Saving money is a struggle that all of us are likely to come across in our lifetime. Whether we’re saving up for that big-ticket item, trying to pull together a deposit for a house, or even just want to build a fund for the future, we all have our little motivations for collecting the spare pennies. While payday loan alternatives to bank loans are available in the case of a financial emergency, saving up over time can help you to achieve your financial goals.
However, with shopping opportunities at our fingertips, and those little ‘it’s only £1!’ spends during each day quickly adding up, it can be difficult to motivate ourselves to truly save the money we need. Luckily, we’ve pulled together five ways to motivate yourself to save the cash this year!
Write Down Your ‘Why’
When it comes to saving money, it’s no secret that somewhere along the way, many of us lose sight of why we are saving money in the first place. When you have to bypass that coffee in the morning for the fifth day in a row, or you find yourself staring wistfully at cooked lunches rather than the sandwich you have in your bag, questioning whether you truly need that holiday is a common thought. However, one of the best ways to keep sight of your savings goals is to write them down! Remind yourself why you’re saving, make a note of it, and repeat anytime you feel you’re losing track.
Saving money can be daunting if you’re saving up for something truly ‘big-ticket’. A down payment on a house, for example, can be a hefty cost, and you may feel like you’ll never reach your goal! One way to avoid this disheartening feeling is to set smaller milestones instead. Break down your overall goal into monthly savings. For example, if you needed to save £20,000 over five years, you would need to save £333.33 a month – which doesn’t sound so bad, does it?
Be Smart With Spending
Budgeting and being careful with your spending is essentially the core of saving money, but it’s also one of the easiest ways. The ease of it, in fact, can be a motivator in itself. By writing down your outgoing costs that you don’t necessarily need to spend, making sure that you never go shopping while hungry or emotional, and even taking a look to see if there’s a cheaper alternative travel option to work every morning, can save you money where you didn’t know it could be saved.
Keep Some Money Aside For Pleasure
The biggest frustration that people often suffer from when it comes to saving money comes from feeling like they have to give up on their everyday pleasures. However, we’re here to tell you that that’s not the case. While saving, it’s important to make sure you have an ‘entertainment’ budget to treat yourself every once in a while. Frustration can be the biggest culprit for your drop in motivation, so by giving yourself that spare budget, you can avoid this as much as possible.
There’s nothing more motivating than having support right there by your side when you’re saving money. Whether it’s a relative or friend that’s saving money at the same time as you or an expert who can give you advice on budgeting right, there’s plenty of support you can find out there to not only keep you motivated but to also help you make the most out of your income. There are even blogs, websites and plenty of articles you could use if you truly need a little extra reassurance that you truly aren’t alone in your savings ventures.