27 Ways to Trick Yourself Into Saving More Money

The No. 1 key to building wealth is your savings rate. Your savings rate is the percentage of your income that you save, invest, or put toward debts. The higher your savings rate, the faster you build wealth. Sure, it’d be nice to earn $300,000 per year. But if you spend $300,000 in that same year, you’re no wealthier at the end of the year than when you started.

Unfortunately, schools don’t teach budgeting, personal finance, or investing. They don’t prepare us for managing our money and building wealth. And this knowledge is more important now than ever. Pensions have largely disappeared, and retirement has fundamentally changed. Today, Americans are increasingly on their own to plan their retirement and manage things like asset allocation, sequence of returns risk, and safe withdrawal rates. There’s no cavalry coming, no bailouts, and no freebies.

And while we all know we should save more money, most of us still struggle with it. No one likes feeling like they need to sacrifice month in and month out. And discipline fails all of us sooner or later. White-knuckling your savings just doesn’t work, at least not for long.

So stop relying on discipline to save. Instead, try these 27 ways to yourself into more money. Some involve automation, others rely on fundamental human psychology, but all serve the same purpose: growing your wealth without feeling like you’re living in austerity.

Money Tricks to Save More Money

1. Increase 401(k) Deductions From Your Paycheck

If you never see it, you never miss it, and you aren’t tempted to spend it.

Ask your company’s HR department to increase the 401(k) or 403(b) contributions automatically deducted from your paycheck. You’ll not only reduce your taxable income and save on taxes, but you’ll also build wealth on autopilot without even noticing it.

These contributions grow out of sight and out of mind while you live on the remainder of your paycheck. If the idea of turning over more of your paycheck into savings and living on less scares you, think back to previous jobs and salaries. You’ve lived on far less take-home pay in the past; you can figure out how to make it work.

Pro Tip: If your employer offers a 401(k), check out Blooom, an online robo-advisor that analyzes your retirement accounts. Simply connect your account, and you’ll quickly be able to see how you’re doing, including risk, diversification, and fees you’re paying. Plus, you’ll find the right funds to invest in for your situation. Sign up for a free Blooom analysis.

2. Split Your Direct Deposit

Not everyone is lucky enough to have a 401(k) or 403(b) account through their job. And even if you do, you may not want all of your savings going into it. For example, if you have debts to pay off, or if you want to reach financial independence and retire early, at least part of your savings should go toward these goals.

Most employers can split your paycheck’s direct deposit into multiple accounts. The majority of your paycheck continues going into your check