8 Ways to Stay Motivated to Save Money
Ways to Stay Motivated to Save Money
It’s nice to have a little financial cushion in your bank account. But, finding the motivation to save money can be challenging. Here are eight tips for finding your own money motivation and stacking those extra dollars in your savings account.
1. Finding the ‘Why’
Saving just to save may not be enough for some to stay motivated. Instead, it could be helpful for people to figure out their own personal “why.” Why are they saving, what are they saving for, and how long do they need to save to get it?
2. Building a Budget
To help clarify savings goals, try building a personal budget around the priorities mentioned above. A personal budget makes a great road map for the future and can help keep people motivated to save because they know exactly where their money is going, and how it can help them get the things they want.
3. Saving Little by Little
Once a person’s priorities are in focus and their budget is set it’s time to actually start saving. Yes, it can be thrilling to drop a whole heap of cash into a savings account, but the thrill can wear off after a while. Instead, try saving little by little. This way, a person won’t feel the pinch and it won’t feel like they are missing out month over month on the fun stuff just to save for a hypothetical future.
4. Try Walking Away From Impulse Spending
There are a lot of spending triggers in this world. Sales, pretty items, shiny objects, nights out, the list goes on and on. Sometimes, the best thing people can do is walk away before purchasing or saying “yes.”
5. Setting Short-Term Savings Goals
Saving for long-term goals, like retirement, is important, but don’t overlook the small stuff. Setting a savings goal can help people know there is an end in sight. One place to start is establishing an emergency fund. Having an emergency fund can provide stability should you run into, well, an emergency.
6. Remembering to Reevaluate Every Now and Then
After setting a priority, budget, and goal, it’s important to also set reminders to reevaluate those markers from time to time too. One way to do this could be making it a New Year’s resolution to look at money goals and see if they are still in line with your personal goals.
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