5 ways to trigger your money-saving reflex

We all know that feeling; you’re at the store and you see something you want but just don’t need. You try to rationalize the expense, arguing in your mind that you deserve to treat yourself or can make up for it by not eating out this week or by skipping your Starbucks lattes for a while. The thing is, not all of us are as good at balancing our wants and needs as we could be. Rather than being caught on the spot determining whether you can afford a purchase, here are some tricks that will trigger your money-saving reflex for you. With these saving money tips, you’ll be able to prioritize your long-term savings goals over that short-term, flashy expense.

5 Ways to Empower Your Savings Habits

1. Create a Paper Chain to Manage Debt or Grow Savings

Get Rich Slowly published an article by a woman who created a paper chain to tackle her debt. Each ring represented $100 she owed. As she worked to pay down expenses, she would tear apart the chain and watch it grow smaller. This physical representation made her progress more noticeable, effectively increasing her satisfaction and motivating her to diminish her debt.

This same tactic can be used for saving money, as well. If your goal is to grow a $1,000 emergency savings fund, adding to a decorative chain can help you find pride in a tangible accomplishment. By the end, you could have a window decoration for your room that represents the positive savings moves you’ve made. Keeping that chain somewhere you’ll see it each day will further motivate you to add or tear off rings as you go along.

2. Build a Vision Board

Pinterest is a popular social media tool for building inspiration and idea boards. If you’re an active user of this site, building a vision board for your financial goals can be a wise motivator when it comes to saving money. If you don’t use Pinterest regularly, I’d recommend a physical poster board to place in your bedroom or office to keep you motivated on a daily basis.

So what are your goals in the next year? What about in five? Stopping to define your goals and envision your future can empower you financially. Do you want a home of your own someday? A car that is fully paid off? This exercise can help you prioritize your goals and, thus, focus on what truly matters to you.

3. Write Your Goals on Your Credit Card or Wallet

There’s no better way to remind yourself of your savings goals then to put them right in your hand at the moment you need to think of them most. Say you’re still $850 away from your goal of saving $1,000: Write down that number on a post-it and wrap it around your card. The next time you’re tempted to buy something you don’t need, you’ll see your goal written out and can subtract from that amount whatever you decide not to buy. Walk away from those $50 shoes? If you put that $50 toward your savings goal instead, now your post-it can reflect the $800 that’s left.

4. Pay Yourself Every Time You Decide to Save

Whenever you make good on your promise to save, divide the amount saved to pay yourself a bit for following through. Saving money shouldn’t necessitate denying yourself — that’s just a recipe for disaster later on. Rather than completely withholding from immediate expenses, you could also take the $50 you decided to save on shoes, credit $40 to your account and give yourself $10 to spend however you choose.

It might take a bit longer to reach your savings goal, but this strategy will help keep you satisfied in the process. Set a hard percentage — in this case, 20 percent — and credit yourself that balance as a reward for saving on an expense you really didn’t need.

5. Opt for Another Low-Cost Option

In the same vein, saving money shouldn’t be associated with the pain of denying yourself some fun and enjoyment. If you decide to not buy those expensive concert tickets, go to a free or cheaper show instead. Don’t completely hold out on the things you enjoy. Choose a low-cost alternative to the expense you avoided to prevent resentfulness and to help maintain your resolve to save.