Saving money can be challenging. It requires a lot of discipline, a source of funds and some long-term patience. But did you know there are ways to trick yourself into saving money that can really add up? Check out these 7 tricks to save money and decide which ones might work for you:
Gather spare change. Have you ever noticed at the end of the day, there’s a small pile of change in your pockets or at the bottom of your bag? You might think that a few coins won’t add up to much, but you’d be wrong! Toss all that spare change into a sealed jar with a slot and don’t touch it until it’s filled to the brim.
Clean out your wallet. At the end of every week, take out all the dollar bills and put them into savings. Once you’ve done this for a while, try upping the ante and pulling out all the fives.
Pretend you didn’t receive it. If you’ve been lucky enough to get a raise at work, a refund from your taxes or gift of money from a birthday or holiday, don’t spend it. Instead, pretend it didn’t even happen and put it in a savings account. If your paycheck is deposited into your account, set up an automatic sweep for the new funds to go directly to savings.
Make a money game. It may be hard to imagine that saving money can be fun, but when you set goals and are able to reach them you—and your bank account—will be glad you did. Try this one: save one dollar and increase by one dollar every week for a year. On week one you’ll put $1 in your savings, on week two, you’ll put away $2, week three $3, and so on. See how long you can make it. Do you know how much you’ll save if you complete the whole year? Check below for the answer!
Sign up for bank rewards. Choose credit cards that give you cash back, banks that round up debit card purchases and checking accounts that offer cash incentives for minimum balances.
Give up some bad habits. Do you smoke? Are you addicted to Starbucks? Challenge yourself to give up habits and luxuries you don’t need and send the money you would have spent right into savings. When you walk, rather than drive or take public transportation, add that savings to your account. Cut down on eating out, and every time you do, add those dining dollars to your growing pile of savings.
Keep the bill. Have you finally made a last car, credit card, or student loan payment? Pretend you haven’t. Take the same amount you were paying and put it into savings. If you want or need that money, consider saving half the amount. Every little bit helps!
At Charter College, we know that saving money can help you pay down debt that can get in the way of your success. Starting a new career can also help you increase your earning potential. Check out our career-focused programs in accounting, business, criminal justice, healthcare, hospitality, information technology, paralegal studies, veterinary assistance, and the trades. If you’re ready to change your life, start here.
Answer to our savings quiz: $1,378