Sneaky Ways to Save More

Getting motivated to save can sometimes be tough. Here are some “sneaky” ways to help you reach your goals:

1. Label your accounts. Did you know that people who assign specific goals to savings accounts put away 31% more than people who don’t?¹ It’s true!
2. Use photos to stay motivated. Got something specific in mind? Try using a picture of what – or who — you’re saving for to keep your eye on the prize. Keep it on your computer or in your wallet – wherever it will be most useful in the battle against impulse buying.
3. Hang out with frugal friends. Spend time around people who are trying to save money, and some of their attitudes and ideas are bound to rub off on you. Conversely, limit time spent with big spenders.
4. Autopilot your savings. Make saving automatic by setting up regular balance transfers to your savings account. When your money doesn’t appear in your account, you are less likely to spend it.
5. Organize your goals. People who set fewer but connected goals save nearly five times as much as those who have many disconnected goals.² For example, you might focus on three goals – saving for retirement, college fund for the kids and an emergency fund – and create a theme to integrate them like “improving my family finances.”

1. “101 Ways to Build Wealth,” Money, July 2012
2. Ibid