourself! Keep that figure included in your budget but instead, add it to your savings account. This same example applies when you get a raise or promotion. Take the extra funds and add them to your savings account.
We all know the concept of a ‘swear jar’. Let’s turn this around in a more positive direction. A congratulations jar! Reward yourself any time you make a positive financial decision. You decided to bring your lunch instead of going out, Congratulations! Put a quarter in the jar. Even better, put in the cost you would have spent on lunch. You decided to go for a walk instead of purchasing a new movie on demand, Congratulations! Add another quarter to the jar. Not only will you establish great saving habits, you will also teach yourself that making smart financial decisions is fun and rewarding.
Follow some or all of these simple tips to trick yourself into saving more and watch your savings grow! To learn more about saving account options available to PFFCU members, visit the Shares & Certificates section of our website, call 215-931-0300 or 800-228-8801 or stop by any local branch.