Money : How to Motivate Yourself To Save

Many of us would like to have money in savings. Having some money set aside can make a huge difference in our ability to reach for our dreams.

But when you’ve got a long way to go before you meet your financial goal, and when – frankly – a dollar spent now seems to provide a lot more pleasure than a dollar saved, how can you make sure you’re motivated enough to put money aside on a regular basis?

Some tips for you…

1. Save Little And Often

How about saving just a dollar or two each day? Most of us can cut a couple of dollars of unnecessary spending every day (how about skipping that latte, carpooling, ditching your daily newspaper..?), over the course of a year, you’ll have saved several hundred dollars.

2. Read Personal Finance Blogs

I find that I get encouraged to save – and to adopt good financial habits in general – by reading about others’ tips and success. One of my must-read blogs for this is The Simple Dollar; Trent writes very well, and covers topics in-depth without making them too complicated. Other good blogs on personal finance are Get Rich Slowly and Wise Bread.

3. Keep a Savings Log

Something that’s often recommended for those sorting out their finances is to keep a spending log – to write down what you spend, so that you have a clear picture of where all the money is going.
A twist on this, though, is to keep a savings log. Each time you make a deposit into your savings account (or each time you shove a few dollars into the jam jar hidden under your bed), write down the date and how much you saved. This can be a great way to motivate yourself to save more.

4. Save Towards A Specific Goal

Having a very clear goal in mind can make it much easier to save up. Your end reward might not be a tangible thing like a vacation or a new purchase: it might be peace of mind, or a sense of security or freedom. Consider visualizing how you’ll feel once you have your target amount in the bank. Will it take a weight off your shoulders? Will you be proud of what you’ve achieved?

5. Automate Your Savings

Get your bank to transfer $100 (or $200 or $500 etc) from your checking account into a savings account, at the start of each month. If the money goes out without you having to lift a finger, chances are that you’ll simply let it head off into the savings pot …

There are plenty more ways to motivate yourself to save – so let’s hear some of your best tips in the comments!

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7 thoughts on “Money : How to Motivate Yourself To Save

  1. Ahm,good post! You know you need to save money, but every time you get paid, you blow it the first weekend. Your bills are getting paid, but you need to start saving money in order to reach your goals. There are ways to help motivate yourself to save money, but the impetus is still on you to get the job done..Cheers for the writer of this blog..

  2. Pingback: Self Improvement » Blog Archive » Money : How to Motivate Yourself To Save « Daily Motivation for …

  3. Yes, agree that we should keep the saved money away form reach.
    Keep it away form easy access – perhaps save it in an account with no ATM card. THis way, we will not touch the money that easily.

  4. Pingback: How To Motivate Yourself

  5. Pingback: 4 Ways to Motivate Yourself

  6. Pingback: How To Motivate Yourself For Success?

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