Congratulations! You’ve finally decided to get serious about your finances, and you have some financial goals you want to achieve. But maybe you need some motivation for saving money. So, how do you stay motivated when it will be months or maybe years before you reach your money savings goal?
Saving for big money goals can be a long road. According to MarketWatch, it could take someone earning $56,000 a year 77 months to save for a downpayment on a $216,000 house. It's easy to get discouraged when big dreams and goals seem out of reach.
However, we are here to supply you with some "save money motivation" to help you reach those financial goals!
Why having motivation for saving money is important
Again it's easy to burn out when trying to achieve goals such as saving money. That's why finding ways to stay motivated is the key to accomplishing your goals. Motivation will keep you focused on what you truly want!
Maybe you have your eye on a trip to Disney World or a fancy handbag, or maybe you’re ready to finally start a home down-payment fund; whatever your financial goal, it’s time to work towards it with this save money motivation!
Save money motivation: 12 Tips
Are you ready to bulk up those savings accounts? Here are 12 simple tips for maintaining your motivation for saving money!
1. Be specific
One of the ways to lose motivation for saving money is by not being specific about what you want. If you're saving for a home down payment and it will be years before you have enough to move forward with your home purchase, it’s important to be specific and get clear on what you want.
Do you want to live in the suburbs or the city? Do you want a condo or a house? Will it be a fixer-upper or move-in ready? The more specific you can be about what you are saving for, the more connected to the goal you’ll feel. Setting SMART goals is a great way to get crystal clear about what you wish to achieve.
2. Know your why
Once you are clear about what you are saving for, why is that purchase important to you? How will you feel when you reach that savings goal? What will achieving that savings goal represent?
Reminding yourself why that savings goal is important will help keep you focused. A strong “why” will help you save money and keep that motivation high as you work towards that goal.
Saving money is a smart money move, but alone won’t be enough to keep you motivated. Attaching a strong passionate purpose behind what you're saving for goes beyond the actual goal. It addresses the feelings and emotions of what the goal represents.
3. Set the intention and tell others
Setting the intention for saving money is great, but accountability is crucial. Share the goal and the plan for how you are planning on achieving the goal with those you trust.
Along with sharing your intentions with others, sharing your progress can also motivate those who know you to achieve their own goals!
Ask your friend, loved one, or financial coach to hold you accountable. Sharing the plan with other people is a great way to ensure you stick to it.
Particularly for long-term savings goals, it can feel lonely when you are on the path. But sharing your progress is a great motivator for you and an inspiration to others.
4. Create short-term milestones
Setting goals with realistic timelines is important. However, setting weekly or daily goals for smaller milestones will allow you to track progress. Having a goal to save $10,000 in a year may seem out of reach, but a simple goal of reducing your daily expenses by $27.40 and saving it, will make that goal possible.
Breaking down your big goals into smaller ones will keep you from getting overwhelmed and help you attain your goals much easier.
5. Celebrate the wins
Here’s a reminder to celebrate every milestone reached, including the small ones. Decide now how you’ll celebrate when you reach each one. Will you post it on Instagram to get community support?
Reaching huge savings goals is most successful when you celebrate the wins along the way. Set yourself up to have quick wins along the way. Celebrating the first $50 saved is just as important as celebrating your first $1,000.
6. Keep your funds separate
Keeping your savings as a single pot of money can be tempting, but every goal should be kept in a separate account or in a different savings bucket. If you are saving for a car, keep that money separate from the money you are saving for your dream vacation trip.
Sinking funds are a great way to save for something specific. Having separate accounts will make tracking your progress easier.
7. Create a vision board
Using visual cues is a great way to keep your motivation for saving money high. A vision board will remind you of what your priorities are and can be a great daily reminder.
Whether you use scissors, a magazine, and glue or create a desktop screen saver to serve as a reminder, there is something powerful about having a photo of what you are working towards.
8. Start a money-savings chart
Get motivation for saving money by using a money-savings chart! Money-savings charts are printable charts that help you track money for specific goals. They are an excellent tool to keep you motivated. Using an app or a printable savings tracker is an easy way to track those quick wins.
9. Create a checklist
Is there anything more satisfying than writing out a to-do and then checking it off? Okay, maybe that’s just a "me thing". There’s power in writing out the steps needed to achieve your goals. Creating a checklist is an easy way to track your progress and know each time you reach a milestone.
10. Leverage personal finance content to get motivation for saving money
Whether you prefer to consume personal finance content by watching YouTube videos, listening to podcasts, reading books, or blogs like Clever Girl Finance, surrounding yourself with inspiring stories is a great way to maintain your motivation for saving money.
With the growth of financial social media influencers, also known as “Fin-fluencers,” apps like TikTok and Instagram are full of people sharing their debt-free journeys, celebrating their first home purchase, and reaching early retirement. Every day people are sharing their financial journeys as well as how they are able to maintain their money motivation.
11. Avoid feeling restricted
The journey to a big financial savings goal can be a long one. Deprivation is one of the easiest ways to lose motivation for saving money. So, make room in your budget for things and experiences that bring you joy and add value to your life.
Cutting out all the fun things might sound like a quick way to increase your savings but feeling restricted is a sure way to lose your savings motivation. Keep your spending and savings simple by prioritizing and focusing on the things that are most important to you.
12. Automate your savings
A way to eliminate obstacles is to have money from your paycheck automatically sent to your savings account or have automatic transfers from your checking to your savings funds. Having one less thing to think about by automating your finances when you are saving money reduces the overwhelm and savings fatigue.
Stay focused by using these "save money motivation" tips!
Once you are clear about what and why you're saving for, dividing up your big goals into smaller milestones is a great way to stay motivated and create momentum. Don’t forget to track your progress. Staying motivated when saving for big financial goals can be simple.
Surround yourself with people who will hold you accountable and challenge you to do better. If you find yourself losing motivation when saving for your financial goals, get inspiration from others, and don’t forget to celebrate the small wins along the way. Don’t dwell on the past and focus on your goal.
Get even more motivation for saving money with our completely free savings challenge bundle! Also, don't forget to follow Clever Girl Finance on Instagram, Facebook, and YouTube to keep you motivated towards your goals!