You feel like you’ve tried everything when it comes to saving money, and you’re at the end of your rope. Hang in there — we’re coming to save you with seven unexpected yet effective strategies that will change the way you save.
Try “Mystery Envelopes”
You’ve heard of labeling envelopes “Rent” or “Utilities” and putting money away as a hands-on budgeting tactic. But have you tried labeling them, “For an Adventure:? Delight and confuse your future self with your fun spending (this doesn’t really work for important things like paying your credit card bills).
Picture this: you’ve always wanted to go to Europe but don’t feel motivated to spend. An “Adventure” envelope covers multiple bases — sure, that money could be for a trip, but it could also be for when you really want to go to the movies with your friends. It’s an extremely flexible way to budget and still frees up cash in the same way the traditional envelope method does!
Make Finding Freebies a Competition
Let’s say you and your partner want to go on a date. But here’s the catch: both party can’t spend more than $20 from start to finish. One week, you try your date idea; the next, you’ll go on theirs. You can really do this with anything; challenge yourself to take yourself out to lunch for $10 or less. Once you add that element of challenge to it, you can’t help but rise to the occasion and find something you’ll genuinely love for a fraction of the price.
Celebrate Your Savings
Budget for something very specific: celebrating your financial wins. It sounds counterintuitive since you’re trying to spend less. But for many people, the motivation lies in giving themselves permission to celebrate their success, even if it’s small. For example, if you hit your savings goal for the month, it’s time to take yourself out for dinner at your favorite restaurant! Drain that part of your budget and hit the town knowing that you’ve done something good for yourself.
Do a “No Spend” Challenge — But With Friends
A little friendly competition never hurts anyone, right? In fact, it could potentially help you and your friends view finances differently! Instead of challenging yourself to spending nothing for a weekend, invite your friends to do the same. Compare your experiences when you’re finished. You’ll be surprised and maybe even awed by how resourceful everyone was and probably walk away with a few money-saving tips you hadn’t thought of!
Jot It Down in a Spending Journal
Budgeting is helpful. But it’s missing a crucial piece of the puzzle: how purchasing something makes you feel. That’s where the spending journal comes in. Have a dedicated journal that’s sole purpose is to write down what you spend your money on and how it made you feel. Then, every week or month or so, review the journal and see if there are any patterns.
Do you spend more when you’re stressed out? Did you find an inexpensive alternative a few weeks ago you forgot about? A spending journal gives you access to past you’s revelations so that future you can have a healthier financial life!
