How to Keep Your Money From Yourself

Tips for How to Keep Your Money Safe from Yourself

Some people recognize that their biggest obstacle to saving money each month is themselves. If you think that this is part of the reason why you can’t seem to save any money, here are some strategies and tips to try out to keep your money safe from yourself.

  • Have your bank remove access to your savings account from your bank card and your online banking. If you have to go into the bank to get the money out, you will be far less likely to spend it. Going into the bank to make a withdrawal will give you more time to think about a purchase before you go ahead with it.
  • If you live with a partner, and your partner is clearly a better saver than you are, consider giving your partner control of your savings. This will make it harder for you to spend your money.
  • Invest your money in an investment or with a company that you have to contact and request a withdrawal from. It will usually take a number of days to get your money out of an investment company like this. That will give you extra time to think about your decision to spend this money. If by the time you get the money out, you decide that you shouldn’t spend the money, send it back. When you withdraw money from investments like this, your investment advisor or investment representative might ask you why you are withdrawing the money, this might create another barrier to keep your money safe from your impulses. Some common investments that require you to ask someone to take your money out include term deposits, mutual funds, and all types of RRSPs.

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