3 Easy Ways to Spend Less and Save More

It can be hard to stick to a budget. Just like strict dieting can make you want to eat a bag of chips, excessive scrimping can trigger an urge to splurge. So here are three relatively painless ways to spend less and save more. These simple tricks can help you keep your budget on track.

No. 1: Increase ‘friction’ in your spending

Today’s retailers are making it easier than ever to spend money. From online autopay to swipe‐and‐go key tags, they encourage us to spend without thinking. But you can slow things down. Turn off one‐click purchasing. Pay cash for everyday items. You could even wrap your credit and debit cards together in a rubber band to make using them more difficult. That extra bit of friction can add up to a lot less spending.

No. 2: Automate your savings

One of the easiest ways to grow your savings is to automate the process. Have a set percentage of your paycheck deposited directly into a savings account. Then just sit back and watch your nest egg grow.

No. 3: Save your spare change

Some banks offer programs that help you save the “change” when you use your debit card. Grab coffee and donuts for $3.29, and an extra 71 cents goes directly into savings. Over time, the savings really add up. Start taking small steps like these today, and you could see a big difference in how quickly it can help you reach your financial goals.

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