We all know that spending less and saving more money are things that weshould do, but the “do” part is often what gets in the way. When you’ve got a full-time job, a family, and a social life to tend to, adding one more thing to the to-do list can become a huge hurdle. That’s why I’ve taken to tricking myself into spending less money, so it becomes more automatic. Yes, I like to play mind games on myself—mind games that save me dough. Read on to learn this special kind of witchcraft.
Give yourself visual reminders.
Practically everywhere we look, we’re visually tempted by things we couldspend money on (cars, clothes, cocktails!), but how about things we should save for? If I’m saving up for a vacation, I’ll put a photo of my dream destination in my wallet right next to my credit cards, and whenever I’m on the verge of swiping the plastic, I’ll give it a second thought. Is online shopping your downfall? Make that scene from Tulum your desktop background.
Get pumped about affordable things.
Before you can spend less, you should figure out where you’re overspending. Once you do that… find thrill in a more affordable alternative. For example, when one of our contributors, Sabrina Hoverkamp, was saving up for a year of travel, she and her boyfriend gave up fancy restaurants for silly nights at Sizzler; after a while, they came to love their casual nights at the salad bar. Find yourself blowing your budget on front-row tickets to a game? Maybe it’s time you realized all the fun—and bonding—is up in the nosebleeds.
Enroll in direct deposit at a different bank.
Many of us designate a portion of our paychecks to be deposited in our workplace savings accounts like 401Ks, but how about other savings accounts? If you designate a portion of your paycheck to go into a savings account, rather than sending it all to checking, you’ll be less likely to spend it. And you’ll beeven less likely to spend it if you direct that cash to a bank that’s different from where your checking account is. Why? Mobile apps and online banking makes transferring between accounts as easy as blinking an eye, but transferring between banks more burdensome.
Take out new, large bills.
If you give yourself a budget at the beginning of each week, and take out that amount in cash—and then stick to not taking out any more—you can certainly prevent overspending. But you can take that a step further by actually going into your bank (rather than taking out money from the ATM) and asking for new, large bills. A study by the Journal of Consumer Research found that the physical appearance of money can override the influence of its denomination; subconsciously, people tend to want to get rid of old, worn bills and they take pride in holding onto crisp currency. On top of that, it’s easy to give away smaller currency because it actually holds less value—the old “does anyone have a five?” can get expensive over time. So take out a crisp $50 instead of a few sorry old $20s the next time you go to the bank.
Read the full article at: www.mydomaine.com
Cut personal spending with these tips. #savemoney #familybankgame #achievest
