Are you struggling to save money? Or generally just can’t find the motivation to save money? Don’t worry; you aren’t alone. This article will help you find seven strategies that will motivate you towards your savings goals.
Saving money can be challenging and tedious, but it doesn’t have to be. You can use these simple strategies to make saving more fun.
At 19 years old, I’ve been able to save and invest over $10,000 throughout my teenage years, so I’m confident these strategies will help you too!
Anyways, let’s get straight into the seven strategies you can follow to motivate you to save more money without further ado.
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1. Make Saving Fun
The first idea of finding the motivation to save money is to make saving as fun as possible. I get it; saving money can be a monotonous task, but it doesn’t have to be.
You can make saving fun in a variety of different ways; these include:
- Reward yourself after hitting milestones: For every $500 or $1000 you save, reward yourself by doing something fun. This could be watching a movie in theaters, going to your favorite takeaway spot, or buying yourself a small treat. It’s little enjoyable rewards that can inspire you to save more money.
- Challenge your family & friends: Ask a family member or friend to participate in saving money with you. You could challenge each other to race to get $1000 saved, or see how much you end up with after 52-weeks. Having a buddy in the same boat as you is an easy way to stay motivated saving money.
- Participate in a savings challenge: A surefire way to have fun is to join a 52-week money-saving challenge. All you have to do is select a circle every week, save the specified amount, and color the circle in. After the end of the 52-weeks, you’ll have saved up the predetermined amount (like $1000).
I’ve created several savings challenges you can participate in for my readers, and they range from $1000 to $12,000 for 52 weeks.
2. Celebrate All Wins
Following the similar point of rewarding yourself after hitting milestones is to celebrate all wins, regardless of if they’re big or small.
Celebrating wins has been a massive way I’ve been able to save over $10,000 throughout my teenage years. Whether you’ve saved up to your first $100 or $1000, celebrate it in a way that makes you happy.
Whether watching a movie, enjoying your favorite takeout, or buying yourself a small gift, do it after you hit a particular milestone.
These rewards encourage you to save more money, as you’ll want to celebrate your next milestone more quickly.
A good milestone to follow is for every $1000 saved, but adjust it to whatever seems right for you.
Remember not to go overboard with your celebrations, and keep it in a budget-friendly style (under $30).
3. Set Savings Goals
Another way to stay motivated to save money is by setting savings goals. Instead of saving with no plan in mind, your best bet is to have a clear goal of why you want to save money.
Whether to save for an emergency fund or a house deposit, having a goal will allow you to reach it quicker.
- Emergency fund: A financial safety net for unexpected expenses or mishaps down the road. $1000 is a good figure to start saving for.
- Down payment: An upfront partial payment for the purchase of a home. A good number to strive for is 20% of the purchase price. Homes cost an average of $374,900 in America, so a downpayment of 20% would be $74,980.
- Pay off debt: The sum of money that is owed. If you have debts, you should save money to pay them off. This avoids high interest rates and gets you out of the hole.
While those are three primary savings goals, you may also just want to save for a new device or gadget.
I set a savings goal to buy a new MacBook Air for blogging by the end of this year, and if I save $30 for the next 21 weeks, I’ll hit it easily.
See, once you have a savings goal in mind, you’ll want to save for it more.
Read next: 10 Reasons Why You Can’t Save Money
4. Envision Your Savings Goal
Similarly to the point prior, you should try to envision your savings goals to stay on track.
A simple way I envision my savings goal for a MacBook Air is by watching reviews, unboxings, and news about the device. It’s the easiest way that inspires me to save for it, as I want to get one as soon as possible.
You can do something similar like if you’re saving for a new car, print out photos of your dream car and hang them up in your office.
Or, if you’re saving for a down payment for a home, browse houses on Zillow or Trulia every week. It’ll inspire you to save as much money as possible because you’ll want to own a home too.
It’s the simple act of seeing your goal repetitively that’ll make you want to save for it faster.
5. Read Personal Finance Books
Suppose you’re still uninspired by the concept of saving money and personal finance. In that case, your next best bet is to read some personal finance books.
Personal finance books are ideal for teaching you everything you need to know about personal finance. They are great for instilling ideas of saving money, investing, retiring early, and more.
If I can’t motivate you to save money, maybe it’ll be best to read books from those who have succeeded and are financially free.
- I Will Teach You To Be Rich, by Ramit Sethi: A laid out plan on how to enjoy your money without feeling guilty. Sethi proposes a method of Conscious Spending rather than budgeting, so you save money while still spending it without the feeling of guilt.
- The Simple Path to Wealth, by JL Collins: A book that will teach you about the power of compound interest. Collins’s book will teach you everything you need to know about compounding money, saving, making more money, and the 4% rule. It’s one of the best finance books to read in 2022.
- The Automatic Millionaire, by David Bach: A book on how to acquire wealth. Bach offers strategies and tips that readers should follow to become financially free. While this book is targeted towards Americans (401k’s and Roth IRA’s), the information is still highly valuable.
While there are dozen of finance books to choose from, those three will help you grasp the concept of financial freedom and saving money.
6. Using a Savings Jar
Another fun way to find the motivation to save money is by using a savings jar.
A savings jar is a visual way of seeing money getting piled up and is ideal if you like to see tangible wealth.
You can start a savings jar anytime throughout the year, but I personally recommend starting one on January 1st and opening it on Christmas day. This is because it’s when all the Christmas deals come around so that you can put your money to good use.
Savings jar tips:
- Save all spare change: $1.50 in change every day can add up to $547.50 within a year.
- Save small bills: Whenever you receive a $1 or $5 bill in change, put it straight into the jar. $10 in small bills a week can add up to $520 within a year.
- Dedicate an amount every week: If you don’t want to save change or small bills, then perhaps you can dedicate an amount of money every week to the savings jar. $20 a week can add up to $1040 within a year.
A simple glass jar of any size would work great, but it’d be best if it had a lid.
Read next: 10 Ways to Save Time and Money in 2022
7. Enjoy Your Money
The last way to find the motivation to save money is to enjoy your money still.
I know it’s counterintuitive, but sometimes you need to relax and spend some money. There have likely been people who saved all of their lives and died without ever spending their hard-earned money.
So while you should save your money, please don’t get too hung up on keeping all of it because time isn’t guaranteed, and it’s limited for everyone.
If you want to buy that $4 ice cream on the way home from work because it’ll make you happy, then do it by all means.
Or, if you want to get that extra $2.70 guacamole at Chipotle, go for it.
Again, our time is limited. While saving money is fantastic, it’s also good to live in the moment and not be too stressed about saving every dollar.
As I’ve said initially, saving money can be a monotonous task. Still, hopefully, these seven strategies can make it just a bit more fun.
If you have a clear savings goal, envision it frequently, and celebrate your wins, you should be on a good path towards it.
Remember never to compare yourself to others’ journeys, as it isn’t a race. Even saving just $10 a week is better than not saving at all. I genuinely wish you the best of luck towards your savings goals.
How do you find the motivation to save money for your goals?