You’ve already laid the groundwork: setting your goals, creating a budget and evaluating and improving your spending habits . However, as with any long-term lifestyle change it’s easy to get fatigued, and come a few months, those new changes you’ve made may seem next to impossible to keep up with – accidental shopping spree here, unforeseen moving expenses there – but that isn’t a reason to give up. If taking a look back at the progress you’ve made to date isn’t enough to keep you motivated, we’ve got a few more tips up our sleeves.
This week's key points
- Savings by any other name
- If you can see it, you can achieve it
- A little competition never hurt nobody
- Treat yo’self
Savings by any other name…
Change the name of your savings account to represent the goal you’re working toward – get creative!
Transferring money manually to your account may be daunting (but it may actually be beneficial because it will feel more tangible), so make every transfer a mini-celebration.
Each time you login you’ll be reminded what you’re working toward. It brings a whole lot of extra joy to the process when you see literally see money go into your ‘USA Road Trip 2018’ or ‘Bali Dream Wedding’.
If you can see it, you can achieve it
Vision boards may be perceived as a thing for the star-gazing free spirited, but it’s really just a way to visualise your goals. Take an afternoon to cut out a bunch of photos and words that you associate with your goal and organise them onto a piece of card stock. It’s really that simple!
If crafting afternoons aren’t your style, then a simple photo cut from a magazine and personalised with your end goal (use the same name as your account) pasted on your desk at work or stuck onto the dash of your car serves as a beautiful reminder.
A little competition never hurt nobody
Let’s be honest, not only are things easier to stick to when you have a partner in crime, but a little healthy competition never hurt anyone either! You’d love to have your bestie, partner or sister alongside you when you finally take the plunge into that new kickboxing routine or painting class, right? Why not apply that to your savings goal?
There are plenty of ways to tackle this, from straight up setting a weekly or monthly savings goal competition, to holding each other accountable to how much you’re spending on extras each month. When you’ve got someone trying to beat you to the punch, you just might surprise yourself.
Like any strict diet (this is technically a money diet, no?), rewarding yourself for reaching small milestones can actually help keep you on track in the long run. Everything in moderation. Trying to deprive yourself from Sunday brunch or trips to the golf course for an entire year can lead to a mid-goal blowout.
Use your smaller savings goals throughout the year as an excuse to reward yourself with whatever you like. However, pre-planning your treats (and setting budgets) will ensure you don’t go overboard.
Reached your one-month goal? Go out for a fancy dinner. Hit the six month mark with some wiggle room? Allow yourself a few online purchases. It’s important to know what budgets suit your goals – adjust accordingly based on your end goal and your income.
Long-term goals are hard to stick to no matter how you look at it, and that doesn’t only apply to saving money. It’s good to know that not only are you not in it alone, there are plenty of tactics to help you along the way.
With that, our four part series comes to an end – but your goals are just beginning! Starting strong in the pursuit of your resolutions can make a huge difference to the final result. If you’ve successfully put these tactics into play, you’ve got a running start. Happy Savings!
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