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HOW TO MOTIVATE YOURSELF TO ATTAIN YOUR SAVINGS GOALS

Leave a Comment / Money Management / By Melissa

This post may contain affiliate links. Click here to read my full disclosure.



When it comes to managing money, we have to focus on savings. We all know it’s
the basic thing to attain any financial goal, but we rarely take action.

We may become enthusiastic one day and plan to save a certain amount every
month. We might make a financial resolution too. But, honestly speaking, most of
us can’t keep the promise we make to ourselves.

So, where are we lacking? Financial psychology. Lots of factors come into play;
our financial beliefs, financial literacy, emotional awareness, etc. shape our
financial health.

Let’s discuss how to use financial psychology to crush our savings goals and
improve our financial health.

Contents hide
Don’t Wait for Tomorrow – Start Today
Plan a budget – Make it your best friend
Set your savings goals – Set a time too
Automate your Savings – Reduce your Stress
Emergency fund – Feel its power
Increase your income – Give your savings a boost
Retirement fund – To take care of your golden days
Tackle Debt – Your Powerful Enemy
Share and Enjoy !
Related Posts:


DON’T WAIT FOR TOMORROW – START TODAY

 Most of us suffer from this psychology “We will do it tomorrow”. But, tomorrow
never comes. Therefore, select an auspicious (if that motivates you) date to get
started.

Select the time of the day when you stay most focused. Some people are more
productive and remain attentive during the morning and some others during the
evening. Let me share a secret with you – I try to do the most difficult jobs
late at night after completing daily chores. But, don’t think I do it often
because it’s not good for my health.



Another thing, set the date and time after consulting your partner. Both of you
sit down calmly and discuss your savings goals together. Doing so, both of you
can motivate each other when one goes off the track a bit.




PLAN A BUDGET – MAKE IT YOUR BEST FRIEND

If I ask you, do you need a budget? You may answer, why do I need one if I
manage my expenses quite nicely. Now, tell me, are you happy with the amount
you’re able to save every month? Or, if you have to shell out for an emergency
car repair, will you be able to manage your other expenses with ease? If you’ve
answered ‘no’, you need to plan a budget.

If you’re trying to plan a budget for the first time, keep it simple but
realistic. At first, set aside 20% which you will save. With 50% of your monthly
income, plan your expenses like paying utility bills, grocery shopping, along
with meeting other necessities. Keep 30% for your variable expenses that include
satisfying your wants, too.

Now, try to save from this remaining 30% to improve your financial health. Tell
yourself that you’ll be able to lead a better lifestyle if you can save this
amount.


SET YOUR SAVINGS GOALS – SET A TIME TOO

We have discussed planning a simple budget; now, set your goals, specifically
savings goals, and then you may need to modify your budget accordingly.

To use your financial psychology to crush your savings goals, you’ll have to
visualize your goals.

Let us discuss this in detail.

First of all, select the goals that you’re really passionate about. Ask
yourself, can you sacrifice some of your wants happily to attain your goal?



For example, does a picture of your dream home excite you? If so, select it as a
dream. Write another one, like a dream vacation. Add all the goals that you want
to achieve that really excite you.

Now, close your eyes and visualize your dreams. Feel the excitement of staying
in a beautiful home with your near and dear ones. Also, dream of standing in
front of the Sydney Opera House, Australia, your dream vacation.

Then, stick a picture of your dream home and vacation in your refrigerator so
that you can view it every day. It will give you the psychological boost and
motivate you to attain your goals.

But, one thing is remaining! Set a time when you want to achieve your dreams.
Otherwise, how will you plan to achieve your goals?

Therefore, in this case, your goal can be to buy your dream home in 2025 and go
on an Australia vacation in December 2021.

Likewise, talk to your partner and decide what you want to achieve within 10
years from now.


AUTOMATE YOUR SAVINGS – REDUCE YOUR STRESS

One of the best ways to automate your savings is to start two savings accounts
with names ‘Dream House’ and ‘Australia Vacation’. Automate a certain amount of
your paycheck directly to this account every month. Doing so, you won’t have to
worry about saving for these goals.



