10 Ideas To Trick Yourself Into Saving Money

Trick Yourself Into Saving Money: How to Get Started?

Some people just cannot get themselves to start saving as they feel the need to indulge in the temptations and make choices that are heavy on their pockets. However, there are ways to trick yourself into saving money without feeling like you are making major sacrifices. Here are 10 ideas that you can use to help to trick yourself into saving money-

The 24-Hour Rule: A psychological trick that can help you to save money is to wait 24 hours before making a purchase. This gives you time to reflect on whether you really need the item or not. By waiting, you can avoid making impulse purchases and save money. It is a simple trick but 100% effective.
Use Cash: Using cash instead of credit or debit cards can be a powerful psychological trick for saving money. When you use cash, you are more aware of how much you are spending, and you are less likely to overspend. The physical act of parting with cash makes you feel the loss, which can motivate you to spend less.
Again, the idea here is to know the value of money. Using credit cards just increases our spending habit as we know that it is not an issue that needs to be dealt with right away. This does not create any urgency and hence, we end up spending more.
Set Specific Goals: Setting specific goals can help you stay motivated to save money. Instead of saying, “I want to save money,” set a specific amount and timeframe, such as “I want to save Rs. 5000 in the next three months.” This gives you something concrete to work towards and makes the goal seem more achievable.
Start a 30-Day Challenge: Challenge yourself to save money for 30 days. Try to save a set amount each day and track your progress. After 30 days, you will see how much you have saved and feel motivated to continue saving. And who doesn’t love a challenge? You can also do this with friends or family members or share your savings on social media to act as a motivator.
Positive Reinforcement: Positive reinforcement is a psychological principle that can be used to help you save money. It involves rewarding yourself for positive behavior, which can motivate you to continue that behavior in the future. For example, if your goal is to save Rs. 10,000, you can reward yourself with a movie show or a favorite treat when you reach Rs. 5000.
The Power of Framing: How you frame a purchase can have a significant impact on whether you decide to buy it or not. For example, instead of asking yourself whether you can afford something, ask yourself how much it will cost in terms of hours worked. This reframing can help you see the true cost of a purchase and motivate you to save money instead.

Weight Your Options: Will it be cheaper to order from outside or just make something at home? Would it be cheaper to walk this short distance or take the car? When you weigh your options in terms of what will cost you less, you end up choosing the cheaper option and thus saving money.
Use a Change Jar: We often tend to ignore the coins in our purse and discard it here or there. To tackle this, start collecting loose change in a jar and use it to add to your savings. You will be surprised at how quickly your change can add up.
Start an SIP or Recurring Deposit: Systematic Investment Plan is a method of investing in mutual funds in a disciplined manner. Under SIP, you can invest a fixed amount of money at regular intervals, such as weekly, monthly, or quarterly. Recurring Deposit (RD) is a type of investment offered by banks, where you can deposit a fixed amount of money at regular intervals, usually monthly. Both of these will automatically debit the money from your account and before you know it, you will end up with a sizable saving.
The Power of Visualization: Visualizing your savings goals can be a powerful motivator for saving money. You can create a vision board that shows you how much you have saved and how much more you need to reach your goal. This visual reminder can help you stay on track and motivated to save money.

Like this post?
Register at One World News to never miss out on videos, celeb interviews, and best reads.