Money will never be enough. How often do you or those around you bemoan about overspending or ‘money not enough’ while waiting earnestly for your next pay day? Sadly to say, it all boils down to your lifestyle and personal discipline. Savings is not that difficult to achieve as long as you have the right mindset, and apply the right tools to help you reach your savings goals. As Walt Disney famously puts it: “The way to get started is to quit talking and begin doing.” Here’s a simple 6-step motivation guide for you to achieve your saving goals easily!
1. Identify and visualise your savings goal(s)
Do you really love money or the fact that money can help you to cover certain expenses to realise your actual needs/wants? For many of us, money is just a form of medium to fulfil family commitments, self-gratification, or to help us survive during retirement. Knowing the actual purpose of your savings goals can help you to set a realistic figure and timeline that is achievable.
To remind yourself of your goals, do consider keeping a relevant picture in your wallet or displaying it as a wallpaper on your desktop computer or mobile devices.
2. Create milestones and celebrate small successes
So, you want to save your first S$100,000. We all know it’s not going to happen tomorrow or the next week unless you strike 4D or Toto but it is achievable. As mentioned earlier, you need to set a realistic timeline to reach your savings goals. The trick to stay motivated is to create tiny milestones along your savings journey and celebrate each time you achieve the bite-size goals. Remember, every effort counts!
“A Penny Saved is a Penny Earned” – Benjamin Franklin
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For more smart ways to save, read this!
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3. Make it a game!
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Who says saving cannot be fun? Adding an element of play in your journey of savings can keep you motivated and on track. Give yourself a challenge and unlock rewards when you save beyond your actual goals! If you saved $700 instead of the usual $500 on this month, give yourself a tiny treat or a clap on your back!
4. Have visibility on your progress
Out of sight, out of mind … … Really? Regardless, a picture speaks a thousand words, and having a visual tracking sheet where you can be reminded of your progress can do wonders in the motivation field. Go ahead and pin up that magnetic chalkboard!
“Money can’t buy happiness, but it can make you awfully comfortable while you’re being miserable.” – Clare Boothe Luce
5. Mingle with the right crowd
Success is often attributed to being at the right place, at the right time and with the right people. Knowing that you are not alone on the savings journey can give you support and insights that will help your reach your goals. Besides joining interest groups, reading personal finance blogs can also be helpful!
“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people that they don’t like.” – Will Rogers
6. Re-evaluate your goals
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Our needs and wants will change at different life stages and in different scenarios. It is common for people to change their minds upon realisation that their goals may not be aligned with their needs. Doing a re-evaluation of your goals from time to time can keep you motivated on what you are working towards. If not, it is ok to take a detour or modify your goals. The most important thing is to keep going!
“Nothing in the world is ever completely wrong. Even a stopped clock is right twice a day.” – Paulo Coelho, Brida
