Jean Chatzky
Thankfully, saving money can be easy, and even fun if you do it right. The trick is to set yourself up for success so that you don’t even have to think about the money you’re setting aside. Even though it’s easier than ever to spend money, we also have more methods at our disposal for tricking ourselves into saving more. Check out some of these money mind games and see which ones you might want to play with yourself.
1. Set Financial Goals — And Visualize
When you don’t have a goal set for something you’re saving for — like a vacation, retirement, or a new home — it’s easier to spend money on whatever you want at that moment. In other words, if your brain isn’t accustomed to playing the long game, you’re wired to be in instant gratification mode. Having a goal that you’re working towards can serve as a strong incentive to save.
Visualize
Visualization is a powerful tool to help you view your goal as already completed. The vision of your completed goal must be created mentally before it becomes a reality. And we mean visualize literally by putting photos or a vision board (collage of photos) of your big money goals in the following places:
- Bulletin board at work
- Your fridge at home
- Your bathroom mirror
- In your car
- Digital version as your phone’s home screen
Whenever you feel the impulse to spend, visualize your money goals first and then make your choice. Doing so may make cooking for yourself seem way more appealing than meal delivery.
2. Keep The Change
The change that may feel like nothing to you today can add up to something really big over the years.
How many times have you tossed your coins into a coffee shop tip jar, or lost a few quarters at the laundromat when they fell out of your pocket? Sure, it’s not much now, but the only thing standing in the way of its future greatness is you. You’ve got to save it.
Piggy Bank Method. One option is to get an actual piggy bank (or cute mason jar of your choosing) and make a nightly habit of saving your change the old-fashioned way, one day taking it to the bank to make a deposit just before it gets too heavy to pick up.
Calculate and Transfer. Another option is to figure out how much change you come up with each day and then set up automatic transfers of that amount from checking to savings at your credit union. Some institutions are even starting to offer to round up your purchases to the nearest dollar, and will deposit the excess into your savings account, explains Carrie Rattle, founder of Behavioral Cents money coaching firm.
3. Get a Shopping Buddy With Similar Financial Goals
While it’s true that some friends can be a bad influence on your spending habits — convincing you to take lavish vacations, or go all out at the club, some of them can be a big help when it comes to reaching your financial goals.
Bond Over Similar Goals. You need to find a shopping buddy who is also looking to stash some cash, and the two of you can bond over cheap lunches and discount clothing until your heart’s content. You could even have a friendly competition to see who can save the most for a year. This person can become your go-to consult who you check in with before you buy anything.
Accountability Partner. The good news is that you can be accountable to one another even when you’re apart. You can just text or call them while you’re debating making a purchase, and they can remind you not to be fooled by the vibrant “50% off” sign. Because to cite one of our favorite Money Rules: If it’s 50% off, it’s still 50% on.
4. Build Your Barrier To Entry
Today’s contactless payment world has made it easier than ever to spend, spend, spend, without even thinking about where our money is going. Sometimes we don’t even feel like we’re using real money, we’re so disconnected from our cash.
Digital Disconnect. For example, when our credit cards are synced to the apps and accounts where we make purchases, we can buy things with just one click, often without even getting a good look at the total. Although this may be convenient, we’ve removed the all-important opportunity to pause and reflect on what we’re buying, and ask ourselves, “Do I really need this?”
Thoughtful Spending. Thankfully, we can build a barrier around quick and thoughtless purchases by simply removing stored credit card details from apps and online retailers. Having to enter your details every time you want to buy something may be just the motivation you need to save a little more money each month.
5. Treat Yourself
You may not have been expecting this one — after all, the goal is to save money, not to spend, but hear me out. If you’ve been enjoying a $6 latte every day of the week, you might feel deprived if you cut it out of your life completely. Rather than doing that, you can turn your everyday latte into a Friday treat. This way, you’re still getting your fix without being made to feel like you’ve undergone a radical life change.
Celebrate Milestones. Also, as you hit your savings goals, it’s important to celebrate your milestones. In other words, when you write down your savings goals for the year, decide how you’ll treat yourself when you hit the first ones. This way you’re saving for your future and treating yourself to something nice in the present at the same time.
With Megi Meskhi
Chris O'Shea
