Saving money – it’s boring. You want to live your life now instead of putting it off to the future. But when you save, you have to constantly watch the pennies and make sure that you’re not spending any more money than you have to.
But does saving always need to be boring? Or can you get some joy out of the process?
It turns out that you can. But it all depends on beating savings fatigue. If you feel tired of stashing all your money away in investments, you’ll eventually fall off the bandwagon. You need strategies that keep you on the straight and narrow.
Make Clear Financial Goals
As a prolific saver, setting regular financial goals is imperative. You want to make sure that you monitor your progress and celebrate success when you reach various milestones.
How you set your financial goals depends on your particular circumstances.
For instance, if you earn a regular paycheck, you might set a goal to save an extra $250 per month on top of what you are already putting away. You might also want to specify how much money you want to have in your investment portfolio by a given date. For instance, you might set a target of $100,000 by the year 2025.
When you set money aside, be sure to do your research. Make sure that you read up on gold investing pitfalls in an IRA, the problems with investing in stocks, and issues you might face with property. Knowing the hazards will make it easier for you to set realistic goals that change flexibly with market and regulatory conditions.
Write Down Your “Why”
Saving money is hard because it involves depriving ourselves of the things that we want in the present. But you can make it more bearable by writing down your “why.”
Ultimately, your reason is the motivation for saving in the first place. It should be something that you really want out of life.
Get a piece of paper and start writing down some of the things that savings will allow you to do. Perhaps it’ll let you send your kids to college debt free or travel the world. Whatever it is, make it worthwhile. Find something that truly motivates you to put in the hard work and make it happen.
You’ll find that when you write down your goals, you make them more concrete and motivating. You suddenly see the life that you could have written down on paper, instead of the one that you have right now.
Find Ways To Enjoy Simpler Things In Life
For instance, you might discover that you love going for long walks in the countryside – something that is absolutely free. You might also find out that you enjoy spending time just chatting to friends and don’t need to go out to expensive bars and restaurants all the time.