From micro-saving in the name of seeing the queen to traveling back to a simpler time, these unusual tricks can actually motivate you to save more money.
Beyonce Savings Accounts and 6 Other Unique Ways to Save More Money
Bottom line: You need savings. Most experts recommend keeping six months of expenses stashed away, but your future self is going to be grateful for any financial cushion you can build now.
Trouble is, building that cushion isn’t easy. Even if you are making enough money to stock some away, it can be hard to stay motivated to do so – especially when life (and all the surprise bills that come with it) keep getting in the way.
Many financial pros recommend cutting back on your expenses where you can and setting up automatic transfers to your savings account on payday to make sure you’re saving on the reg. That’s all good advice, but if you need to save more – or you keep finding excuses to put it off, you may need some better motivation.
Here are 7 weird tricks for saving more that just might be the motivation you need.
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1. Saving for the Queen
While you need an emergency account, only having money for emergencies is kind of a drag. If you want to boost your funds for emergencies and something fun, consider micro-savings.
Micro-savings are essentially a separate savings fund dedicated to covering something you really love, spur of the moment. Like, for example, the Beyonce fans that keep separate savings accounts on the off-chance Queen Bey announces concert dates in their area.
Your fund can be for anything – concert tickets, Superbowl seats or one of those awesome mid-century Joy Bird sofas. The point is, setting a goal can motivate you.
2. Open a holiday account
Did the holidays sneak up on you again? Be better prepared next year with a holiday account. These accounts let you stock money away (and earn interest!) all year so you can cover your holiday gift buying and expenses stress free.
Rate shop several banks and you may find higher interest than you do on your regular savings. Just keep in mind: holiday accounts work similar to certificate of deposit accounts. If you need to pull the money out early, you may get slapped with a penalty.
3. Take a pioneer staycation
One way to help the planet – and your savings account – is by simply using less. And if you really want to kick your savings up to another level, try going full dark for a few hours a week. Turn off the central air, unplug the TV, power down your laptop and read a book, sip a glass of wine or play board games by candlelight.
If you can commit to several hours in a row every week, you’ll see the biggest savings. Need more motivation? Getting away from your electronics is also a great way to destress.
4. Keep the change
Back when most of us lived on cash, we’d keep change jars around the house as an easy way to save a bit more. Today, you can opt for a modern version of that. Some banks let you automatically move the change from every purchase to your savings. Apps like Acorns automatically roundup every purchase and invest the change for you.
5. Tip yourself
Few things in life are as motivating as getting recognition – and a reward – for a job well done. Why not reward yourself by setting up your own tip jar?
If you stick to your budget for a month, resist the siren call of that 50% off flash sale email, or just do something nice for someone else, toot your own horn a little and drop a tip into the jar. There’s actually an app for that; Tip Yourself lets you add tips to your savings as you see fit. But you can also use your banks online transfer feature to DIY-it.
6. Set a time limit
As a general rule, the longer you’re in a store (or on a retail site), the more chances you have to bust your budget. Turn your regular shopping trips into a game and set a time limit. Say, for example, you race to the grocery store checkout line in 30 minutes.
As a bonus, compare the cost of your shopping trips at that store before the time limit and put the overage you would have spent if you’d stayed longer into your savings.
Check out: 7 Hacks to Help You Stop Impulse Spending
7. Treat yo’ self
When you’re trying to boost your savings, it seems counterintuitive to actively try to spend money on something that wasn’t a necessity but trust us; it isn’t. When you forgo everything in life you love, odds are good you’ll eventually snap and go on a shopping spree.
Every once in a while, treat yo’ self to something you really want, and you’ll make it much easier on yourself to save regularly.
Published by Debt.com, LLC