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4 Hacks To Sneak More Into Your Savings For The New Year

Saving money. It’s easier said than done. You might be a compulsive spender, bad budgeter, or just plain lazy with your finances. Whatever it is, saving money can seem way too difficult.

But it doesn’t have to be.

There isn’t a magic spell to make you save more (it’s not that easy!) but there are some simple hacks that could help you stash away money for the coming new year.

You might even want to make them your financial New Year’s resolutions for 2017?

Hack 1 – Save what you splurge

Every time you give into temptation and splurge on something (no matter how big or small) commit to putting the same amount of money into your savings.

Say if you want to buy a new pair of sunglasses for $50, then you also have to add $50 to your savings account. When you know that your impulse purchase will actually cost double what’s on the price tag, it might make you think twice.

If you do buy it, you will still save money, but if you don’t you’ve resisted the temptation to spend money, saving more in the long run. It’s a win-win.

Here’s MoneySmart’s tips for successful saving:

sneak savings

Hack 2 – Make savings your direct deposit

This method might not work for everyone, but it’s worth trialling. Instead of getting your pay deposited into your access or everyday account, direct it straight into your savings account. Then transfer the money you’ll need for expenses that week/month into your everyday account.

It might sound a bit backwards, but essentially you’ll be taking care of your savings first, rather than it being an afterthought every time you get paid.

If this doesn’t work for you, try setting up a direct transfer into your savings on the same day you get paid. Set a regular (but achievable) amount to come straight out of your pay. That way you will stop associating it with your available spending money.

Hack 3 – Save all your extras

Every time you get extra money coming in, like a tax return, bonus, birthday money, or even that $2 coin you find on the ground, put it straight towards your savings.

This works just as well for paying off a debt as it does for general saving. But it does require a bit of self-discipline. It’s not easy to resist spending this “free” money. Just think about your savings goal to keep you on track.

Hack 4 – Give yourself a challenge

Try challenging yourself every month or so with a new savings tactic. You could commit to stop eating out for a month or even have a money free weekend once a month. No matter how small the change, every little bit will count towards your savings.

The good thing about these challenges is that they’re only for a month, so you won’t feel too overwhelmed. They also focus on one action, so it’s more manageable and achievable than a general savings plan.

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