how to regain your motivation to save money

Sometimes. it can be difficult to stay on track when you are saving for the long-term and then you begin to lose focus and you start spending money on things that should be for the future. Here are a few ways to stay motivated to reach your savings goals;

Write Down Your “Why”

The best way to regain your motivation to save money is to go back to the original reason you wanted to save in the first place. For instance, if you are saving to buy a car, this is a savings goal that can take quite a while, depending on how much you can set aside each month. You might start to feel unhappy with the idea if after a few months or years, you still have not purchased it. So revisit your reason for saving for a car. Maybe you spend hours at the bus station, waiting to catch a bus to work. Whatever the reason may be, write it down and make sure you connect with it. You need a “why” that resonates with you. Saving just because it’s the right thing to do does not help.

Set Savings Milestones

Sometimes the reason we lose motivation to save is because our goals seem too intimidating. Breaking your goal down and having smaller milestones to reach can help you stay motivated. You could break it down into monthly chunks instead of allowing that large amount discourage you from smashing those goals. You want your goal to be manageable so you feel as though it’s attainable.

Visualize Your Progress

When months and years pass and you are still trucking along with your savings, you might lose sight of the progress you have made. Saving becomes stale. So to help, you can create visuals that chart your progress so you are always reminded of how far you have come. These visuals can help drive your progress forward, and they serve as a constant reminder of your goals.

Re-Evaluate Your Goals

If you are not feeling as motivated as you once were, it might be a sign that you need to re-evaluate your goals, perhaps something has changed in your life. Many people change their mind about their goals, and it’s an avenue worth exploring, especially if you cannot figure out a compelling ‘why’. So if you find that your goals do not excite you anymore, re-create a list of savings goals and re-prioritize. You might find that you need to switch your focus to something else. You can always take the savings you’ve already accrued and put it toward another goal.