Five Mind Hacks to Save Money FAST | How to Save Money
Five Mind Hacks to Save Money FAST | How to Save Money There are a LOT of videos and online financial experts that talk about the importance of investing your money, or living below your means. And of course, we all know that we should have our money work for us and that we should not spend more than we make. But what do you do if you just don’t know HOW to save money?
A lot of us get stuck in a rut of spending whatever comes in before we even realize that our bank accounts are empty. Well, in this Article we’re going to share five ways you can trick your mind to help you save your money FAST.
If you have trouble keeping your money in your bank account so it can work for you, then this is the Article for you.
Visualise your future rich self
The first mind hack is to visualize your future rich self. What if I told you that your five dollars spent paying for a Starbucks latte could grow to almost one hundred dollars by the time you retire? Every time you consider a new purchase, huge or little, ask yourself this question: will spending this money get me closer or further away from my goals?
One way that can help you achieve your money goals is by picturing your future rich self. If you’re having problems saving, imagine achieving it and the eventual goal of your savings, whether it is buying a property, going on a dream vacation, or retiring wealthy. Studies show that visualising yourself doing something alters your brain’s pathways in the same way as actually doing that thing.
Visualising yourself as a good saver might help you in taking necessary steps. Reading books is one technique to help you envision yourself as a millionaire. But before you click “add to cart” on that brand-new book, see if you can borrow it from your local library. Audiobooks and digital versions of your chosen books are available at most libraries.
It’s a simple way to get your reading done without going broke. Did you know that eighty-one percent of millionaires questioned in the National Study of Millionaires read eleven or more books each year? Indeed, as Dave Ramsey likes to say, readers are leaders.
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Stay away from social media
The number two trick to saving money is to stay away from social media. Every time you click on Facebook, Instagram, or any social media network, you are flooded with offers for anything from the hottest trends in clothing to the newest phones on the market. Apart from being bad for your productivity, exposure to sponsored ads can cause you to splurge on unnecessary items, reducing your savings rate.
Unfollow ads or hide posts if you can’t stop yourself from shopping when you find a great deal. If you still see yourself constantly scrolling through social media, try removing those apps on your phone’s home screen. Make a second page on your phone and bury all of your social media apps inside a folder.
So, if you want to use Facebook, you must first search for it. Another suggestion is to disable Siri’s or Google’s suggestions. Whenever you slide down to look for an app that isn’t on your home screen, you’ll always find Instagram or other apps sitting there, which is basically the same as having them on the home screen.
So, go to your phone settings and just disable them. Another tip is to use social media only on your computer. Since your phone is in your pocket or purse all day, these applications can become pervasive! Even if you delete them from your phone, you can still use them on your computer in a more purposeful manner. If you’re constantly opening Facebook, Snapchat, or Instagram on your phone, consider opening them on your laptop instead. Check it out and see how it goes.
The third money-saving hack is to automate deductions. Automatic deductions work wonderfully for those who have little control over their spending. How does it work? A percentage of your money is deducted from your primary bank account into a hard-to-reach account, such as a savings account at a different bank.
Most of us struggle to remember to make a savings deposit, let alone finding the motivation to do it. That’s why, automation is a terrific approach to saving. Consider shifting your cash to a high-interest savings account to save even more. If this all seems a little scary, you can also set up a direct deposit to automatically deposit ten percent of each salary into your savings account. This allows you to save without even realizing it!
Only use cash
The fourth way to trick your mind into saving is to only use cash. When buying groceries, one of the best money-saving ideas is to use cash ONLY. Spending money makes you aware of the results of your actions. This is because you can see your money getting reduced as you pay. But if you use a credit or a debit card, the spending potential appears practically unlimited since you can’t see your money disappearing.
Here’s one way of tricking your mind to think that you are saving: carry large bills. Breaking a large fifty dollar or one hundred dollar bill is a total pain.That aversion to breaking the bill may make you give up making purchases altogether. You’ll think twice before breaking that bill to make a purchase. Buying a pack of gum with a one-dollar bill is a lot easier than with a twenty-dollar bill.
Compute the cost in hours
The fifth money-saving mind trick is to compute the cost in hours. We only have a certain amount of time in this world, and with this mind hack, we’re turning our time into the equivalent earned money. For example, If you earn twenty dollars an hour at your job and want to buy a new one-hundred-dollar shirt, ask yourself: is that shirt truly worth five hours of slaving away at your job? When you look at your purchases in this way, you’ll be less likely to spend lavishly, allowing you to save more.
Don’t focus on the price the next time you look at anything you want to buy. Instead, think of the number of hours you will have to spend working to pay for it. By equating every purchase to the number of hours it takes, you’ll be on your way to eliminate unnecessary expenses and saving more money towards your future. Of course, this is just the tip of the iceberg.
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