“I/We know we should be saving more money” or “I/We have no savings and we want to be able to save more money”
Are you guilty of thinking this and not acting on it??
Wanting to save more money is a desire of many, but it can be difficult to navigate where you should start and more importantly how you should stick to it.
Saving is fundamentally simple, but only IF you have everything in your finances in good order and the right structure to support your savings.
If you do not have a good plan, goal, budget and awareness then you will find it difficult to sustain savings over the long run.
Something really common I see is people transferring money into their savings, then throughout the following pay period money gets transferred back to be spent. Often leaving next to nothing in the account.
If you are transferring money out of your savings account in between paydays – this is a sign you do not have the right set up so you need to look at your bigger picture finances.
YouChange clients find that they rarely need to use their savings account once they are on a financial plan. This is because we have ensured everything else is in order before we move the money into the savings. Meaning its job in the savings account is to grow!
Saving can be really hard when there are so many temptations and other areas to be spending your money. But just remember what additional value having a good savings balance will bring you. It will help you to achieve that goal you are working towards, bring you a sense of security or allow you additional choices in your life.
Remember good savings takes time, you need to work at it consistently. In time it will build up for you but only if you protect it from temptations that will come your way.
Here are some ideas to help you get motivated to save some more money:
- Have a goal. This might be a large purchase or even just an amount that you have in your mind you are working towards. As you edge closer to this amount it will feel more exciting.
- Make sure that whatever you transfer into your savings account stays there. You are better to put less in the account and not touch it than putting more over and transferring it back. This builds better habits.
- Track your savings visually. Having a reminder in front of you with your progress and what you are saving for helps keep it front of mind and helps fight away temptations. Check out our free savings tracker here.
- Share your goal with close friends and family. Having the support and understanding of those around you will keep you accountable and they can also help you make better choices
- Remember every little bit adds up. Small amounts are still worthwhile saving. Overtime those small amounts collectively turn into a great nest egg! Don’t ever think – “Its not much so its not worth it” If its not much then you won’t miss it from your spending – so save it!
Stop allowing yourself to ignore taking action if you know that you should be saving more money. The longer you leave it, the more progress you are sacrificing.
You will never regret having more money saved – but you will regret in times to come not taking action.
YouChange can help you get some savings behind you.
Either check out our free resources here to get some help to start.
Or if you want to get more personalised, specific help getting your finances in better order then book a consultation here.
Our savings tracker – available free for download