Wondering how to successfully save money for the future without burning out? Here are the top 10 secrets!
In today’s inflation-ridden economy, earning money is hard but saving money is even more challenging. Every moment of every day, we are bombarded with all sorts of things we could buy. Things that only give us a momentary dopamine rush and ultimately benefit the consumerist-capitalist culture. Things that not only hurt our short-term finances but also lead to crippling lifelong debts. Needless to say, it’s time to start thinking consciously about your financial health and vamp up your motivation to save money!
Why Do Most People Struggle and Even Fail to Reach Their Savings Goals?
We all want there to be thousands of dollars in our savings accounts. However, with inflation and the rising cost of living, there’s only so much you can save on groceries, giving up that extra latte or compromising on everyday necessities.
According to the annual report by the U.S. Bureau of Economic Analysis, the personal savings rate of U.S. citizens dipped to 2.7% in 2022, the lowest in fifteen years. In February of 2023, the savings rate only rose to 4.6%. To put that into perspective, the average savings rate of U.S. citizens since 1959 has been around 8%.
We can see from this data that people are struggling financially. The rising cost of living, coupled with slow wage growth has not only set people behind in savings but has also taken away their dreams of a financially stable retirement and many life goals.
And one of the main reasons behind this is a lack of motivation. It is easy to give in to momentary pleasure than be disciplined and consistently save money for years. However, one thing is certain; if you don’t motivate yourself to save money on a regular basis, you will fail to realize many of your life goals & dreams.
Related Content: 15 Quotes About Saving – Wise Words For a Wealthier Future
What are the Benefits of Saving Money?
Not that you need any reasons to save money; but it is good to remind yourself of all the benefits you can get from increasing your savings.
- It gives you greater financial freedom.
- You can easily tackle any emergencies or accidents without worrying about money.
- Saving money can help you make big purchases or go for dream vacations, elevating your quality of life.
- It reduces psychological distress. Numerous studies have shown that lack of financial stability leads to many mental health distresses such as stress, anxiety, depression, etc.
- More peace of mind for retirement days.
Top 10 Ways to Keep Yourself Motivated to Save Money Consistently in 2023!
Honestly, the benefits of saving money are endless. No one can disagree with that. Nevertheless, people still find it difficult to stick to their savings plans. That is why, here are some of the most fun and inspiring ways to increase your motivation for saving money and improve your financial wellness in 2023!
1. Why you’re saving
The first thing is to figure out the “Why”. Why are you saving money? What is a dream that you want to achieve but lack the resources and funds to do so? It could be anything; saving up for a house, a dream car, a short summer vacation trip to your ideal destination, or simply that beautiful luxury dress that you’ve been eyeing for a while. Knowing why you’re saving and giving yourself an actual goal to achieve is the key to successfully saving money!
2. Turn it into a game by using Money Saving Challenges
Some people struggle to save because they cannot figure out a good savings plan. Ideally, you should save up a consistent amount regularly. Of course, it mainly depends on your budget, which you can track through budget apps. But a quick and easy way is to use Money Saving Challenges! For example, the 52-week money-saving challenge helps you save over $1,300 in a year! Similarly, there are plenty of other clever challenges out there. Simply, print out a chart and start following the challenge! It’s sure to turn into a fun game!
3. Make it Easy to Save
Ever wondered how to force yourself to save money without overthinking your budget and stressing out about finances? The answer is simple; make it easy to save! How can you do that? By automating your account! You can set up an amount that automatically goes to your savings account every month or every week. This way, you’ll be saving by default, without even lifting a finger.
4. Visualize: Create a vision board
There’s nothing that drains your motivation more than abstract, vague goals that you want to achieve ‘some time’ in the future. Therefore, visualizing your goals and success is important to stay motivated. You can do so by creating vision boards and using images, videos, gifs, etc to represent all the things you want to achieve. Place these vision boards somewhere you can clearly see every day.
5. Set short-term goals
The importance of setting goals to reach financial success cannot be underestimated. It is a crucial step. Ideally, you should break down your ultimate goal into smaller chunks and shorter milestones that give you a sense of accomplishment upon completion. When you complete a short-term goal, it makes you realize that you’re one step closer to your ultimate goal, and that gives you a boost of motivation!
6. Celebrate and reward yourself for achieving them
Likewise, rewarding yourself for reaching those short-term goals increases your motivation as well. You cannot continue saving for years on end by living a frugal life and denying yourself even the smallest of pleasures. Sure, it’s important to not splurge but it is completely okay to celebrate and congratulate yourself for reaching a milestone. After all, enjoying the savings journey is much more likely to result in success!
7. Consume Financial content online
Another fun way to keep up your motivation to save money is by consuming finance content. There are so many excellent & eye-opening books on saving money available in the market. Plus, there’s no end to “Fin-fluencers” (Finance Influencers) and online content that teaches you how to save money effectively. All of these contain helpful information and clever tips and tricks that are sure to boost your motivation for saving money!
8. Have an Accountability Partner
People are more responsible when they have someone to hold them accountable. As an adult, it is oftentimes very difficult to be responsible since there’s no one we’re answerable to. Therefore, to successfully reach your financial goals and save money, you need to have an accountability partner. It could be your spouse, parent, friend, partner, or anyone.
9. Stay away from social media on bad days
People are much more inclined to spend money thoughtlessly when they’re sad, frustrated, anxious, or depressed. And social media is the main culprit behind careless spending since it’s full of exciting things you can buy. Plus, watching your peers have the time of their life while you’re stuck penny-pinching is sure to give a blow to your motivation.
10. Forgive Yourself and Stay on Track Despite Slip-ups
Lastly, it is important to keep in mind that your savings journey is going to have ups and downs. There will be months when you can save hundreds of dollars without a worry and days when you’ll be stuck with unexpected expenditures stretching your budget thin. Moreover, there might be days when you slip up and make a big purchase that wasn’t necessary.
If you beat yourself over it and give up on the entire savings plan because of one mistake, you will never get anywhere! Therefore, learn to forgive yourself. Amidst your mistake, learn from it, and become better because of it.
The Bottom Line
Undoubtedly, saving money and achieving financial success is not easy. Neither does it happen overnight. It takes years of consistent effort and discipline to realize your goals. Certainly, you’re bound to lose motivation on the way. However, with these amazing & helpful tips, you can not only increase your motivation to save money but also enjoy the process!