Automatic deductions work really well for me – in fact, any tactic by which I can trick myself into saving more money is what works best. I have a hard time keeping to a budget, only because I don’t like tracking it. It’s easy for me to say no to myself. But it’s hard when saying no to myself means saying no to someone else, i.e. the Guy or friends. So by upping these automatic deduction amounts gradually, hopefully I’ll be able to ramp up without being budget Nazi. So for my business school savings account, I’ll up the current $100 a month that I contribute to $125 a month. For travel, my transfer isn’t automatic yet, but the bi-monthly $50 I contribute will now be $60 and 75 per deposit.
Otherwise, I’m really looking for other tricky strategies to get myself to save more without feeling it. The $5 bill tactic pointed out by Boston Gal from the Globe was interesting, but I never (NEVER) pay in cash – always on a card to get the points. So that won’t really work for me. Ideally I want something that takes no time, no discipline, just tactics… ha, any ideas?
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I would just up your automatic deductions again, and again, and again, until you start to really feel it. I've found that I don't miss an extra $25 or $50/month--I unconsciously compensate, by passing on a piece of clothing, or a bottle of wine, or whatever.
Somehow, it's much harder for me, psychologically, to cut down first, THEN save. But saving, then cutting down? Easy as pie.
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