It can be a challenge to stay motivated when you are saving money.
Perhaps you’ve done really great for a few days or months, but you’re losing hope.
Maybe you already fell off the great path you were on and you just don’t know how to get back the motivation you once had.
Or maybe you can’t seem to tell yourself no when you see something that you want.
Whatever the reason, let me give you some tips on how to stay motivated when you are saving money.
Have a Plan
You’ve got to have a written plan.
Think of it as a to-do list for your money. You’re telling it where to go so it doesn’t go somewhere you didn’t want it to.
You have to make sure that you are holding yourself accountable when it comes to getting rid of the debt.
If your goal is to save $100 every week, write that down and make it a priority to do that before you do anything else.
In my opinion, if you didn’t write it down, it’s not an official goal.
Not only do you have to have a written plan, that plan must constantly be in your face. Place a sticky note next to your bed so you remind yourself of it every night. Wake up to the note.
Stick it on your bathroom mirror so you motivate yourself as you start your day.
Saving to buy a house? Stick a picture of your dream home anywhere and everywhere you may need to see it when you’re feeling a lack of motivation.
Short Term Goals
Let’s say you want $12,000 saved for a down payment on a home.
You’re determined to save $1,000 per month to put towards the goal and have it done in 12 months.
This is a great goal! However, some months are going to be harder than others when it comes to how much motivation you have.
Keep your goal of saving $12,000 in 24 months.
But remember to set smaller goals so you can celebrate those wins along the way.
Example of how to get to short term goals:
- $12,000 Total Goal
- $1,000 Monthly Goal
- $250 Weekly Goal
Perhaps if you hit your Weekly Goal, you’ll treat yourself to lunch.
Maybe then if you hit your monthly goal, you’ll treat yourself to a night out with the girls.
Small goals make the larger, end-game goal appear not so unachievable.
Make it Automatic
Automating your savings will help you stay on track.
Once you know what you can (safely) put aside into savings each week, have it automatically withdrawn and put in your savings account.
Make it a comfortable number. If you only have $105 left each week after your planned expenses, do not put $104 in the savings account. That’s pretty much asking for something to happen every week.
You’ve got to set yourself up for success.
So once you know the number, auto-deduct it from your readily available cash and forget about it.
Emergency Fund
If you don’t have an emergency fund, you are never going to stay motivated saving money.
Something is always going to happen. You’ve got to have an emergency fund that you can pull from when emergencies come up.
Once you pull from the emergency fund to cover the immediate need, pause contributing to the savings account fund until you build back up your emergency fund.
Don’t be disappointed because an emergency got in the way of your savings plan!
Instead, be super impressed with yourself for having that emergency fund in place.
Do not think of it as a failure if you have to adjust the timeline of your savings plan. Life happens. Pick yourself up and continue forward.
Social Media
The best solution would be to stay off social media. You’ve got people showing you things they bought, recaps of vacations you can’t go on right now , and ads that know exactly what you searched for 10 seconds ago.
Don’t fall into the trap of wanting what is flashed in front of you.
The easiest way to say no to an impulse purchase is to not place yourself in the situation of having to say no.
If social media is a trigger for you, stay off of it. It’s all about finding something else to replace the time with.
Which leads me to…
Read Money Books
This is such a motivator for me!
Read everything you can get your hands on. Even if I don’t necessarily agree with the strategy used in the book I’m reading, I always find something valuable.
There was one book I read that I remember thinking was absolutely crazy. The author had a bazillion followers so she obviously was convincing someone of her ideas.
Did I regret reading it? Nope.
I truly enjoy anyone’s perspective on how they generate money, pay off debt, invest, anything goal related.
There are so many books out there with savings strategies. Read as many as you can get your hands on. Not only will reading help keep you motivated when times get tough, it’ll provide resources to get to your savings goal the fastest.
Some financial books I’ve read and reviewed:
Girls That Invest by Simran Kaur
7 Keys To 7 Figures by Leslie Kuster
Surround Yourself with Like Minded People
Not only can social media be a drain, but so can the people we surround ourselves with.
Don’t be shy when it comes to letting your friends, family, and even co-workers sometimes know that you’re saving money.
If you’ve got a bestie at the office that is always wanting to go out and spend $20 on lunch, let her (or him) know that you’re cutting back for a while.
Maybe going out to lunch is how you celebrate the smaller goals. Let your co-worker know that you’re able to go to lunch each time you reach a small milestone with saving.
I’m quick to turn my back on people that don’t contribute positively to my life. If you’ve got someone dragging you down and hounding you to go spend money, is it really someone you want to be around?
That may be a bit harsh… but I haven’t had to X out many people in my life for being a negative influence. Hopefully, your friends and family members will support you as you continue on your saving journey.
Form New Habits
Make saving money a habit, not a chore.
Do you complain about brushing your teeth every morning after you wake up? Most likely, you get out of bed and walk to the sink and just do it.
Saving money needs to be so regular that it’s a habit, not a chore. It’s automatic and happens on a regular schedule.
Once you accept that it’s just something that needs to be done, you won’t have to try so hard to find the motivation.
It’s a mindset shift.
Watch Your Interest Grow
I love my high yield savings account. It’s where I keep my emergency fund.
It’s also where I store money that I know has a shelf life.
Meaning, I don’t want to invest it in my retirement savings or in the stock market because I know I’ll be pulling it out of the savings account at some point soonish.
Although the interest isn’t as much as I would be (most years) earning in the stock market, it is still totally fun to take a look at it every now and then and see how much interest it’s earned.
Set Your Priorities
Everything can’t be a priority. We all have things that mean the most to us.
Prioritize the things that matter to you and include them in your budget.
Let’s say you love purses. You splurge on them every now and then when you see one that you cannot live without.
Purses are a priority for you. You consider them your weakness.
They don’t have to be.
Place a line item for purses in your budget. Maybe you save $100 a month towards a new purse. Whatever the amount is per month, you can’t buy a new purse until there’s enough in the purse fund.
Now it’s up to you to have the discipline to tell yourself that the designated savings money always has to go to savings. The purse can be purchased when the purse fund reaches the appropriate amount.
Stay Out of Bad Situations
If you’re trying to stay motivated when saving money, going shopping with your friends isn’t necessarily a great idea.
Find things that you can do with your family and friends that fall in line with your savings goals.
Too much time on your hands? Perhaps consider a weekend or second job to take up your free time. Not only will it help keep your mind on saving, but it’ll also get you to your savings goal faster as you’re raking in the additional cash!
Consider a side hustle or a hobby that you could turn into cash.
Key Takeaways
So let’s wrap up with some key tips:
- Find what motivates you and stick it in front of your face.
- Surround yourself with people who don’t bring your motivation levels down or tempt you to go off track from your plan.
- Have short term goals. Long term goals are great, but you need small wins.
- Make saving automatic so you don’t have to stress about shifting money around.
- Don’t plan to save more than you can comfortably afford. You’re setting yourself up for failure if you do.
- Celebrate the small wins!
- Read up. Absorb all you can about saving and money. Not only will it help you stay motivated, it also may give you an “ah ha” moment that speeds up your journey.
We all have bad days. If you do fall off the wagon and make a mistake, don’t give up.
Pick yourself up and get back on track!
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