Do you find it hard to save money? Does it feel like your savings never seem to grow, even though you have the best intentions to stick to a budget?
Don’t sweat it, mama – you’re not alone. Not everyone finds it easy to save money. For most people, budgeting and saving don’t come naturally. They are habits that must be practised.
Sometimes, it takes stone-cold willpower to hold onto your cash, but if you struggle to muster that willpower, luckily, there are other ways to reach your savings goals.
Using my tips below, even the suckiest saver can build wealth over time – without needing to rely on sheer will alone!
Ready to watch your money grow? Then read on to discover 5 genius ways to save money that you can start doing today.
The Most Effortless Ways to Save Money
1. Stash Your Cash Where You Can’t Touch It
If you can’t resist dipping into your savings every time you get the urge to splurge, it’s time to remove the temptation. The best way to do this? Put your money somewhere hard to reach.
No, I don’t mean you should bury it in a hole at the bottom of the garden – that’s a little too old school. I mean invest it. Term deposits – where you put your money for an agreed period of time before getting any return on your investment – are great ways to ensure your money is safe, and even growing a little – yet untouchable.
Alternatively, look at opening a higher interest savings account that penalises you for withdrawals. This will really hurt. So if you respond well to pain you should try it!
You could also opt for other investment options such as shares or bonds.
2. Automate Your Savings
If you keep telling yourself you’ll set aside some money for your savings next week… or the week after… or the week after that… then you need to cut out the middle woman (you) and put your savings on autopilot.
Set up an automatic payment every week (or fortnight, depending on your pay schedule) that sends a pre-determined amount to your savings account as soon as you get paid. No willpower required – just automatic savings that you don’t have to think about.
Have a browse around your bank’s website to see what they offer to help you save. Some banks offer the option to “round up” each purchase to the nearest dollar and automatically put the change into your savings account – another effortless way to save money.
3. Pay Yourself First
If you follow the tip above, this is already a done deal. However, if you still prefer to transfer your money to your savings and investments accounts manually, use the “pay yourself first” method.
If you pay all your bills, enjoy your week, and save whatever’s left, chances are – there’s not much money left at the end of the month.
If there's more month at the end of your money, than there is money at the end of the month – you're doing it wrong 🤦🏻♀️
Instead, decide on an amount or percentage that you will commit to every week or month and transfer that out of your everyday accounts as soon as you get paid.
I do this with my Sharesies account, actually my whole family – including my 5 year old daughter – do this, and it's slowly but surely growing over time, no pain involved!
4. Let The Savings Creep
Have you finally paid off your student loan, recently received a pay rise, or cleared an ongoing debt? Go you! Take a pause to celebrate, then carry on as usual!
You’ve survived without that extra money for the last few years, so instead of increasing your expenses to match your new income, why not carry on as you were and put that extra cash straight into the savings method of your choice?
No cutbacks are required, but an instant, easy savings boost.
5. Pay With Cash
Okay, so this may feel archaic in the era of plastic, but there’s a whole different mindset to handing over actual cash as opposed to swiping (or waving) a piece of plastic.
When you pay with your card, you don’t really process the amount you’re spending. It’s almost like you’re on autopilot. However, handing over a crisp $50 or $100 bill hurts a little bit and may be incentive enough for you to spend less and save more.
At the very least, you’ll save money on credit card fees by only spending money you actually have!
There ARE Ways To Save Money Even When You Suck At It
Saving money can be difficult, but there are ways to sidestep your procrastination or lack of willpower and trick yourself into growing your money!
After a while, the dopamine hit you get when you check your investments or savings accounts and see how much you have set aside will be motivation enough to keep you going.
Try these 5 ways to save money, and let me know how you go!
Or, you could try to increase your income in order to save more. Check out my free guide on how to create leveraged passive income here.