Trick yourself into saving without feeling a thing

Saving money is difficult and it certainly doesn't come naturally to everyone. We’ve complied some tips to trick yourself into building a nest egg, without changing your day to day habits.

  1. Set up an automatic transfer on pay-day
    Create an automatic transfer from your regular transaction account to an online savings account with no card access. This means you won’t be able to dip into it on a whim, but you can log in occasionally to watch your savings grow.

    An extra tip to make sure you are not wasting your potential savings is to check you get free transfers between your accounts.
     
  2. Name your account
    Setting up a dedicated savings account and naming it helps to keep your eye on the prize. Name the account ‘September holiday’ or ‘New car deposit’ for an everyday reminder of why you’re saving. This tip might even encourage you to transfer in some extra money.
     
  3. Keep the change
    Remember when your mum and dad had a change jar? You probably raided it more than once. If you don't like carrying a wallet bulked up with coins, bring back the change jar tradition at home. Get into a habit of emptying your change each day, so all your coins are going into the one spot instead of gathering dust all over the house. You’ll find after a month or two you’ve got quite a collection of spare cash saved.
     
  4. Embrace the tech
    There are many apps available to help you manage your money, and even make it fun. Search for apps available from brands you trust. There are apps for tracking your spending, planning budgets and apps that will send you tips for your long and short term goals. Embracing the technology will allow you to integrate your new savings habits into your everyday life because you’ll be reminded of your goal every time you open your phone and see the app.
     
  5. Make saving fun
    Give yourself a challenge such as keeping any five dollar note you get. Alternatively you can decide to even out your balance each day. If you have $273.80 in an account, transfer $3.80 into savings. It doesn’t make a huge difference to your spending power, but it’ll add up quickly. These types of games can easily turn into a second nature for you.

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Budgeting

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