The Hummingbird Blog

A Series of Insights Into Savings, Personal Finance and Behavioural Science
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5 foolproof ways to trick yourself into saving money without making big sacrifices

Saving money can feel overwhelming, especially if you know that putting money aside every week or month might mean big sacrifices and potential lifestyle changes. It can be difficult to find room in your monthly or weekly budget to set aside money to save. 

If you find saving money hard, we feel your pain. Here are 5 foolproof ways to trick yourself into saving money, without making any big sacrifices.

 

1. Get rewarded while you save money

Yes, this actually exists! EverUp is an app that rewards you for saving money. The more you save, the more you’re rewarded with virtual coins. You can use these virtual coins to play one of EverUp’s mobile games. You’ll then get the chance to win cash prizes or even more virtual coins to keep on playing.

EverUp makes saving fun. The rewards you get for saving money also helps keep you motivated to carry on saving, which is often the hardest part!

 

2. Save your spare change

Banks like Monzo, Revolut and Lloyds Bank allow you to automatically round-up purchases and put the spare change aside in a separate place. This can be an easy way to build up your savings, without really noticing that you’re doing it because it happens automatically. It’s an effortless way to save and you’ll soon see the pennies turn into pounds.

 

3. Find the easiest way for you to save (and take it!)

Apps like EverUp are making it easier than ever to save money. You can track your saving progress and set a savings goal so it’s easy to keep on top of how your saving is progressing. 💰

Some bank accounts like Sainsbury’s Bank also offer services that help you save easily. Sainsbury’s bank uses a SaveBack tool that allows you to save money every time you spend at Sainsbury’s.

It’s important to find what works best for you, so look into a few different types of saving methods before you set a big savings goal. We know we’re biased, but we think that whatever way you decide to save, it should definitely be fun to keep you motivated when you want to dip into your savings for that new coat you say online!

 

4. Try a savings challenge

A savings challenge like the 1p Savings Challenge is another effortless way to save little and often. On day one you save 1p, day two 2p, the day after 3p. On the final day you’ll set aside £3.65, and have a total of £667.95 in savings! This is also known as microsaving where the idea is saving small amounts often, so that you hardly notice it happening and no big lifestyle changes are needed. Read more about it and print off a chart to keep track of your 1p Savings Challenge on Skint Dad’s blog here.

 

5. Sign up to loyalty schemes

Signing up to a loyalty scheme is a clever way to turn your everyday spending into savings, without any big lifestyle changes. You’ve probably seen loyalty schemes like Tesco’s Clubcard and Boots’ Advantage card but there are some lesser known schemes worth looking into too.

Pret’s recently launched their own loyalty scheme with a coffee subscription  and Ikea Family is Ikea’s loyalty scheme that offers you discounts on their products. A loyalty scheme can be a great way to save money without making sacrifices.

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