When you’re saving money, you need a goal and a plan.
In my experience, it’s pretty hard to save for “nothing” but totally different when you’re saving for “something”, whatever that something is.
And if you’ve got nothing to save for right now, I suggest that you make up something great because, again, in my experience, it’s pretty easy to fritter away your money when you’re not saving.
Once you’ve got that goal, then you need the plan to back it up. The plan needs to include a few basics:
- a budget or spending plan – so you know where your money is going
- automation of savings and payments (remember we always take the savings out first!)
- monitoring
- milestone celebrations
- accountability partner – not only does this help keep you on track, but it’s also good if you’re competitive or very social and you can have a mate join you for the ride.
Don’t get caught up in thinking that savings are a punishment or a way to deprive you of something today. That’s the stick end of the equation.
Focus on the carrot. The reward. The goal and what that goal means to you.
Keep the motivation strong and keep your eye on the milestones that you’re achieving along the way.
