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7 Saving Tricks You Haven’t Tried Yet

7 Saving Tricks You Haven’t Tried Yet

The vast inter webs, your parents, and that guy smiling smugly from the latest hit finance book are chocked full of advice to help you save your hard-earned dollars. With information flowing in from every corner, it can quickly start to feel like you’ve tried everything.

Still not seeing your savings add up the way you want them to? Keep up the good fight and try these.

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1. Play keep away, with yourself.

Divert part of your paycheck directly into your savings account.  Some employers allow pay checks to be deposited into multiple accounts. If yours does, designate a sustainable percentage to go to savings. Not sure what you can reasonably put aside? Start with a set amount, such as $50 (the minimum to open an account at many banks) or even $100. At the end of your pay period, evaluate how much, if at all, you miss that amount. Can you increase it? Dedicate raises and bonuses directly to savings.

2. Adjust your withholding.

“Withholding” is just that—money automatically deducted from your paycheck to pay taxes owed the federal government. If the amount withheld each paycheck is correct, you should not have to pay taxes at the end of the year. Adjust your withholdings every time a major life event occurs, such as a birth or death, marriage or divorce, or starting a new job.

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3. Make a public declaration.

Who is the most lovingly critical person in your life? Who is the person who both cares for and nags you? Tell that person that you are dedicated to saving money; tell them why, and tell them how much. This person will likely voice their disapproval when you shop or spend unnecessarily; let them, and appreciate their function.

4. Get competitive with your crew.

It takes a village to do a lot of things, and a strong community can help you keep your savings initiative on track. Recruit your closest friends to form a savings club. Develop a reading list, create a list of discount warehouses to watch for sales, team up to buy in bulk, and anything else that will help each member. Feeling shy about publicly acknowledging financial woes? Don’t be—everyone struggles, for different reasons. You are among friends, and you can help each other. Need even more motivation? Start teaching your kids about spending. Nothing passes a child’s eye, and the pressure you feel to set a good example will motivate you to save and spark instructive dialogue, to boot.

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5. Pay your car loan, forever.

Finally paid off that vehicle, student loan, or personal debt? Congratulations! Wondering what you’ll do with that chunk of change that used to go to your bill? Keep paying it—to yourself. You were getting by just fine when that money went to someone else. You’ll do just fine now, putting the money directly into savings. Added benefit—hefty savings mean you may not have to take a loan like the one(s) you paid off, ever. Now that feels good!

6. Stay focused.

Saving for something specific? Keep your eye on the prize, literally, by placing photos of the items or notes with a key word on your wallet and near your computer. Tempted to peruse the world wide web for some spontaneous, pajama-clad retail therapy? Halt! Take a look at the picture—what you’re saving for is much more satisfying than any spontaneous purchase.

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7. Work more.

There are two sides to the savings coin. One is to save more; the other is to earn more. The basics are tried and true ways to succeed. Pick up a part time job, freelance gig, or duties, like a neighborhood dog walker/babysitter/handyman, and put all that you earn directly into savings.

Ready to start saving? Check out these 5 Quick and Dirty Hacks to Save Money in 2014.

Featured photo credit: Ken Wilcox via flickr.com

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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