Wednesday, October 20, 2010

Trick and Treat!

8 Ways to Trick Yourself Into Saving

1. Know your plastic personality. Disciplined credit-card holders can earn rewards points by using their cards for all their purchases and paying the bills in full each month. We are partnered with CURewards®.

2. Don’t trust yourself to pay yourself first? Instead, have someone else do it for you. Sign up for your employer’s retirement plan. Set up an automatic deposit with your bank to seed your emergency fund. Even Uncle Sam will jump-start your retirement savings by automatically depositing your tax refund in an IRA. And you’ll never miss money you don’t see.

3. Deposit your paycheck and other money to your savings account instead of checking. You’re much less likely to spend the money if you have to transfer it from savings.

4. Instead of hitting the cash-back button for $35 every time you go to the drugstore or supermarket, limit yourself to one ATM withdrawal per week and make your money last.

5. Toss your spare change into a fun savings bank or glass jar -- anything that will catch your eye and your quarters. I know one person who accumulates $900 to $1,000 a year this way and uses the money to buy holiday gifts.

6. Bag the savings from brown-bag lunches. Each time you bring your lunch to work or pass up the temptation to buy a latte, take the money you would have spent and put it in your cash jar. It’s an immediate reward for your self-discipline.

7. Pay yourself after you’ve paid off a debt. Once you finish paying off a loan or credit-card balance, keep writing the check but send it directly to a savings or investment account.

8. Can’t decide between two items in a store? Give yourself a cooling-off period. Chances are you won’t go back.

Source: Yahoo financial

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