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.

For bigger purchases, people can try the 30-day rule. It’s a financial strategy that helps people regain control over impulse buys. Basically, if a person sees something they want to buy but don’t necessarily need, they just stop and walk away. Not just for a minute, but for a full 30 days.

1. Try Walking Away From Impulse Spending

2. Setting Short-Term Savings Goals

Shorter-term goals might include things like new furniture, a vacation, or a renovation. Having these smaller goals can make saving for something as grandiose as retirement seem less intimidating.

3. 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. Life changes and finances may need to change with it. It’s OK to reallocate the money already saved and put it in a new bucket.

4. Telling Others About Savings Goals

Sometimes, the best thing one can do to stay motivated is to let others know about their plans. A person can let their inner circle in on their savings goals and priorities and ask that those trusted few help them stay on track.

5. Organizing Your Savings

Being able to see your savings grow is perhaps the best money motivator out there. There are a number of financial apps that can help people see their finances all in one place. Some even offer visual representations, such as bar charts and graphs, so people can see just how much their savings have grown over time.

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