Saving for something that we want or need, like a vacation, new couch, or iPhone, is always easier than simply saving for the purpose of having money in the bank. We are driven by goals in general, and revising our spending plans to have more left over each month doesn't always get our motivational juices flowing. We all know that we should be diligently putting away part of our paychecks each month, and setting goals is the best way to push ourselves from awareness to action.
One way to make this more fun is to set small goals and allow little rewards along the way. So, let's say your overall goal is to save $5,000. Instead of sprinting ahead and getting exhausted of saving in no time, tell yourself that after you've saved $1,000 you get a meal at one of your favorite restaurants or some other small treat that won't break your budget. Think of another reward for hitting $2,000, and so on. Then, once you've reached your goal of $5,000, set another big savings goal and continue with your small goal / reward process if it's proven to be the best strategy for you.
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starting in October, i'm going to have my financial advisor set up automatic withdrawls of between 400 and 500$ monthly so i can save about $6000 in the next year. i think it's the easiest way to really save a good portion of my earnings, and i am still leaving myself a lot of room to live the life i want, and when possible, i will continue to put money into my regular savings account, depending on my weekly plans etc.
1Great post. Ski - all I can say is wow and you go!
2That sounds like a great idea.
But what if the reward for saving is bigger than the actual saving...
3That is actually a great idea! Saving and then rewarding yourself once you have reached your goal. I like that plan!
4I save all year for Christmas or emergencies by having $150 taken out of each one of my paychecks. So, I save $300 a month plus we put Hubby's bonus in there for vacay or to remodel a part of my house...
5i think that this is a great thing - and i've used it for things other than just saving money and it gives you a real sense of accomplishment when you have those smaller goals to aim for. i know that for myself - sometimes it's really hard to save money when you have lofty goals - but doing it in steps really gives you a better security feeling that you CAN save and you'll have a cushion in case of chaos and crisis.
6I'm sure I sound like a broken record, but this really is a great idea. The hubby and I have been looking for a way not to make savings seem so freaking overwhelming! We'll definiately be starting here =)
7I do that too! Whenever I reach one of those goals I treat myself something small that I love: a good chocolate or a cofe from the best place in town.
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