Home > Personal Finance > How to Trick Yourself Into Saving More

Comments 0 Comments

Whatever your reason for saving money — whether you are hoping to buy a home, start an emergency fund or get a new pair of shoes — you need a plan. It can be hard to sacrifice now in order to spend later. Often that invitation to have dinner out with friends is so tempting and the time when you can buy a house so distant, you go with the immediate gratification. Here are some ways to trick yourself into saving more.

Take It Out of Your Hands

Take away the choice by making it automatic. Use direct deposit so you never even see the money before it goes into savings. Arrange it with your employer so that a portion of your paycheck goes directly into a savings account.

You can also have your bank transfer some money each week or month into a savings account. Even if it’s a small amount, say $25 a week, that will add up to $1,300 a year. Plus, you will be less likely to notice that small amount rather than a lump sum.

Make It a Game

Compete with a sibling, friend or spouse to see who can cut back more. Even if you are just competing against yourself, set goals or have levels you are trying to reach. Celebrate victories with non-monetary rewards. For example, after you reach $250 in savings, you will take a Saturday off from errands and enjoy a day in the park.

Don’t Stop

Once you’ve paid off a bill, keep writing those checks … to yourself. Congratulations on paying off that credit card, student loan or other debt! But instead of letting that additional money be absorbed back into your everyday budget, earmark it for saving. You didn’t have that money before, so you won’t miss it.

Save the Scraps

Every time you have change (or dollar bills or fives or tens) collect them in a jar as savings. When you get to a certain amount (like $50 or $100) deposit this ‘extra money’ into a savings account.

Also, you can round up from purchases. So if you spend $12.50 on lunch, round up to $15 and put the extra money in your savings account. Some banks will even do that for you.

Add the Extra

Use bonuses and unexpected money to bolster your savings. Maybe you go out to dinner and you’ve budgeted $50, but your friend offers to treat. Say thank you and put that $50 into your savings.

If you get a bonus at work, a tax refund or any monetary gifts for holidays or birthdays, save them. Perhaps give yourself a small treat, but use most of it to reach your savings goal.

More on Managing Debt:

Image: amana images

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team