Tip of the week: Tricking yourself into saving money

Pay yourself first. Have the bank automatically move money into a savings account on a monthly or bi-monthly basis. Setting aside funds before incurring new expenses will “force you to budget.”

Stop sulking. Spending time “flipping through catalogues” or browsing online only feeds a desire for things that are “out of your reach.” Spend less time thinking about what you don’t have, and you’ll “spend less time feeling poor.”

Pick and choose extravagances. Decide what you really can’t live without. If eating out once a week is a must, sacrifice another expense, such as cable television or a cleaning service.

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Think about the future. Make it a goal, even in these tough times, to set aside a little money toward investments that bring “greater long-term satisfaction,” such as retirement savings. When the economy turns around, you’ll have the discipline to start saving more aggressively.

Source: The Wall Street Journal