It’s tough to save money–especially when you’re tempted to buy things daily.
Each time you swipe your credit card you feel guilty. You know you’re digging yourself further into debt–or miss the opportunity to save.
But, it’s hard. You work hard for your money and life isn’t only about saving money. The problem is that if you don’t save enough money you’ll sabotage your financial future.
So how can you stop this vicious cycle?
Save money in a way that it doesn’t feel like saving.
I’ve been there and still experience financial setbacks. Luckily, I’m still able to save enough money despite these setbacks. You can say I’ve learned how to trick myself into saving money.
There are no shortcuts. But, by using these tactics you’ll save money more money too. Let’s jump right in.
Create your north start to save more
What’s the point of saving money if there’s no real purpose behind it.
Most people fail to save because they lack a clear purpose.
Are you saving for a house? Are you saving for retirement?
But, even setting clear goals isn’t enough–they need to mean something. If they don’t then you’ll be more likely to quit along the way.
For example, if you value security, having an energy fund is a good goal to have. You’ll be less worried about losing your job and more committed.
Don’t overwhelm yourself with too many goals. Instead, pick 1–2 meaningful goals. Then, break them down into smaller goals.
After you’ve broken them down, write them in a journal to keep track of them daily. Once you’ve reached your goals, set new ones. This will not only help you save more but build your confidence with money.
Stop trusting yourself to save money
As mentioned before, I still have financial setbacks.
I end up purchasing things I don’t need and my Amazon Prime account has dozens of orders each month. Despite my bad financial habits, I’m still able to save a fair amount of money.
By setting up automatic transfers.
Most banks offer a way to do automatic transfers. But, before you set up automatic transfers you need to know your cashflow. Otherwise, you’ll end up with negative balances or transfer money out of your savings account.
Even if you’re only able to save even $50 each month, you’d save $600 annually. This is money that’s wasted on subscriptions or at restaurants.
It’ important that you create an external savings account, this way you won’t be able to view your money. Before you know it you’ll have been saving hundreds each year all without much effort. Start saving a small amount of money so you can adjust your spending also.
Eliminate things you don’t need
Search your house for items you don’t need.
There are thousands of items in your house that are only taking space–sell them instead. Here are some ideas to help you get started:
Selling things you no longer need isn’t rocket science, but it will need time commitment. Figure out when during the week you have the most time to list your items on websites like eBay or Letgo. Soon you’ll have a cleaner house and more money to save.
Save your extra money to an external savings account. Use some of this extra money to spend as you please.
If you only focus on saving you’ll eventually burn out or feel miserable despite having a lot of money saved up. By rewarding yourself for your efforts you’ll train yourself to continue saving.
Negotiate your way to more money
Are you paying the least amount possible for your expenses?
If you haven’t negotiated your expenses in the last six months, odds are that you aren't.
Subscriptions like Netflix or Amazon Prime, are almost impossible to negotiate. But, get creative with how you save by sharing services with family and friends. You should also negotiate your cell phone, car insurance, and other monthly expenses.
By calling your service providers. If you’re nervous about calling your service providers for a discount to start small. For example, first, call them up to make sure your account is in good standing. Then, work your way up by asking your service provider for any tips on saving money.
Slowly building your confidence works because you won’t let fear stop you from taking action.
But, even if you’re a terrible negotiator you can still get discounts without calling. Use services like Trim to negotiate your expenses on your behalf. Set a quarterly reminder in your calendar to remind yourself to negotiate your bills
Who knows, within the next 10 minutes you could be saving over $100 or more from your services.
Be the minority with how you eat at work
There’s nothing wrong eating at restaurants.
The problem is doing this many times per week. All a sudden $15-$20 meals can end up costing you over $100 each week!
Instead, prep your food beforehand.
On average, Americans spend $3000 each year on eating out–that’s $250 per month. If you’d cut the times you go out to eat in half, you’d save about $100 each month.
But, you still need to eat.
Spend 1 day a week prepping your meal for the entire time you’ll be at the office. You’ll be healthier and be able to save more money.
Spend more money on these things
Spend more to save more.
But, spending your money on toys isn’t the answer. Spend more money in yourself instead.
1. Read books
Spend most of your time reading non-fiction books. Don’t only read books about money. Choose from other topics such as health, business, and psychology.
If you’re constantly learning something new you’re bound to make more money. Best of all, you’ll shift your focus away from spending and end up saving more money through the process.
2. Listen to Podcasts
Like reading you can learn a lot from Podcasts. Here you’ll learn from experts who share their knowledge on a wide range of topics. The Podcast types will vary.
For example, some experts will share their knowledge themselves. While others will interview other experts. With Podcasts, you can turn your commute to and from work into an educational experience.
Podcasts are free but most of the hosts will have a product or service they’ll offer. If you’re getting value from their Podcast, odds are that you’ll enjoy their product or service.
3. Hire coaches
Reading is a great way to learn, but sometimes another person can see things you can’t. Good coaches aren’t cheap, but they’re worth every penny.
If you hire the right coach they’ll be in the position you’d want to be one day. Because of this, they’ll be able to help you avoid their mistakes and reach your goals faster.
4. Attend conferences
Going to conferences gives you the opportunity to connect with like-minded people. Often, the experts who write the books, or produce the Podcasts you listen to, show up to these conferences. Whatever you’re interested in odds are there’s a conference for it.
Most people get too “busy” to attend conferences, which makes them more valuable. At conferences, you’ll build meaningful relationships and have new ideas.
Create another way to make money
Odds are you’ve heard of a side-hustle.
Aside that starting one is a great way to pay down debt and save more money–a side-hustle is a great distraction.
Like how you can be mad and happy at the same time, you can’t be busy and spending at the same time. At the very least you’ll be less likely to spend money on things you don’t need.
After starting a side-hustle you may find that you don’t have extra time to watch TV. Services like Netflix would only distract you from the goals you’re looking to reach.
Choose best side-hustle that works for you. Figure out what skills you have and what people are willing to pay for. Then get to work.
Save more money than you’d thought possible
You now know a few tricks to help you save more money.
Financial setbacks are inevitable, but if you have systems in place, you’ll still be able to save more. Start by setting meaningful goals and work towards them.
It’s hard to spend your money when you’re busy. But, if you spend your time being productive you’ll earn and save more. Best of all, you’ll stop feeling guilty for buying nice things.
What would you do to have a piece of mind whenever you’d spend money?
No more guilt as you’re swiping your credit card. No more sabotaging your financial future. Only financial progress with a few bumps along the way.
Work your way down the list and master each strategy. If these strategies have worked for me, I’m confident they’ll work for you.
In the not so distant future, your next credit card swipe may be a positive experience.