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"10 Ways to Trick Yourself into Saving Money" (Lifehacker)
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Submitted by:
Tip Hero
05/25/2009 10:54 AM
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One of the silver linings to the recent downturn in the economy is that Americans are saving more than in recent history. Our savings rate had been around 0% prior to the downturn, and now it's climbing above 5% and getting closer to historical averages. While saving money doesn't help our economy in the short run (because of less consumption of goods and services), it's better for all of us in the long run to have healthier personal balance sheets, where we're not up to our eyeballs in debt and have a little cushion for when the economy temporarily hits the skids.
Lifehacker.com put together a list last year of the "Top 10 Ways to Trick Yourself into Saving Money" and they're all still very relevant and helpful today. We list the headlines for each of the 10 below, but click through to the article to read a lot more about each.
1. Set up an Automatic Savings Plan for set-it-and-forget-it saving.
2. Defer dumb purchases with a "Crap I Just Don't Need" list.
3. Let Firefox find your deals for you.
4. Use a high-interest online account to motivate yourself.
5. Always bank your savings and discounts.
6. Freeze your credit card for serious spending stoppage.
7. Round up purchases, bank the change.
8. Set up a waiting rule for flashy purchases.
9. Sleeve your credit card with what you really want.
10. Save for big buys with "Reverse Credit."
Top 10 Ways to Trick Yourself into Saving Money (Lifehacker.com)
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