Trick yourself into saving money

Trick yourself into saving money

RICHMOND, Va. (WWBT) - With Halloween this week, we thought it was time to scare your finances into order.

What are some things you want to save for? Now let’s trick yourself into making that happen!

First: Create a goal. Say you want to save $2,000 for vacation next year. So, what does that look like? If you divide that up between 12, that’s a $166 a month. Or you could look at it like $41 a week.

Second: Automate it! Have money direct deposited from your checking account into your savings account each month. If you don’t see it, you won’t miss it. You can also hide it.

Open a new savings account with another institution that’s not connected to your checking account. That way you don’t see the money every time you log on.

Cherry Dale with the Virginia Credit Union says you can also open a CD or savings certificate where that money is locked in for a set amount of time.

“It will give you a little bit more interest, incentive to keep that money in there in a given time frame of whatever your goal is," said Dale. She adds that you should also divert money.

If you get a bonus or a tax refund, anything extra, put that money into that savings account. You’ll trick yourself into that goal much faster.

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