How do you stay motivated to save money when it feels like it is taking forever?
You have a vision, new goals, and a plan of action. You are pumped up and ready and every day you are moving right along. Then, at some point, you lose steam. It’s not as exciting anymore and you see very little progress. And there you have it…. motivation slump. I hear ya!
It is a given that at some point in your financial journey, you will lose your motivation and feel like just forgetting the whole dang idea. If you find yourself getting to this place, try some of these tips to help revive your motivation.
Tips to stay motivated to save money
1. Revisit why you are saving in the first place
Sometimes it is just a matter of remembering our “why” to keep us motivated to save money.
Go back to why you chose to save in the first place. Are you creating an emergency fund or saving for something in your future such as a car, home, vacation, or something else?
Reconnect with your “why” and get excited all over again. Imagine your success and what that feels like. Get into dreamland for a little while until you feel even the slightest bit motivated to carry on.
2. Put your vision in front of you
Make sure that your vision is right in front of you and that you visit it often. If you created a vision board don’t stuff in it the shoe closet. Put it on your wall where you can see it. If you have a letter or journal or affirmations, read them daily.
Don’t wait for demotivation to remind you to revisit your why. Remind yourself every single day.
3. Break long-term goals down into smaller goals
It takes a while to see the progress of long-term goals. Breaking these goals down into smaller ones allow you to feel the excitement of achievement and gain the momentum for progression.
If you have a savings goal that may take 5 or more years, try chunking that down into annual or semi-annual goals.
4. Celebrate your success
Do you like rewards and celebrations? Rewards are a great way to stay motivated to save money. Create milestones and when you succeed, celebrate!
Let’s say that your long-term goal is to save for a home and your goal is $125,000 in 5 years. This means that you need to average saving about $2085 per month.
Track your monthly progress and celebrate once you have met your goal for 3 consecutive months. If you exceeded your goal, then celebrate more!!
I am not suggesting spending all of your savings on your celebration but do something nice for yourself. It does not even need to cost money.
Give yourself permission to acknowledge your successes.
5. Budget apps that keep you motivated to save money
I used to run and I had an app that tracked my distance, pace, and a whole bunch of other metrics. I was absolutely glued to this app. There was something about looking at the progress bars and numbers that motivated me to run at faster paces and for longer distances.
There are budget apps that can do the same. If you like apps that track your progress and give you feedback regarding your goals, try a budget app. It might just be what you need to stay motivated to save money.
Two apps that I can think of are mint and everydollar.
6. Learn more about budgeting
Learning can keep you motivated. Read articles, listen to podcasts, watch youtube videos and talk to people. Embrace budgeting and learn what it is, and isn’t for that matter. Be inspired by the success of others. Inspiration leads to motivation.
7. Adjust your plan
Sometimes motivation is lost when the plan is not really working or is just plain boring. Take a good look at your plan. Is there something that can be tweaked? Is it too ambitious for this time in your life, leading you to feel discouraged? Or…is it not ambitious enough, meaning that it gives you too much leniency in your spending instead of savings, resulting in slow savings progress.
There is absolutely nothing wrong with changing your plan. I change my plans often. I find that I get very excited when the plan is new and then after about three months, I need a different one. My ultimate goal is the same, but the plan slightly changes and allows me the feeling of a “fresh start” and new motivation.
So…go back to your plan and revise it a little.
Summary
How do you stay motivated to save money?
Don’t beat yourself up when you lose motivation. It is a natural part of the progression. There are a billion reasons that you can lose your motivation for saving money. Dig in and find out which one applies to you and then do something to pick yourself back up.
If you feel like giving up, revisit why you created the goals in the first place and make sure that your vision is in front of you at all times.
When you are feeling hopeless, break your goal down into smaller chunks and celebrate with each success.
Feeling uninspired? Learn more about budgeting. You can also revisit the reasons for your vision to help inspire you to carry on. Try budgeting apps to help encourage you to meet your goals.
If you are just feeling burnt out or bored then review your plans and make adjustments if necessary.
Remember that part of any journey is what you learn along the way and learning how to motivate yourself is part of the experience.
Thanks for reading!
Stay balanced,
Jill