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Most people don’t save enough money.
We know we should be saving more. After all, we often hear things like have the equivalent of your annual income saved by thirty. But how you do that?
How do you save while still enjoying life? Here are 5 proven ways to save more money that doesn’t include cutting back. Saving more doesn’t have to be hard.
Automate your savings
You probably heard this tip a thousand times. There is a reason that so many people will tell you this. It’s because it works.
Even if you already are transferring money into saving fairly regularly automating your savings it can help you save more.
I sure notice a difference when I automate my retirement savings. Suddenly you don’t have to think about savings. You also don’t have to make decisions about saving it just happens. And since you not paying that much attention to it you don’t miss the money as much.
Another secret with automating your savings is it usually is super simple. I think it took only about 5 mins to automate my retirement savings.
Just make sure you are setting up your transfers on days you know you will have money in your account. Like the day after payday.
Track how close you’re getting to your goals
This is something I didn’t believe would help until I see it working with my goals in YNAB. I set up a goal for my emergency fund and seeing that number move from 9% to 13% is somehow extremely encouraging.
YNAB also shows me how long it would take to reach my goals if I were to deposit that amount monthly.
It might seem like silly things to be paying attention too but it helps. Especially with the long term goals where the amount you’re putting in seems small compared to your goal. It nice to see the progress you are making.
I love YNAB for making goals and you can make a few different goals in YNAB.
You can do monthly funding goal which what I use for my retirement category. Or a target balance goal which I use on my emergency fund this is the one that shows you how close you are to achieving that goal. They also have a target balance goal by date which is great for annual payments and will break down exactly how much you need to save every month to reach your goal
Figure out how much you spent vs how much you saved
Another way to save more would be to figure out how much you spent vs how much you saved at the end of every month. The results usually encourage more saving.
It can be shocking to find out how much you spent that month. This breaks any excuse you might have I didn’t have the money. Because you can see exactly how money you had that month and the amount you spent vs the amount you saved.
I usually figure this out by manually adding it up based on my budget. Though I just figure out how to see this on a report in YNAB too. It automatically makes it into a nice chart for me too.
Physically track your goals in real life
Sometimes just looking at numbers on a computer aren’t that motivating.
It can help to bring the numbers into the physical world. Instead of seeing the number jump online you can to do something physical like colouring in a thermometer.
You could do this with any saving goal you have as long as there a clear goal you are trying to reach.
Then you just need a way to track your goals this post has some great ideas.
In the past, I have also printed off simple colouring pictures relate to my goals and drew a grid shape over them. A more “adult” way of doing this would be to grab your journal, then draw the shapes in there.
Whatever you choose, print it off or put it somewhere you’ll see it often.
Make your savings harder to access
Of course, it doesn’t help to put more money into your savings if you will promptly take it out again. To stop yourself from raiding your savings make them harder to access.
It could be as simple as taking your savings off your online banking. Or make it a two to sign account with someone who would hold you accountable.
You could also set up a bank account at a separate bank. If you won’t need the money for some time it might also be helpful to lock it into a term.
And when your setting this up make sure its something that actually harder for you to do.
I do all my banking online so not having that account online means I’m less likely to touch it. If you do all your banking in branch not seeing it online probably won’t stop you from spending your money.
Take a moment and think of why you’re not saving more. Then take one of the above tips and try it out.
See if automating your savings helps you to save more. Or maybe it more beneficial for you to track your goals. Remember it your money and your life so choose something that will help you where you are right now.
P.S. If you want more quick tips to help you save money check out my post 10 easy ways to improve your finances today.
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