Author Topic: Trick yourself!!  (Read 3880 times)

MrStash

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arebelspy

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Re: Trick yourself!!
« Reply #1 on: February 24, 2016, 04:41:49 PM »
Sadly, for a lot of people it's way better than what they're doing now.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

coffeehound

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Re: Trick yourself!!
« Reply #2 on: February 24, 2016, 09:21:41 PM »
I'm far from the omni-optimizing, mustachian machines on the forum, but I started learning to not spend every.goddamn.cent.I.had. by not ever spending coins. (I got the tip from 'Glamour' magazine.)

We've all got to start somewhere.

AH013

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Re: Trick yourself!!
« Reply #3 on: February 25, 2016, 12:18:42 PM »
#2 is just absolutely horrible advice.  Quickest way to lose money & friends, guaranteed.  I'd bet 9 times out of 10, people that can't seem to save money on their own who happen to be earlier or first on the receiving end of that $1,000 "windfall" would blow it on shit and then would have a million and one excuses why they can't continue the program and pay into the forced savings arrangement so the rest of their friends get their $1,000 payout.

MgoSam

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Re: Trick yourself!!
« Reply #4 on: February 25, 2016, 12:46:15 PM »
I used to trick myself daily by setting my clock to be like 10 minutes fast. That way when the alarm goes off at "7:30 am," I'm more likely to jump out of bed thinking I'm running late. It worked for the longest time and cut down on me snoozing.

Travis

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Re: Trick yourself!!
« Reply #5 on: February 25, 2016, 04:50:07 PM »
I would be seriously impressed with someone who could do the "save one more dollar each week" trick and actually set aside $51 and $52 during the last two weeks of the year.

TheGrimSqueaker

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Re: Trick yourself!!
« Reply #6 on: February 25, 2016, 05:41:32 PM »
#2 is just absolutely horrible advice.  Quickest way to lose money & friends, guaranteed.  I'd bet 9 times out of 10, people that can't seem to save money on their own who happen to be earlier or first on the receiving end of that $1,000 "windfall" would blow it on shit and then would have a million and one excuses why they can't continue the program and pay into the forced savings arrangement so the rest of their friends get their $1,000 payout.

They used to call these "giving circles", or "gifting circles" for the more pretentious, and they were unfortunately scams. The idea was to have a core group of people and pretend that a place had opened up in the cycle. They would lure "new" people in, have them join the end of the rotation, giving $100 a month to someone ahead of them (who weren't usually giving to each other). They'd keep the giving going until just before the new person was scheduled to receive a payout. At that point the circle would mysteriously dissolve.

Dicey

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Re: Trick yourself!!
« Reply #7 on: February 25, 2016, 06:06:30 PM »
Can I just not read the article and say I did? Oh, nevermind. I didn't read it.

Aminul

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Re: Trick yourself!!
« Reply #8 on: February 26, 2016, 07:19:27 AM »
I actually use one of these methods to trick myself into saving more.  For each debit transaction, my bank transfers $5 into a savings account.  I end up saving an additional chunk of money on top of my regular savings/investments. 

I would never setup a fund with a group of friends.  That's just asking for problems. 

Kaspian

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Re: Trick yourself!!
« Reply #9 on: February 26, 2016, 01:30:15 PM »
Wow, I just remembered that before discovering MMM (4 years ago) yet becoming more and more interested in saving, I actually had created a list of rules--like a "spending code". 

Weird to think of that now. But it had things like:

- You can only buy 1 DVD a week and it has to cost under $5.  (No carry overs!)
- You can only order takeout food once every two weeks.  (No carry overs!)
- Restaurant (unless on vacation) only once a month.
- Etc., etc...  (A whole bunch of other nonsense like those above.)

I don't know why exactly I was doing that--wanted to save a little more, keep clutter out of my house, not buy junk food, and other things.  It was sort of like a fun game of quotas for me and worked pretty well.  ...That said, once I found MMM I just pretty much stopped buying anything at all until after very long, thoughtful consideration had been given to it.
« Last Edit: February 26, 2016, 01:31:56 PM by Kaspian »

h2ogal

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Re: Trick yourself!!
« Reply #10 on: February 26, 2016, 03:22:33 PM »
I was (I am in recovery?) one of those people who would spend every last dollar that was on hand.   For me the biggest problem was shopping and impulse buying.  The ideas in this article seem pretty goofy to me.  Luckily, years ago I figured out how to "Trick" myself into saving.    Here is my take on how to Trick yourself, with slightly less ridiculous tactics:

1. Get a second job in your time off from your Full Time job.  When you are working you don't have time to spend money.   Ideally, get a job in a bar/restaurant or some other job that provides access to free food and drinks and gives you some social time.   Who cares if you suck at it?  (I will admit to being the worst cocktail waitress on the east coast for a time).

2. Payroll deductions.  401k and HSA if you have it.  If not, Treasury bonds offer scheduled automated transfers from your bank.  Or set up scheduled transfers from your bank account to your brokerage accounts on payday, set up automated stock purchase for dollar cost averaging.

3. Put your emergency savings account out of town.  I opened a savings account in a small bank 2 towns over.  I purposely did NOT get a debit card or set up online banking.   I set up my direct deposit paycheck so that a portion of my paycheck went there each payday.  If it was a REAL emergency I could take the time to drive 2 towns over to get at my money.  But it was basically inaccessible for impulse buys.

4. Freeze your credit cards.  Literally.  If you really feel the need to have an "emergency" credit card, but can't trust yourself to not use it for morning lattes or those really cute shoes, put your card in a bowl of water, and put the bowl in the freezer.   If you REALLY need the card, you can defrost it.   

5. Fill your shopping need by filling your cart.  But don't check out!   If you find yourself bored, and doing some recreational online shopping, go ahead and put what you want in your cart, but DONT check out.   You are not allowed to check out for a week.   By the time a week goes by, you wont really want that stuff anymore.