Remember Why You Are Saving
Understanding the reason you are saving money is crucial for staying motivated. You may be saving for a down payment to buy a home or car, to cover your children’s college costs, or for your dream vacation. Regardless of the reason, having the end goal in mind can ease the pain of sacrificing immediate pleasures for savings. For example, if you are saving for a down payment to buy a home, it may take a long time, depending on how much you can save each month. You might start to feel frustrated with this idea after a few months (or years) have passed.
If you find yourself in such a situation, reconsider why you are saving to buy a home. Perhaps you are living with your parents and can’t wait to live on your own; maybe you are hesitant to start a family because your current living space isn’t large enough for a child; maybe you are looking to move and start fresh elsewhere. Regardless of the reason, write it down and ensure you communicate with it. It helps when you have a reason that resonates with you. Saving just because it’s the right thing to do doesn’t help because it’s usually not a strong enough motivator.
Set Saving Milestones
Some people lose motivation to save because their goals seem daunting. Saving $20,000 in five years for a down payment on a home may seem impossible, but it can be achievable when you break your goal into smaller milestones that keep you motivated. Instead of setting your goal as $20,000 in five years, break it down into monthly periods. Saving $333.33 a month seems less intimidating than $20,000.
You might decide to celebrate the progress you’ve made with every $5,000 saved, so you have four smaller milestones to reach instead of one big goal of $20,000. You don’t want to be so intimidated by the goal that you want to avoid it. You want your goal to be manageable, so it feels achievable.
Visualize Your Progress
Saving can feel tedious when months and years pass, and you continue to save, you may lose sight of the progress you’ve made. To overcome this, create charts showing your progress, so you always remember how far you’ve come. This can also help celebrate the small milestones achieved.
You can decide to draw a thermometer with financial increments and fill it in every time you send money to your savings account. Or build a saving chain; for every amount saved, you can add a link representing that amount. You might also decide to save a specific amount of money each day, and every time you save that amount, mark the date with a star on a physical calendar. This could motivate you to keep that streak going. These charts can help push your progress forward and serve as a constant reminder of your goals. It’s hard to lose motivation when you’re faced with a visual reminder every day!
Reassess Your Goals
If you don’t feel as motivated as you once did, it might be a sign that you need to reassess your goals. Perhaps something has changed in your life, and you no longer feel as excited about them – and that’s completely normal. Many people change their minds about their goals, and it’s worth exploring, especially if you can’t pinpoint a compelling reason.
If you find that your goals no longer excite you as they once did, recreate a list of saving goals and prioritize them. You may find that you need to shift your focus to something else, and that’s perfectly fine. You can always take the savings you’ve already accumulated and allocate them toward another goal.
Are
Was this page helpful?
Thank you for your comment! Let us know why! Last
Source: https://www.thebalancemoney.com/how-to-stay-motivated-to-reach-your-savings-goals-4092969
“`css
}@media screen and (max-width: 480px) {
.lwrp.link-whisper-related-posts{
}
.lwrp .lwrp-title{
}.lwrp .lwrp-description{
}
.lwrp .lwrp-list-multi-container{
flex-direction: column;
}
.lwrp .lwrp-list-multi-container ul.lwrp-list{
margin-top: 0px;
margin-bottom: 0px;
padding-top: 0px;
padding-bottom: 0px;
}
.lwrp .lwrp-list-double,
.lwrp .lwrp-list-triple{
width: 100%;
}
.lwrp .lwrp-list-row-container{
justify-content: initial;
flex-direction: column;
}
.lwrp .lwrp-list-row-container .lwrp-list-item{
width: 100%;
}
.lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){
“`
“`html
}
.lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,
.lwrp .lwrp-list-item .lwrp-list-no-posts-message{
};
}
“`
Leave a Reply