A shortfall in motivation can derail even the best-laid plans to build up savings.
You might possess solid financial know-how and even have extra cash to put toward your targets, but without the drive to follow through, it’s easy to slip into a paycheck-to-paycheck routine.
Saving is more often a long-distance effort than a quick dash. Below are practical strategies to help lift your motivation to save money.
6 Strategies to Sustain Your Motivation to Save
Use these approaches as fuel to keep you progressing on your savings path.
1. Create SMART Objectives
Give yourself the best chance at success by crafting savings aims that are specific, measurable, achievable, relevant and time-bound — commonly called SMART goals. This structure increases the likelihood you’ll meet what you set out to do.
It’s simpler to remain committed when you have a clear picture of what you want to accomplish, why it matters, and that you have the capacity to follow through.
2. Employ Visual Cues
Regularly seeing visual reminders of your savings targets will keep you committed to your plan.
There are many ways to visualize your progress. Keep a savings tracker in a bullet journal left open on your desk. Or stick a chart on your refrigerator and color in sections each time you add to your savings.
Another idea is assembling a vision board with images of what you’re saving for — a dream house or a foreign trip, for instance — so you frequently see what you’re working toward.
3. Find an Accountability Buddy
Not everyone has the self-control to adhere to a savings plan on their own. That’s where an accountability buddy can help.
An accountability buddy is someone you trust to remind you of your objectives and help nudge you back on course before you veer off. Check in with them regularly to talk about wins and challenges. Knowing that someone else cares about your progress can be a powerful motivator.
Additionally, you can connect with like-minded people in The Savinly Community. Sharing your journey and receiving constructive feedback from others online can be just as motivating as having a personal accountability partner.
4. Try a Savings Challenge
Turning saving into a challenge makes it feel like a game — and gamifying tasks can make even the least fun activities engaging.
From stashing every $5 bill in a Five-Dollar Challenge to freezing discretionary spending for 30 days in a No-Spend Challenge, these contests can help you make substantial strides toward your goals.
Joining a challenge with a friend can provide extra encouragement to maintain the habit.
5. Treat Yourself for Hitting Milestones
Recognizing progress toward your savings goals is an excellent way to stay motivated.
Break your big objective into smaller targets. For instance, if your aim is to add $5,000 to an emergency fund, celebrate when you hit the first $1,000 — and again after each subsequent $1,000.
Your reward should bring you happiness without being so lavish that it undermines your savings momentum. For ideas of low-cost or free celebrations, see lists of activities that cost nothing to enjoy.
6. Rely on a Digital Tracker
Budgeting apps do more than monitor spending. Many include tools to track progress toward savings aims.
They show how much you’ve accumulated and how far you still are from your goal without requiring manual calculations or coloring in a progress bar.
Digital trackers also make it easy to check your savings status before making purchases that might derail your plan. Before ordering takeout or adding another unnecessary item to an online cart, take a moment to open your budgeting app and remind yourself why you should stick to your spending plan.
Alex Martin is a senior writer at Savinly.
