Has saving got you down?
Sometimes, the prospect of continuing to save can seem daunting – or even boring. Maybe you’ve lost sight of why you’re saving in the first place. This article should help to keep you inspired to keep saving for years to come.
Think about your life goals
If you can’t remember why you cared about saving in the first place – or you’ve already achieved that goal – think about what you might want your savings for in the future. If you’ve already managed to pay off that car or your mortgage, think bigger. What are some of your other dreams? Maybe you want to have the freedom to travel overseas someday, or spend more time with your kids (instead of at work). Maybe you’d like to retire early, or you like the idea of being able to put your kids into good schools or universities. Whatever your goals are, think about how good it would feel to reach them.
Sit down once or twice a year and reassess your goals and add new things to the list. Write down the financial steps it would take to reach your goals and think about how long it will take you to realistically achieve them.
Set up automatic saving
Saving shouldn’t require you to be constantly inspired – and that’s where automatic saving comes in. To make sure you stick to your savings goals without even lifting a finger, set up automatic saving with your bank. Get your bank to transfer a set amount to your savings account every week, fortnight or month. That way, the bank does all the work for you while you sit back. You don’t have to worry that you aren’t saving – because the money has already been transferred into your savings account. A great incentive to make sure you continue this arrangement is to get a savings account that only gives you a good interest rate when you don’t transfer any money out if it.
What are your savings goals? Let me know in the comments below.