You’ve tried only buying what you really need, but you just don’t seem to have the willpower to save money. You just keep spending and you’re not sure what to do about it. You are not alone. Many people are in the habit of constant spending, with the result being that there is no money in their savings accounts when they need it. Isn’t there an easy way to save more money?
Most people spend whatever money they have available. So, the easy trick to saving money is to change what’s “available”. To do this, you can set up an automatic savings plan – this can help you to save your money without always having that nagging feeling when you buy something. You can still buy and spend what’s available, but by automatically saving just a small amount, you can get ready to buy a car, to buy a house, to pay for tuition, or for your retirement. You can even prepare yourself in case hard economic times come your way.
To set up an automatic savings plan, contact your bank or financial institution. Get a separate account – preferably one that is not linked to your debit card so you won’t be tempted to dip into it.
If you’re trying to save money to pay down debt, you can set up an automatic payment plan. Call your bank or financial institution and set up a regular payment to be applied to your credit card or mortgage. The same principles outlined above apply – by not having this money “available” you are less likely to need it for other purchases.
Another easy way to save more money is to create financial goals and write them down. Decide what you want to accomplish this month, in the next 6 months, and in the next year financially. These can be serious goals like saving money to pay down your mortgage, or can be more fun goals like saving money for your dream vacation. Either way, knowing that you have a goal will help you make the decisions required to meet that goal. Post your goals somewhere that you’ll see them every day - your refrigerator, your office wall, your mirror - wherever you know you’ll see them and be reminded to stay on track financially.
