It can be difficult to save money, especially in times like these, when the chokehold of inflation feels more real than some abstract concept of financial freedom. Sometimes, the only way to successfully set money aside is to trick yourself into saving.
Saving money is not about the amount on your paycheck; it’s about creating a healthy relationship with money. The thing about unplanned expenses is that they add up: one moment, you’re relishing the credit alert of the month’s salary, and the next, you’re back to square one financially. That’s why building good saving habits is important, as it bridges your current financial struggles and future financial freedom.
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Why Does It Feel Hard To Save?
Data from the PiggyVest Savings Report 2024 shows that only 47% of Nigerians save monthly. Habitually saving money feels restrictive, especially when there is already little to go by.
So, what is the middle ground? Well, the hack is to save in a rewarding and stress-free way. To avoid feelings of restriction and deprivation, trick yourself into saving money. An innovative financial solution like PiggyVest can greatly help with this. You should totally check out PiggyVest’s suite of easy-to-use, goal-specific features (like HouseMoney, Investify and Flex Naira) that can help you automate your savings, build a robust emergency fund, and earn delicious interest as you do.
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9 Ways To Trick Yourself Into Saving Money This Year
Not every purchase (impulsive or not) is a necessity. So, beyond merely saving towards goals, you must also take a mindful approach to spending. The less you spend, the more you can save. If you want to build better saving habits in 2025, here are 9 smart ways to trick yourself into saving money.
- Automate your savings:
When you automate your savings, out of sight is out of mind. With AutoSave, you can automatically transfer a specified amount to your PiggyBank on a specified date and time, removing the burden of saving manually and the temptation to spend.
- Envelop budgeting:
Envelope budgeting is a classic budgeting technique that helps you allocate cash for your important bills and expenses over a period of time. Think of Labels as digital envelopes for allocating funds.
You can trick yourself into saving money by creating different Labels for your bills at the start of the month and limiting your spending to the funds in those Labels. Once the cash in your Labels is gone, you cannot spend any more on those categories until the next month.
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- Live below your means:
Instead of upgrading your lifestyle to match your income, opt for a less exorbitant lifestyle that won’t completely exhaust your paycheck every month. Choosing to save your extra income when you get a pay raise is a good way to trick yourself into saving money.
- Lock Away Windfalls:
When you receive unexpected financial gains like bonuses, save them. Except a life-threatening emergency springs up, you can afford to lock that money away in your PiggyVest.
- Join a Group Target Savings Challenge:
Group targets are a smart way to trick yourself into saving money. PiggyVest allows users to create and join multiple saving challenges, like our annual Race To The New Year Target Savings challenge or the ongoing #LoveYourself challenges, which use the power of community to motivate users to save towards specific goals.
- Avoiding Impulse Purchases:
Mindful spending means being deliberate about the quality of your expenses. Ask yourself: “Is this really important? Can this expense derail me from achieving my financial goals? Will this purchase matter in the long term?” Don’t bother with that purchase if the answers to these questions are negative. This practice will help you adjust your budget for the better.
- Keep A Positive Mindset
Building good saving habits will require you to trim your expenses and spend mindfully. But instead of viewing saving as a restriction on your expenses, consider it an important step on your journey to financial freedom.
- Compound Interest:
Compound interest is a brilliant concept. It is interest earned on your interest, and this principle can help you grow your wealth exponentially. For instance, instead of withdrawing your upfront interest when you Safelock your funds, you can create another Safelock using your interest and earn another interest on the new Safelock. You can do this as many times as you’d like. Talk about a genius money-saving trick.
- Attempt a no-spend challenge:
A spending cleanse means you can’t spend on anything outside of absolute necessities. You can periodically challenge yourself to avoid all non-essential spending for a month or week, to help you break bad spending habits and know what areas to cut costs.
A Marathon, Not A Sprint
Saving money is a lifetime journey, so do not expect perfection. There will be setbacks, but the important thing is to climb back onto the wagon when you fall off. By implementing these tricks, you can build a healthy relationship with your finances, accomplish more, and be well on your way to achieving your dreams.
