We all know that creating a budget is the best way to track your spending and save money. However, there are some people that are not buying into that idea and would rather just wing it as they go along. Well, I’m here to offer those people another way to think: 4 Painless Ways to Save Money Without Creating a Budget.
If you follow any one of these 4 steps, it will be possible to save money without actually sitting down and creating a budget. I have used this method with a few of my clients and it has worked surprisingly well. I like to think of it as “saving on autopilot”.
The first step is to have a certain percentage of your paycheck automatically deducted from your paycheck before you receive it. This can be in the form of a retirement account, savings account, or college fund. Just be sure that whatever account you use is not easily accessible to you.
The second step is to make a choice to use a debit card instead of a credit card. When you purchase something with a debit card you are automatically saving because you’re not paying interest on the credit card. This is real money that is added back into your household. It may not feel like it, but you are actually saving money!
The third step is to save your coins. Find a medium-sized jar and put your loose change in it each night. I suggest only saving the silver coins and giving the pennies to your kids or putting them in a separate jar. Once your jar is full, take it to the bank and deposit the money into your emergency fund. You’ll be amazed at how much money you can save this way.
The fourth and final step to save money without creating a budget is to ask yourself if what you’re purchasing is a need or a want. This works wonders and is an excellent way to train your brain to focus on the things you really need rather than the things you want. Another tip is to take a week to think about a large purchase to see if you really must have it. This gives you a chance to see if you can actually afford the item. If you do go ahead and purchase something and then regret it, remember, you can always return it! 🙂
So, if you take the time to follow these 4 painless ways to save money without creating a budget, you’ll see that it is possible and you’ll have more money saved next year than you have saved today.
How do you trick yourself into saving money?