It’s no secret that many people struggle to save money each month. You might think the reason is due to having no spare cash to keep aside. But, the actual reason is that there’s a lack of motivation.
If that sounds like you, don’t worry because it’s possible to motivate yourself in many different ways. Take a look at the following examples; they will give you some help and inspiration, and you’ll soon be on your way to savings success:
The first idea to give you some savings inspiration is to use technology to your advantage. These days, most people manage their finances through smartphone and tablet apps, and you can do the same with your savings goals.
For example, you can use a savings account app to set savings goals, so you have a visual depiction of what you’ve saved and how far you’ve got to go.
You can also use such apps to “tempt” you to save in different ways, like entering you into a prize draw depending on how much you save or giving you savings boosts each time you refer friends and family to set up savings accounts with the same provider.
You might want to buy some new video games or something more extravagant like a car. Whatever you want to get in life, you can create savings goals and track your progress if you can realistically save for those items.
Some people track their progress by logging their deposits onto a spreadsheet or using a savings app that lets you create savings goals, as mentioned earlier on this page. But, how can you tell if a savings goal is realistic?
The following will apply to all realistic savings goals:
- You can confidently save money each week or month without fail;
- The amount you can save makes it possible to achieve your savings goals within the next 12 to 60 months;
- You won’t leave yourself short of money each month.
Some folks lose motivation for their savings goals because they forget why they are saving money in the first place. You can avoid experiencing that problem by giving yourself regular reminders of your savings goals.
How can you achieve that, you might ask yourself? One example might be to put up a picture or photo by your computer to remind yourself of what you want to buy with your savings. Another example could be to look at what you want in person each week or month.
When you keep reminding yourself why you want to save money, you’ll have more motivation to follow through with your savings goals.
Lastly, if you’re an impatient soul and feel that the “little and often” approach to saving money isn’t for you, it makes sense to find ways to save money quickly. Examples of how you can do that include:
- Cutting back on unnecessary expenses and diverting payments for them to your savings account;
- Getting a second job or having a side gig you can do from home;
- Selling unwanted items in your home on eBay, Craigslist, or similar.