There are many psychological tricks that we need to develop for us to save money for our future use, most especially if we are students, a job seeker, and even if we are employed in any specific job. Nowadays, many people find difficulties in how to save money. They don’t even bother that there are many benefits of saving money, just like it helps us in times of emergencies as we all know that emergencies always come in unexpected ways. Second, You’ll be financially independent. Lastly, You’ll be prepared if your exigencies change.
Take an excellent time to read on the 10 psychological tricks on how to save money.
1. Emotional Buying (30 days rule)
So let's say that you want to buy an item, keep in mind the 30 days rule. It means you need to wait for 30 days before buying your desired item.
With this trick is you can avoid "Emotion Buying / Impulse Buying," meaning avoid buying an unnecessary item or not important. And if you continue this consistently, eventually, it will be your habit every time you purchase an item.
So every time you want to buy an item, your natural behaviour is to wait for 30 days. Chances are if you purchase the item after 30 days, you possibly there's a chance that you don't want to buy it anymore.
Usually, when we want or buy an item, maybe it is popular, or hype on social media and, the price of the item is still high. So after 30 days and yet, you want to even buy it, possibly you can get it at a lower price rather than the previous estimate.
2. Limit Impulse Buying due to Hunger
Eat before buying any necessary items. I know this has happened to you when you go on grocery and you're hungry, somehow if we are hungry, our brain cells don’t function properly.
That’s why you can foresee that if you are hungry, you will buy those items that are not important. It can cause a moment for you to buy it.
On the contrary, if you are not hungry, it limits your behaviour to pass by most, especially in malls, fast foods, etc. because your stomach is full.
3. Emotional Attachment
it means a lack of freedom because you tie yourself to possessions, habits, and beliefs. In saving money, you should have a definite purpose, just like naming your savings and segregate it for future use.
Like for example, naming your savings like (for BTS concent, for my School Fee, for medicine, etc.) with this trick you do not want to reduce your savings, especially for that purpose.
4. Set up your own account
Even if your salary is high, it follows that your expenses are high also. In that sense, you cannot save.
So, you should set up your own account and transfer it to your savings account once you receive your salary in your payroll. Save at least 10% of your salary.
Sooner or later, it will motivate you to make it a habit once you receive your salary.
5. Ignore those sales or ads that you visualise in a particular store/ groceries
Don’t be so attached to any item that is on sale because instead of saving money, you refuse yourself to buy that product even it is not important.
Well, in fact, those manufacturers invest their money for those ads to psycho our minds to buy their products. Think of it some products that you see all over the place is you have already been seen or hear. On social media, television, on the radio and even on your phone, there's an ad.
When you ignore those ads, the more, you saved money for future use.
6. Make your own list
With this trick, you can avoid buying any items that are not important and compulsive buying.
Lastly, you don't need to go to the store again because you forgot to purchase something and there's a chance for you to buy unnecessary again. With this trick, you can save more time and money.
7. Pay your order using cash
This is what you need to do to pay the item that you buy. Because of this, you can avoid using your credit card or anything related.
Usually, the way you think using your credit card is you are not losing things. But when you pay with cash, you feel like you lose something.
8. Track your own money
Make sure that you track your own money and think if it is because of your income or your expenses. Because of this, you are conscious enough to expend your own money.
Separate your income and your expenses, for example, create a list for your income and for your costs like shoes, shirts and many more put it on expenses list.
By the end of the month you can track your money if it is increasing or not, if not you can go back to trick number 1.
9. Make a budget for your wants
Wait I thought this is how to save, but now there's a budget for luxurious things?
Yes but still you can put some small percentage of the budget for your wants. Because of this, you can enjoy saving more money, and it is just like a reward for yourself.
10. Grow your income, not your expenses
let's say your salary is around 20k and you can save 5k from your salary every month. So if you work harder and earn 25k now, you can save 10k assuming your expenses is not increasing.
Because if your expenses are increasing it's useless, you just work hard, but your saving is not growing.
