Motivation and willpower are tricky things. I’d argue that when it comes to saving money, motivation is the most important factor in your success or failure.
I’m going to give you 4 tips that I’ve learned about getting motivated to save money. Are any of these new to you?
When I talk to Tip Yourself Members, there’s no shortage of folks that want to save money. What separates those that struggle with those that are successful is how they focus and understand their motivation.
So how do you get motivated and more importantly stay motivated to save money?
1. Have specific savings goals
Do you know exactly why you want to save money? Having a specific goal will help you focus and get motivated. Your savings goals are probably the most important factor in whether or not you’re going to be successful with saving money.
Don’t get your savings goals mixed up with purchase goals. Sometimes it’s helpful to save for specific purchases but that is not the only type of goals. You don’t have to spend your money before you save it.
Ready to set some savings goals of your own? Check out, Why You Need to Set a Savings Goal
2. Short-Term Objectives
Many savings goals will take a while to achieve. When your goal is spread out over many months it can be hard to stay motivated. That’s why it’s helpful to have short-term objectives along the way.
Your savings goal may be to have $1000 in your emergency fund or to have a downpayment on a new home. Those goals can both take many months to achieve. So to stay motivated, also set weekly objectives that you can achieve.
This is why the Tip Yourself App also has Savings Milestones in addition to your overall Tip Jar goal. These short-term milestones are a great way to boost your motivation.
What do you want to accomplish this week? Set a small goal for yourself and use it as a source of short-term motivation.
Weekly habits and specific short-term objectives are very powerful. Check out, Make Saving Money a Habit
3. Trade-Offs and Priorities
The temptation to spend money is never going to fully go away, but you can learn to avoid those temptations by having your priorities clear. What’s more important to you, a new pair of shoes or the savings goal you set for yourself?
Life and money are all about trade-offs and priorities. What do you want to achieve? What’s most important to you? It’s different for all of us. So take some time to figure out what works for you.
Making trade-offs and decisions on what to do with your money is about separating Wants vs Needs. I recently talked about it in the blog post: How to Save More Money this Month
4. Ride the Motivation Wave
The last tip is about motivation itself. It’s important to recognize that motivation moves in a wave. You will naturally go through times of high motivation and times of low motivation.
When you have a week where getting motivated to save money seems especially hard, don’t get too down on yourself. It’s natural to go through waves of motivation. You’re going to have good days and bad days.
The key to success is to ride the wave. Take big steps forward at times of high motivation and focus on smaller steps during times of low motivation. Don’t get down on yourself. We all struggle at times. You just don’t often see folks posting on social media when they’re struggling. 🙂
Ride the Motivation Wave. I talk about it more in the recent article: Good Days & Bad Days. The Secret to Staying on Track.