Like most people, you work hard every day and want to enjoy the money you make. There’s nothing wrong with that, but if you are going to build wealth, you have to build your motivation for saving money. You have dreams, and finding motivation is essential if you are serious about achieving them. Let’s look at some of the most compelling reasons to save money in case you need a bit of motivation.
For many people, motivation to earn and save money comes from being able to do the things they love. Traveling, trying new hobbies, and eating good food are all excellent reasons to save money, as are passion projects and organizations that do work you support and admire.
Making your own decisions and lifestyle decisions is an empowering feeling. Knowing that you can support your lifestyle without the help of others is a source of pride. Wanting to become financially independent can be an excellent motivation for saving money.
If you want to learn how to take better care of your finances, check out my article on financial independence.
Being in debt can be incredibly stressful and anxiety-inducing. In fact, just being able to live debt-free is an incredibly heavy weight off your shoulders. Being debt-free has many benefits, like saving money, a better credit score, and a financial safety net for emergencies.
Like living in debt, living paycheck-to-paycheck can also be stressful, but for different reasons. Instead of feeling like there’s a burden on your shoulders, it’s more like you’re living with your hands tied. If just one unexpected cost comes out, you could be left with no money for your bills and necessities.
Being able to share your wealth and blessings with others is a noble reason to save money. Some examples include being able to provide for your family or donate to a cause you care about. Motivation will come much easier when you have something or someone to give to.
Your “why” is the most important thing to remember when you want to stay motivated. It’s your reason for wanting to work hard and achieve something and more. It’s also what gives the guiding force that will help you make decisions that support your financial future.
That’s why, according to the critically-acclaimed author and motivational speaker Simon Sinek, you should start with why.
Set a specific goal to reach, as it can be easier to track progress. Many people aim to save a certain amount of money relative to their age. A specific financial goal will give you a target, which will help motivate you to save money.
Additionally, you’ll want your goal to be achieved in a certain amount of time, like x amount of months/years. Giving yourself too much time to achieve a goal may make you forget it existed.
When you talk about your motivations and goals to your closest friends, you’ll have more people cheering you on. In fact, it could also be contagious, and you could inspire them to strive for their own goals.
By doing this, you’re also putting social pressure on yourself to achieve your goals. You don’t want to be the person who talks about big dreams but never ends up achieving them.
When you have a long-term goal, it helps to break it down into specific milestones. Your progress will be easier to track, and you’ll feel like you’re making tangible progress. For example, if you’re trying to save $10,000 in a year, note every time you save $1000.
Give yourself a pat on the back or a cup of your favorite coffee every time you hit a milestone. Celebrating your wins, even the little ones, is important because it gives you more reasons to save and stay motivated.
Keep your motivation front and center by using a vision board. A financial vision board is a visual reminder that will help you manifest your money goals. By having one and keeping it visible, you can remind yourself why you work so hard and save so much.
If you’re interested in making one, check out my guide to creating your own inspiring financial vision board.
Remember to set some money aside for self-care even if you’re investing and saving. You avoid getting burnt out by treating yourself now and again to something nice but not too expensive. It might sound counterintuitive, but spending on yourself (within reason) is essential to maintaining your motivation to save money.
Some days, you just won’t be motivated. That’s why instead of trying to be motivated every day, you want to be disciplined.
This means building and maintaining good money habits, even when not motivated. Some examples include saving money, updating your financial tracker, and researching investments.
Quick tip for avoiding burnout: make everything as easy as possible. Consider automating your finances if you haven’t already. When you automate your finances, chores like paying bills and transferring money between accounts will be done for you. By doing so, you’ll save valuable mental energy for more important things—like researching ways to save even more money and how to make your money work for you.
Side note: monitor your bills and subscriptions to ensure they’re being paid on time! Normally, automated finances won’t fail, but checking every once in a while doesn’t hurt.
By consuming financial content like podcasts regularly, you’ll be thinking about money more, making it easier to stay motivated. Join my Money Squad! It takes a few seconds, and you’ll receive financial tips and support from a community of Wealthbuilders who are all on a journey to becoming financially free. Sign up today!
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Dollars Makes Cents by Shaquana, Financial Coach and Wealth Expert, resources helps professional millennial women of color with the tools and skills they need to eliminate their debt, amplify their savings, and build generational wealth — without having to compromise their lifestyle.
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