Indeed, we save; basically, we can’t predict our future. Anything might happen anytime. If you save money, it will help you become financially secure in case of any emergencies. You can only save money if you have discipline in your own. Thus, it is not difficult to adopt things that you can use and apply soon.
1. Emotional Buying (30 days rule)
So let's say that you want to buy an item, keep in mind the 30 days rule. It means you need to wait for 30 days before buying your desired item.
With this trick is you can avoid "Emotion Buying / Impulse Buying," meaning avoid buying an unnecessary item or not important. And if you continue this consistently, eventually, it will be your habit every time you purchase an item.
So every time you want to buy an item, your natural behaviour is to wait for 30 days. Chances are if you purchase the item after 30 days, you possibly there's a chance that you don't want to buy it anymore.
Usually, when we want or buy an item, maybe it is popular, or hype on social media and, the price of the item is still high. So after 30 days and yet, you want to even buy it, possibly you can get it at a lower price rather than the previous estimate.
2. Limit Impulse Buying due to Hunger
Eat before buying any necessary items. I know this has happened to you when you go on grocery and you're hungry, somehow if we are hungry, our brain cells don’t function properly.
That’s why you can foresee that if you are hungry, you will buy those items that are not important. It can cause a moment for you to buy it.
On the contrary, if you are not hungry, it limits your behaviour to pass by most, especially in malls, fast foods, etc. because your stomach is full.
3. Emotional Attachment
it means a lack of freedom because you tie yourself to possessions, habits, and beliefs. In saving money, you should have a definite purpose, just like naming your savings and segregate it for future use.
Like for example, naming your savings like (for BTS concent, for my School Fee, for medicine, etc.) with this trick you do not want to reduce your savings, especially for that purpose.
4. Set up your own account
Even if your salary is high, it follows that your expenses are high also. In that sense, you cannot save.
So, you should set up your own account and transfer it to your savings account once you receive your salary in your payroll. Save at least 10% of your salary.
Sooner or later, it will motivate you to make it a habit once you receive your salary.
5. Ignore those sales or ads that you visualise in a particular store/ groceries
Don’t be so attached to any item that is on sale because instead of saving money, you refuse yourself to buy that product even it is not important.
Well, in fact, those manufacturers invest their money for those ads to psycho our minds to buy their products. Think of it some products that you see all over the place is you have already been seen or hear. On social media, television, on the radio and even on your phone, there's an ad.
When you ignore those ads, the more, you saved money for future use.
6. Make your own list
With this trick, you can avoid buying any items that are not important and compulsive buying.
Lastly, you don't need to go to the store again because you forgot to purchase something and there's a chance for you to buy unnecessary again. With this trick, you can save more time and money.
7. Pay your order using cash
This is what you need to do to pay the item that you buy. Because of this, you can avoid using your credit card or anything related.
Usually, the way you think using your credit card is you are not losing things. But when you pay with cash, you feel like you lose something.
8. Track your own money
Make sure that you track your own money and think if it is because of your income or your expenses. Because of this, you are conscious enough to expend your own money.
Separate your income and your expenses, for example, create a list for your income and for your costs like shoes, shirts and many more put it on expenses list.
By the end of the month you can track your money if it is increasing or not, if not you can go back to trick number 1.
9. Make a budget for your wants
Wait I thought this is how to save, but now there's a budget for luxurious things?
Yes but still you can put some small percentage of the budget for your wants. Because of this, you can enjoy saving more money, and it is just like a reward for yourself.
10. Grow your income, not your expenses
let's say your salary is around 20k and you can save 5k from your salary every month. So if you work harder and earn 25k now, you can save 10k assuming your expenses is not increasing.
Because if your expenses are increasing it's useless, you just work hard, but your saving is not growing.
Indeed, we save; basically, we can’t predict our future. Anything might happen anytime. If you save money, it will help you become financially secure in case of any emergencies. You can only save money if you have discipline in your own. Thus, it is not difficult to adopt things that you can use and apply soon.
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