Stay Motivated To Save Money

So you wanna save cash? Awesome! That's a great goal to have! Deciding to do this, you probably kept some money in an envelope, a piggy bank, a separate wallet, or in your bank account. You promised not to touch it until you'd need it.

However, the struggle starts here. How often should you save money? Every day, weekly, monthly? What if you kept on forgetting about your goal and started to neglect it? Instead of setting aside cash for your savings, you find yourself always spending it instead. At this point, you'd think it's impossible to save.

So how do you ensure you stay motivated to accomplish your financial goals?

1. Be specific on how much you want to save. I remember that I wanted to save for an emergency fund. To complete that, I computed my money and realized that I need to save ₱7,860. Having a target amount allows you to break down how much you ideally need to save every month or week. In my case, I needed to save ₱655 per month.

2. Use the 5 Whys technique. The primary goal of the technique is to determine the root cause of a defect or problem by repeating the question "Why?" five times. We all know the reason why we want to save money. The problem is that it can be overshadowed by other factors such as laziness, forgetfulness, etc. Make sure to have a reminder on your phone or maybe a post-it note.

3. The Accountability Aspect. How do you stay accountable? Who else can you trust about your financial journey? Have a saving buddy! If you have a friend and you want to save for concert tickets, make sure to update each other. Or you could start a budgeting Instagram page to join a finance community (make sure to stay anonymous and don't give out personal details!).

4. Celebrate your wins. Celebrating the first $100 saved is just as important as celebrating your first $1,000. Give yourself a break every now and then.

5. Do not put all your eggs in one basket. Keep your money separate. It's important to have cash on hand, one that you keep in your wallet. It's also important to have money on your digital wallet for your online transactions. I have savings accounts from two different banks. It's highly recommended to keep your money in different places for different goals.

6. Learn personal finance bits. Follow finance news, blogs, or Instagram pages to get yourself exposed to the world of money management. Surround yourself with inspirational stories to stay motivated to save money! Stay updated on our Instagram @thrivefinance ;)

7. Don't be too strict with yourself. Things won't work if you have a lot of restrictions. Do not deprive yourself just to save money. We live in tough economic conditions, and it's important to cover your necessities well. Saving money can be similar to sticking to a diet. Starving yourself is bad, and the actual solution you need is to pick the nutrients your body needs. The key here is to find a balance.​

Source: Clever Girl Finance