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Money Matters: Tips on tricking yourself into saving

Created: October 26, 2020 09:52 AM

Halloween is right around the corner, but instead of costumes and candy corn -- it's time to focus on tricks.

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Local financial professional Barry Bigelow from Great Waters Financial is here to share four savings tricks -- to treat yourself and boost your bank account. 

"Implement a 24-hour rule.. now this doesnt have to be for every purchase or important things like groceries and things that you need, but with online shopping making it easier than ever to just buy now,  give yourself 24 hours to cool off and ask yourself 'is the purchase i'm going to make necessary-- do I really need a hundred dollars worth of halloween decorations,'" said Bigelow, "and maybe you do and you decide in 24 hours that you want to do that. But give yourself a 24 hour rule on purchases that you think might not be necessary."
 
Trick two is to pay yourself first, which means paying your future self before you allow yourself to spend money. You can do this by setting up automatic debits from your checking account into a retirement account.

Trick three is to examine your habits and start a budget. Figure out where your money is going and find places to reduce your spending to help save for the future

Finally trick four...get competitive! Getting friends and family involved will help hold you accountable and provide motivation and incentive to save. One way to do this is by challenging yourself to a 5 cent challenge
 

Copyright 2020 WDIO-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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