Finding the Motivation to Keep Saving.

Financial stability can never be achieved without savings. It is a nonnegotiable. Even when it’s not already a habit, most of us get to a point in our lives where we need to save money. It could be something as simple as establishing a rainy-day fund for emergencies such as a broken pipe, a mechanical issue with a vehicle or medical bills. It could be saving the cash to travel to an overseas destination for a dream vacation. You could be working towards the purchase or a home or starting a family. Among the millennial communities, many individuals decide to return to college to further their education, whether it is for a certification or a graduate degree. I once met an individual at a networking event who was interested in a  professional pilot training program after having completed an engineering degree. Whatever you need it for, your savings come to your rescue when you need it. That is the reason why it is important to have savings goals. For some, it could be all be easier said than done. In the heat of the moment, with some motivation, it may be easy to start. But how can you keep your motivation and momentum going? Here are some tips that may just help you stay on track.

Keep Hold of Your Priorities

Coasting through life without a plan is a surefire way to achieve nothing. I heard one of my mentors say that you will never reach the goals that you haven’t set. Yes, exactly, thought provoking. Figuring out a goal and – more importantly – the steps you need to take to turn it from a dream into your reality – can have a very effective motivating effect. You know where you’re going and exactly how to get there, and you can measure and celebrate your progress along the way. For example, you are planning a trip that will cost you your family $3,000. Maybe, saving this amount seems impossible for you or too difficult to accomplish. Breaking in down to your monthly savings could clear out some of the fog. How much could you save every month. If your family can manage to put way $300 per month, this simply means that you can plan your trip for next year and not this year. It is that simple. While working on the short-term goals, (i.e.: monthly goals), keeping the bigger picture firmly in your sight makes it easier to make all those little day to day choices about saving, like not grabbing that $10 drink or buying something you just don’t need.

Recalibrate Your Habits

Half the battle with saving is creating consistent good habits and avoiding the bad ones. Start by getting into the practice of making regular saving deposits. My ideal recommendation is to allocate a portion of your paycheck to savings immediately after you’ve received your remuneration.

On the opposite, once you’ve gone through the hard work of establishing your savings, resist the temptation to blow it if you have achieved an initial goal such as building up a nest egg or paying off a credit card. Even after you’ve achieved your goal, keep up that automatic transfer from your wages to your savings and just repurpose it for your new goal. You now have proof that the system you’ve been using works, so just make whatever tweaks you need to the time frame and the amount for your new goal to be a success.

Remember to Reward Yourself

Life without any treats at can be joyless, so pick something you can have as a small, regular reward to keep you on track. It could be a night out with friends or a massage appointment. Whatever makes you feel like you’re treating yourself well. Schedule it in and budget for it to keep your motivation high, but don’t go too crazy beyond that. A little balance and your savings will be safe and so will your mental wellbeing!