Playing tricks to save money

Tools and tricks on how to start getting your savings in order #TheArtofBroke #SavingsGoals #ForgetAboutIt

The key to securing a savings is to think, act, and believe you are BROKE. This has always been a challenge for me and one of my goals that I've set for myself. So far I have realized that the easiest way to save is to play tricks with my mind so that I think I'm broke all the time. 

It is so important to have something set aside to secure not only your future but your children's too. To teach our kids how to save we have to master the concept and lead by example. Trust me your never too young to start. Lord, if I knew than what I know now I would've been more financially secure. 

What works for me is splitting my money up into little increments so that I don't realize I am saving a few hundred here and there. Yes, I have to convince myself that my savings are small enough not to touch. Below are a few of the saving challenges I have found, although some of them started in January it's only March so you still have time to catch up! To inspire you to use one of the tools below imagine yourself in one of the photos to the side.

The Penny Challenge A penny a day, simple right? The trick is that each day you have to save one more penny than the previous day... by the end of the year you will have about $600 saved. It'll all be in change so the only thing you'll want to do with it is put it in the coin machine at your bank for FREE and deposit it into your account for FREE. If you want a downloadable PDF to keep track of how many pennies per day check out SavingsAdvice.com this is the same exact one I use. 

The 52 Week Challenge I got this idea from my bank they have an option where you can join a raffle to win $1,000 if you save about $1,000 by the end of the year. This challenge is also simple, every week you save a dollar more than the previous week. You will have about $1300 saved by the end of the year to be exact. If it's harder for you to save at the end of the year (Christmas, Thanksgiving, no income tax, and what not) than you can do the reverse and save $52 the 1st week and decrease that by a dollar each week. 

The 30 Day Challenge This is a quick fix money saver if you need to get a big purchase soon or if you need to save fast. You just add a dollar a day to your savings for the month and you will have $465 saved. I want to upgrade my camera soon so I'll probably start this within the next two months to make the purchase. Beaut advice, if it's hard for you to save the dollar a day than you probably don't need to spend the money on a big purchase. Remember your biggest enemy is a hasty decision. 

The ESPP Challenge This tip is usually only available thru your employer but it is a great way to save money if you can't resist going into your savings account. 

In short, your employer gives you a discount on buying their stock, usually no more than 15 percent. You choose an amount to have taken out of your check after taxes but before it goes into your account. The amount taken out your check goes into a brokerage account set up by your employer until the quarter or annual stock purchase period. Your assigned broker buys the maximum amount of stock using the money you put away and puts it into your brokerage account. You can either choose to continue saving the stock or if your like me (i.e. you don't trust people with your money for long) you can cash in the stock for the market price. 

For example:

  • You have $100 a check taken out during a quarter
  • By the end of quarter you have $600 that is invested in stock
  • Broker buys about 13 shares with the $600 at a discount of $45 per stock
  • You cash in your stock at the $50 market value
  • You get back your vested amount plus $60 off interest difference
  • You can deposit that into your chosen account and now have $660 saved... that's more than if you would've just left it in your account
  • Do that for a year and you'll have an increase of about $260... the catch is you pay taxes on that amount but you'll have about $2460 saved to pay it