In this video I'm going to share with you seven psychological money-saving tricks that will help you save hundreds of extra dollars each and every month.

And word on the street is that if you hit the subscribe button now you will save a baby llama so hit the subscribe button below.

Saving trick number one is to avoid social media.

Tt seems like every time we go on Facebook Instagram or any other social media platform, we are bombarded by ads.

From workout clothes to the hottest new toy we are being exposed to just as much sponsored content as a pictures and videos we actually want to see.

Besides being terrible for our productivity these apps are causing us to spend significantly more money which erodes our chance at saving money.

Saving trick number two is to use automatic deductions for those of us who had no control over their spending automatic deductions will work wonders.

If you are unfamiliar with automatic deductions they work in the following way.

Whenever you get paid a portion of your pay is withheld from going into your main bank account

Typically people will set up a savings account that the money is routed into which in some cases is not accessible to allow the money to continue to compound.

Saving trick number three is to imagine your future rich self.

Sure spending five dollars on a Starbucks Coffee doesn't seem like a big deal.

But what if I told you that that five dollars could turn into more than a hundred dollars by the time you retire you might change your mind right?

The next money-saving trick is to imagine your future rich self.

Every time you consider a new purchase no matter how big or small ask yourself is spending this money will make you closer or further away from achieving your future rich life.

Saving trick number four is to sleep on big purchases.

Sleep allows you to save money in two separate ways.

Firstly without proper sleep your decision-making capabilities diminish and the chance of risky or monetary behavior arises,

so that car you would not normally consider buying may end up in your driveway.

Secondly sleep allows you the time to contemplate big purchases.

Take the evening to sleep on large expenditures and allow your unconscious mind to process the information related to the purchase.

And then analyze it while you're dreaming.

Saving trick number five is to use only Cash.

One of the best money-saving tips is to only spend cash whether you're buying groceries or a new phone.

Spending cash makes us notice some monetary effects of our actions.

This is because as we are paying we are physically handing over money and we see the depletion in our wallets.

Whereas when you use a credit or debit card the potential to spend seems almost endless

Additionally if you don't want to break a big 50 or $100 bill and you have to lug around loads of change you may just avoid purchases all together, allowing you to save more money than you ever could when relying on credit cards.

Saving trick number 6 is to calculate the cost in hours.

The second last tip is to convert the cost of your purchases into work hours.

For example if you make$20 an hour at your job and in buying that new $100 t-shirt is really 5 hours of your time.

Ask yourself is that shirt really worth five hours of slaving away at my job?

When you begin to see your purchases in this light, you'll become more conscious of how much a personal investment it was during this money

Making you think twice before spending frivolously and ultimately allowing you to save more money over time.

Saving trick number 7 is to generate more income.

The truth is your ability to save is restricted by how much you earn.

If you currently make minimum wage than saving a lot of money will be next to impossible and the only way to improve this situation is to find ways to increase your income.

For some this may be picking up another part-time job, doing freelance work or increasing your skills to allow you to earn a higher hourly wage.

Personally I've been able to triple my income over the last four years by completing my master's degree in getting my CPA designation.

But I know accounting isn't for everyone, so find what works for you.

And with this increase in income in the previously mentioned savings tips you'll have more money than you'll ever know what to do with.

Thanks for watching if you want to go from the life you hop to the life you deserve then hit the subscribe button now.