DIY Bailout: How to Trick Yourself to Save Money

Wednesday, April 14, 2010

The government bailout of the big banks on Wall Street is still headline news. But nobody we know got a bailout, and lots of people are trying to figure out how to make it through the recession. Takeaway contributor Beth Kobliner, author of "Get a Financial Life", is helping us construct our own bailout; this week, she teaches us now to trick ourselves into saving money.

During the series so far, we’ve talked about how to improve your credit score, how to save money on your taxes and much more. Today we're talking about ways to trick yourself into saving money. The simplest step is to start an automatic debit from your checking account into a savings account.  Check out some more ideas from personal finance expert, Beth Kobliner.

This is a conversation that we started online yesterday — Here's what some people have been saying on our Facebook page:

Brandon:
"Bank of America's 'keep the change' program is handy for 'tricking' yourself into saving. Each time I use my check card, the bank rounds the purchase up to the nearest dollar and puts the difference into my savings account. It isn't much..$9 my first week of using it...but that's $9 I would have otherwise spent. It simplifies balancing the check register as well..."

Leslie:
"Stay out of the shopping malls. Only pay for what you need with cash. No cash? Don't buy it. Re-evaluate what you actually need to surivive. Our family has been doing this for the past few years. It works."

Guests:

Beth Kobliner

Produced by:

Jen Poyant

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