11 WAYS TO ELEVATE YOUR SAVINGS
by: Remie Longbrake | published: February 28, 2022
Saving money is a step to financial success. It’s not a sprint however and does take time and commitment to reach your money goals. Here are some tips to help you improve your motivation to save money.
1. Set realistic goals
Set goals for yourself by creating straightforward, measurable, affordable, efficient and timely savings. This makes it easier for you to achieve your goals no matter what those goals are, however same holds true for your money.
As you set your goals, be sure to chunk them down to make them more obtainable. Break the goal down by doing quarterly, monthly, and weekly if that’ll help.
2. Talk it out
If you have a family, it’s very important to discuss these money goals and have a cohesive plan. It’s pretty common for one spouse or partner to be more of the spender and the other the saver. Regardless, you’ll need to have a conversation, understand each others goals and put a plan in place for all of you.
3. Put it in writing
It’s best to write down your goals and have specific targets that your working for. Say it’s a down payment on a house or a car. You can write down exactly what you’re looking for. This exact car with these features in this color. Or a house in a certain neighborhood, with your dream yard. You can also take the extra step and write down how and what you would do when you have it.
4. Be visual
It’s also a good idea to take a photo of what it is you’re trying to accomplish. If you find that house or that car, take a photo of it. You can use that as motivation. Put that photo on your fridge, in your current car and probably at your desk. Places where you’ll see it often enough that. I say your desk, because if you’re a spender, say on Amazon, you’ll see that photo and perhaps have second thoughts about spending that money since you’ll know you have goals to meet.
5. Get your budget
If you don’t already have a budget, you should consider starting one. It’s way too easy these days to spend, especially online. Budgets can be done on paper or online. We have a handy budget print out you can use to help.
Essentially, you need to understand what your expenses are and what income you have coming in. Although that sounds simple enough, you’d be surprised at how quick money leaves your account.
Really try to limit yourself on the extras. Movies, dinning, clothes, entertainment. Although it’s all great and fun in the moment, it all adds up. Not saying you can’t have fun, but you can use these extras as rewards and perhaps more limited. Instead of every weekend going out (or multiple times per week), try to eat at home more often, which will help.
6. Start a savings fund
If you don’t already, open up a saving account. This can be done at your local bank or credit union. You could also open up an account with an online bank. If you do that just be careful and know where your money is going. Usually going local is best, however online banks sometimes do offer a slightly higher interest rate on your savings.
Another way to help you save, is by separating your savings fund and your entertainment fund. You can open up two account, one is for purposes to meet your goals. The other account can be used to store away entertainment money that you would spend. That holds you more accountable than just having it all blended with your regular checking account.
7. Start a savings record
After opening your account, it would be a good idea to start tracking your savings. It’s not something to get carried away with, however you want your savings to match your goals that you’ve set.
You can use something simple like a bulletin board in your home office or on the fridge. You can make it fun and using colors and X’s as you meet those goals.
Another option is to go digital and track your savings on the computer. Although, this way may not be as visual as a fridge, it does make it perhaps a bit easier to graph progress. There are also many apps you can use as well that helps track spending and savings goals.
8. Clean your cashe
If you’re an avid spender online, one thing you can do is choose NOT to save your credit card info in the online stores you shop. This forces you to get out your credit card and reenter the info each time you feel the urge to spend. For the sites that have your info already, you might be able to clean out your cashe files on your Internet browser to remove some. Although other websites, you might need to manually remove your card info from their site as well. It’s an extra step, but one that will help you save.
9. Hide the credit cards
If you must, store away the credit card. Cash is still accepted (at most places), so if you have the urge to spend more than you planned to, leave the card at home and take cash.
10. Challenge yourself
You’ll be challenged enough by not spending, however it’s important to reach your money goals, so when you are enticed to spend money where it may not necessarily be needed, take a step back and say to yourself how is this going to help me toward the financial goals that I want.
11. Find an accountability partner
It will take a lot of effort and awareness to break habits and not spend in ways you have in the past. Results can be accomplished though. It’s most crucial to get your spouse or partner on board, however there are times when getting an accountability partner will help. That could be a friend or family member, however the purpose is to help encourage to meet those goals and stick to it.
Having encouragement goes a long way. You can also share online and have others root for you in your journey. The next step is seeking a money coach or a someone in a professional manner who will help you reach goals and make them more obtainable, which Prosper Pathways can offer for you.
We look forward to your success, remember your savings goals are possible.
It is our recommendation to always consult with a licensed and reputable financial expert. This educational article is not specific advice. We strive to present quality, effective content. For specific references to our content please use our contact page.