Five ways to stay motivated and achieve your saving goals

image of a person jumping in the air as he achieve your saving goals


MoneyPlus Features Team

16th November 2016 at 9:00am

“Believe you can and you’re halfway there” – Theodore Roosevelt

Motivation is what drives you towards a goal, what keeps you going when things get tough. But there’s only so long you can go on trying to motivate yourself to do something you don’t like to do, something you don’t want to do.

For the financial procrastinators among us, that can be a real issue when it comes to saving.

The ways and means

But if you find ways to really want to do something, you can sustain your effort for much, much longer and you have a much better chance of achieving your goals.

With a positive attitude, consistent saving habits and a few helpful hints, you can definitely experience the success and reward of reaching your savings targets.

Here are a few simple ways to ensure that you stay motivated and reach those elusive savings goals.

Find ways to really want to do something

Set a goal

Having a very clear goal in mind can make it much easier to save. Making it a clear goal that will fire you up can encourage you to work harder to achieve it. In this case, you need to be clear about your purpose for wanting to save and grow your money.

Ask yourself a few questions first to help define what that goal is.

For example:

  • Do you want to be prepared in case of emergency?
  • Do you want to ensure you’ve enough for a deposit?
  • Do you want to ensure you’re going to be comfortable in retirement?
  • How much do you want to have saved in order to meet any of these needs?

And consider visualizing how you’ll feel once you have your target amount in the bank. Will it take a weight off your shoulders? Will you be proud of what you have achieved?

Once you have the answers, you’ve got your goal and the appetite to go for it.

Always have a very clear goal in mind

Save little and often

Don’t tell yourself “It’s only worth saving if you’re putting a significant sum away each month.”

Saving little and often can be just effective and time is your friend. Even small adjustments to your day to day outgoings can free up the cash you might need. And you’ve a choice of products you can save into; many with tax benefits that can help grow your savings faster.

Find out more in thinking slowly could be the secret to financial success.

Pick up some tips

Check out personal finance blogs to pick up hints and tips. The thoughts and actions of others can be inspiring, especially when they are written in an upbeat and informal manner. Get involved and share your thoughts too, leave feedback, join online communities, even consider writing your own blog – participation can be a great motivator.

Join the Community on our Facebook and Twitter pages, for example.

Reward yourself

Small savings goals have their own rewards: you get to go on holiday or watch that large screen TV. But large ones, like retirement or home buying, can be marathon slogs. Set some smaller benchmarks along the way, and do something nice for yourself.

Maybe it’s a dinner out when you hit a certain milestone. It doesn’t always have to involve spending a lot of money, just a simple walk in your favourite place could suffice. However, it should be something that you think of as special, and you should be ready to enjoy every second of it.

Saving for Christmas? Here are some useful Christmas planning tips.

Reward yourself, you deserve it

Tell your friends

If other people know you’re trying to achieve something you may be more likely to finish it. They’re support can be a good motivator. Ask them to keep tabs on how you’re doing, visualise how good it will feel to let them know you’re succeeding. And if you’re struggling they may be just the encouragement you need to keep going.

If it turns out they’d like to save for a goal too, why not “buddy up” and start your saving journey together. Or make it a competition if that works for you; compete against each other to see who can save the most in a set period of time.

If you and your partner are looking for ways to save more, here are some savings tips for canny couples.

Stack the odds in your favour

By adopting these simple tips you can help raise your chances on reaching your savings goals.

The most important thing is not to give up; with a little hard work and determination you’ll be free to enjoy everything that you’ve been aiming for. Saving can seem difficult, but the feeling of satisfaction when you finally reach your goal is well worth all of the effort you have put in.

And do it now. Sometimes ‘later’ becomes ‘never’.

Join the conversation

Do you have any motivational saving tips?  Follow us on Twitter and Facebook to share experiences with others.

The information in this blog or any response to comments should not be regarded as financial advice and is based on our understanding in November 2016.