Do you struggle – Not with earning money but saving it? You make a lot of plans and devise lot of tricks but in the end, you have hardly any money to invest. Question – How To Save Money is really bothering you. You curse yourself that you don’t save money then you need to learn this by hard means. Yes, you have to trick yourself to increase savings. Let’s see how to save money – the hard & self- tormenting way.

As we grow adults, we shouldn’t apply trick on ourselves to do right things. Yet, I think if we neglect some very essential activity or a habit we need to apply some hard tactics.

You know ” how to save money ” is one of the most frequent phrases on google. This means many of us are struggling to save money.

So here are some points if you are still to find success on – how to save money. Be honest and try these methods.

6 Hard Ways to Learn -How to Save Money?

• A mandatory 30 day period before you buy anything

Anything means everything. The only exception could be your daily food and medicines. It has been seen, that when you wait, the fake euphoria dies after most of the time.

Overspending is the biggest reasons a person converts savings into plastics or gadgets or fabric.

Try sitting over a need for some time. It may not be a need anymore.

Even if it remains you will be stress-free that money is not spent in a wrong way. Also when you have time you may get ideas to acquire in low-cost manner.

I have one investor who uses this rule in a slightly twisted manner. They wait for 30 days for all purchases above Rs  5000.

Waiting and sitting over it is one of the best ways to save some money. You also must have heard making a list of your purchase helps to prioritize it. But list comes after the waiting period. First, the wish should survive a month.

• Opt for before-pay deductions

Many of us just wait for “Salary Credited” message and start buying things online. What if you get some less salary and the deducted part is invested for you.

This is fooling yourself that you receive less salary.

You can opt for voluntary EPF deduction. So apart from the mandated 12% basic you can ask your company to deduct more. The employer does not pay any contribution on this excess deduction.

This extra deduction is called VPF or Voluntary Provident Fund. You get the same interest rate that you get under EPF.

Some organization run GSIP (group SIPs) kind of structure, where they deduct certain amount form salary and same id paid to an MF which issues units to the employees. This method can also be used to save money.

• Transferring discounts, savings and raises to another person or account

This is another way to save some extra money but it requires self-honesty. Whenever you get a discount or coupon you save transfer the savings to a separate account of to account belonging to your kid, you know you will not touch.

This is more relevant for people who are hooked to computer screens and do most purchase online. You get tempted because of sale or a coupon… right.

So, make it a habit, if you are making a discounted purchase, you will save the discount.

After some time, the discounts will stop disturbing you and you will have a pool to invest.

Same way you can live with just one figure. All extra earnings or raises for few years can be transferred to other accounts without thinking too much about them.

• Forgetting your credit card

Can you forget you have a credit card? Or can you give it to a person who will take care of it and will never allow you to use it for purchases? 

If you cannot do it ask your spouse to delete all your credit card details from your online sites.

One of my friend has been using the cards so much that he remembers the 16 digit numbers plus the card’s expiry dates plus the CVV numbers of 3-4 cards.

You have to erase these details from memory and websites.

Memory? How? When you don’t use the card for 3 or 6 months you will forget the digits too unless you are a memory champion.

• Live on a one month budget

This is also called living on a zero-sum budget.

How does it work? At the beginning of each month, you make a list of that month’s expenses categorize them to fixed and estimated expenses. Only transfer the amount of money you need . All extra money you earned that month and all the money remaining from the month before will be transferred safely in your savings account.

Out of sight, out of mind.

• Think & Act like a Broke

If you are broke will you order every new gadget or eat outside 3 times a week?

Accept that your current lifestyle is leading to a day when you will be broke. You will have to correct it now. So start acting like a broke right now.

This may look demeaning yourself, but you are doing it you and not any other family member.

All I am telling is you know you actually have money stashed in an account that is harder to get to. You just have to feel artificially poor for some time.

Some of these points may look tough or laughable.

Point is at the end of the day, it doesn’t really matter how you convince or punished yourself to save. The only thing that matters is you saved money.

Sometimes, it is important to be harsh and protecting yourself from your own worst enemy – yourself.

So next time when you are looking for an answer on how to save money… prepare yourself for some sacrifices.

Share your views how you trick yourself into saving extra money.