The Savers' Playbook - 6 Simple Ways To Save More After Paying Yourself

The Savers' Playbook - 5 Simple Ways To Save More After Paying Yourself
Paying yourself is always the best way to save. But there are always ways to save more or prevent you from spending too much. So in this post, I've compiled a few ways that can help you save more.

1. Pour all coins into a jar by day's end.

It's easy to do and relatively painless. You don't feel miserly, but it can actually be a significant amount at the end  of the month.

2. Don't spend designated bills

An even better way to save. Instead of just coins, you can opt not to spend those new-issue bills, all twenty-peso bills, any other bill you designate as must-saves.

Personally, I prefer not to save crisp new bills so my wallet doesn't get stuck with stinky, grimy, old ones. Sometimes I have no choice, but it's still a nice game to play to prevent me from splurging.

3. Use a phrase to save

I learned about this from Jill. Essentially, use a (preferably short) phrase to help you remind yourself why you nee to save or prevent splurges.

"Is this tall chocolate chip frappuccino important enough to take it out of my child's college education fund?"

4. No spending Day

Learned about it from Fitz. For one whole day (or week, or month...) you can't spend on anything but necessities. Or not spend on anything, period.

5. Donate a luxury to your future self.

Ask yourself: would you like to still be able to eat that over-priced slice of cake when you're 80 and living on a pension? Of course you would! So instead of enjoying it all now, the next time you want to buy one on impulse, just take that money and place it in an inflation-beating investment vehicle.

It can be lumped in with your retirement fund or on a totally separate account.

Obviously after 20 or so years, your cravings might change. But hey, the money will still be there, so you'll enjoy whatever it is you're craving for in your retirement.

6. Make a Pledge

This is perfect for couples who would like to save but don't want to (or can't) just tell each other to stop spending. Think of something you both want (like your child's college fund or that trip abroad). Then promise you'll match whatever they manage to save. Or, if you're the one with the larger income, consider doubling the amount.

This way you focus on the savings, and let each other figure out what they can save on without hurting feelings or getting into an argument.

What about you? Do you have other strategies for saving money? Share them here by leaving a comment below. That way we all benefit:)

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photo credit: Alan Cleaver via photopin cc

1 comment:

  1. A big SALE! sign usually manages to get my wallet out in a jiffy. So to prevent impulse buying I: (1) avoid going to the mall; and (2) know the contents of my wardrobe and have a mental shopping list of the things I need to add to my closet