How to Trick Yourself into Saving More

Take the pain out of spending less and saving more with these mental hacks

Andrew Willis 25 February, 2021 | 9:15AM

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Some of the best surprises are simply a result of things being forgotten. You know that feeling you get when you chance upon unexpected cash in an old pair of jeans or a jacket you've not worn for months? Well, you can get that excitement regularly by making a few changes in your life that build "hidden" nest eggs and make saving easier. You just need to start with a mental bypass for some of your money.

Go Autopilot

The best way to trick yourself into saving is automation. In other words, set it up so that money gets transferred into your savings account every time you get paid. Samantha Lamas, behavioural researcher at Morningstar, says: “The next step would be to implement a setting where the amount you’re saving automatically increases after a certain date or whenever you get a pay raise. Automation is so effective because it doesn’t require us to think about saving at all, it’s all done out of sight, out of mind.” 

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The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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About Author

Andrew Willis  Andrew Willis is a content analyst at Morningstar Canada 

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