People are saving an average of 8.1%, according to September data from the Federal Reserve Bank of St. Lous.1 Not bad, but if you’re like most people, you would probably like to do better. Here are five ways to trick yourself into saving more. Here is the best five ways to trick yourself into saving money
1- Go On Autopilot
Ever heard the phrase, “pay yourself first?” It’s the best trick to get into the habit of saving: when you pay your bills come payday, budget for your savings just like it’s another bill you’re paying. Set up separate accounts for emergency savings (for when the car breaks down, or the water heater breaks), retirement and for more fun goals like that family vacation.
Make your savings a no-brainer by setting up an automatic transfer to the account(s) on payday, so you’re not tempted to spend the money elsewhere. Even if you just set up $20 a bi-monthly paycheck, that still adds up to $480 a year – and you probably won’t even miss it. As you get used to saving, try increasing the automatic savings every six months.