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2014-06-23 20:53:29

How to Keep Your Money Safe from Yourself

Some of us really struggle to save.  We have good intentions, but we fail to keep track of our money, or we make too many little “one latte won’t hurt” purchases that quickly add up.  If you are always dipping into your funds because there was a deal on a sofa that was too good to pass up, and you really had been meaning to buy a new one for the last year anyway, then possibly you need some help keeping money from yourself.  Here are some tips to keep your savings safe from your impulse purchasing.


Tip # 1:

Have your bank remove access to your savings account from your bank card and your online savings.  That way if you want to take money out of your account you will have to physically go to the bank to do it. Having this onerous step in place will make you far more likely to consider your purchase, and perhaps decide not to make it after all.


Tip # 2:

If you live with someone who is good with money, hand control to them. Running your spending by another person provides you with a second opinion as to whether you are making a smart purchase.  Just make sure to set ground rules first.  If someone is more controlling with your money than you were prepared for it could be a source of tension in your relationship.


Tip # 3:


Make investments that restrict your access. If you invest your money with a company that you have to contact to withdraw, then it will take at least a few days to access your money once you have made the decision to do so.  Having to contact the company will give you pause, and often your investment advisor will ask you why.  Having to explain to another person can put your decisions in perspective, and even if you do withdraw the money the wait will give you time to think through your purchase.