There's nothing like a new year to inspire us to make resolutions and set goals for the upcoming year. The New Year brings a feeling of renewal that can motivate everyone, from business owners to individuals trying to save money.
It's true, saving money is never easy – especially when your finances are tight. But it doesn't have to be complicated either! In this blog post, we'll share five tips you can use today to stay motivated and achieve your savings goals!
Motivation can be hard to come by when I am chipping away at a big goal. For example, saving money can be a considerable undertaking and requires a lot of determination and follow-through.
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Sometimes I have to DIG DEEP to stay motivated to save money. But, I know my hard work will be worth it in the long run. So, here are five ways to stay motivated to save money even when you don't want to do it!
Know Your Why
Every big goal needs to have a “why” behind it. For example, why are you trying to lose weight? What is your reason for eating healthier foods? Why are you trying to get your finances in order and save money?
One of the most important ways to stay motivated to save money is to know why you are doing it. Keep your why in the front of your mind at all times, and it will make your efforts easier.
Keep Your Eye on the Prize
Keeping your eye on the prize is similar to knowing your why. The difference is that you need to think about how good it will feel to reach your goal.
Knowing you have the security of an emergency savings account or the freedom from credit card debt is very empowering to keep you on track to your goal.
What is your end game? What are you saving money for?
Picture how amazing you will feel when you reach your goal and keep that feeling during the hard times.
Finding ways to stay motivated to save money is not as hard as you might think. Check out these five ways to motivate you to grow your savings.
Take it Day by Day
How does the saying go: Rome wasn't built in a day? Well, financial goals aren't reached in a day either.
It takes time to reach any goal, and financial goals can take longer due to unexpected expenses. One way to stay motivated to save money is to take it day by day and remember that each little step is bringing you closer to the finish line.
Set a goal:
One of the best ways to stay motivated is to set a goal. Whether your goal is to save for a down payment on a house or just put away $50 each month, having something tangible to work towards will help keep you focused.
Make a plan:
Along with setting a goal, it's essential to plan how you will accomplish your goal. Make sure that the steps in your plan are S.M.A.R.T.: Specific, Measurable, Achievable, Relevant, and Time-bound!
Find your People
If you can't do it alone, lean on others for encouragement, ideas, and support. Surround yourself with positive, supportive people, and have similar goals to yours.
Reward Your Hard Work
I believe that rewarding yourself is vital to reaching personal goals. Now I have to be careful what kind of reward I give myself if I am trying to lose weight and reward myself for losing a pound with a big cake piece of cake. I undermined my efforts.
When I work towards a financial goal and reach my first milestone, I need a pat on the back. I don't think going out and buying myself a new T.V. is the right move here. Instead, I may set a goal to take my family to the park for a free day of family fun for all our hard work on saving money.
Find rewards that will motivate you but won't take away from your actual goal. For example, involving your whole family is an excellent idea because it takes everyone to save money!
Remember that there is no need to rush through saving money! There's nothing wrong with taking a few months or even years in some cases to accomplish your goal – be realistic about how much you can save each month.