However, from time to time, check the amount you’ve saved to motivate yourself
to carry on with your savings strategy until you reach your goal.

Whenever you get a bonus, you can add the amount to these funds. It will help
your fund grow fast. And, you might be able to attain your goal within your set
time.


EMERGENCY FUND – FEEL ITS POWER

While saving towards attaining your financial goals, do not neglect your
emergency fund.



If you have a solid emergency fund, you can pursue your financial goals without
worrying about your rainy days.

Do you know how much you need to have in your emergency savings fund? Well, it
varies from one person to another based on your lifestyle. The ground rule is to
have an amount with which you can sustain for about 6 months without a paycheck
and without liquidating your investments.

Got it?

So, assess your expenses and save that amount in your fund.


INCREASE YOUR INCOME – GIVE YOUR SAVINGS A BOOST

Are you surprised why I am not saying to reduce your expenses? Well,
unquestionably that is needed. But, increasing your income can help you save
your target amount every month with ease.

You can use your leisure time to do what you want and earn a few dollars. You
can give online tuition, take a survey of a product you like, and so on.

You can earn extra even without stepping out.


RETIREMENT FUND – TO TAKE CARE OF YOUR GOLDEN DAYS

The discussion remains incomplete if we don’t stress on depositing in your
retirement fund.

If your employer offers a 401(k) retirement plan, try to contribute an amount to
get the highest match from your employer.

Doing so, you can pursue your other goals without having to worry much about
your golden days.

If required, talk to a financial adviser about how much you need and how to plan
for your retirement. Well, that’s a financial goal too.


TACKLE DEBT – YOUR POWERFUL ENEMY

How will you crush your savings goals if you’re burdened with debt? Well, some
debts can help you but you need to manage them too. A home loan helps you to
build your net worth but, you need to make regular payments to repay the loan on
time and to avoid foreclosure on your home.



And, if you have credit card debt, a major portion of your income will go to pay
the interest on the outstanding balance. Therefore, look for suitable ways to
eliminate your debt and pay it off as soon as possible. Then only, you’ll be
able to save the amount that otherwise, you’ll have to pay to satisfy your debt
payments.

If required, take professional help if you can’t reduce your debt burden on your
own.

Do not be stressed to repay your debts. Plan a suitable strategy and you’ll be
able to get rid of annoying debts within a definite time. Just pursue your
savings goals along with paying back debts. Doing so, you can repay debt and
save for your goals together.

Following the above-discussed strategies can help you improve your savings
percentage quite a bit. As a result, you’ll be able to attain your financial
goals within time.

While reading this, have you come up with any other idea of getting that
psychological boost to save? You can share it if it can help you attain your
financial goals and improve your financial future.

Author’s Bio: Good Nelly loves to analyze the day-to-day financial happenings
along with critically analyzing the changing rules of credit, debt, insurance,
mortgage, etc. related matters. She loves to share her analysis with others thus
helping people to understand the exact scenario. She also maintains a blog My
Way Of Viewing where she writes about her experiences.



Save

Melissa

I’ve done all the things! Girl, I’ve washed my face. I’ve trashed everything
that doesn’t spark joy. I’ve walked the baby steps. I’ve cried. I’ve prayed, but
my perfectionism has really held me back.

Perfection Hangover can be crippling. Stop comparing yourself to others and
start living your best life! That’s why PH exists! I want to encourage you to
take control of your money, your blog, and your business.

perfectionhangover.com





SHARE AND ENJOY !

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HEY THERE!

I'm Melissa.

After years of working in the banking and real estate industries and dabbling in
multi-level marketing, one thing became very clear. I was filled with an
entrepreneur spirit that was beckoning me to leave the corporate and MLM worlds
to pursue my own passions and dreams. A recovering perfectionist, it hasn't
always been easy, but in just two years, I replaced my full-time banking income,
and I'm on a mission to help others ditch the 9-5 and create a life they love.


START YOUR OWN BLOG HERE


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