Working out your savings goal is often the easy part – who doesn’t love thinking about the future and planning to make it happen? But when the everyday temptations hit, we know it can be tougher to stay on track. A lot of people lose focus and start spending money on the things they want right now rather than the future, and then get frustrated they didn’t stick to their goal because their future goal is what really matters to them.
If that sounds like you, then this blog is for you because we’ve pulled together a few tips to help you stay motivated to reach your savings goal, no matter how long it takes to get there!
1. Remember why you’re saving
Whether it be a new car, a wedding or even a baby, it’s important to keep this in mind whenever you’re tempted to dip into your savings to buy something now. Don’t get us wrong, there are some instances where dipping into your savings is the right thing to do, you just need to make sure you’re weighing up your priorities and only spending your savings on the things that truly matter to you. Most of the time, the thing that is tempting you is nowhere near as important as your end goal so if it is more of a ‘nice to have’, then it’s probably a good idea to skip the spend for now so you can get what you really want that little bit sooner.
2. Set saving milestones
We know it can feel a bit intimidating when you have a big savings goal, and this can often make people question whether it’s even going to be possible to get there. But take this as your sign to keep going because everything is possible when you have a plan – especially when it comes to saving. One thing that we find helps a lot of our customers is to set smaller savings goals, so everything feels more manageable. For example, if you’re saving for a house deposit, rather than thinking, “I need to save £15K in the next 5 years”, try thinking “I’m going to save £750 every 3 months” or even “I’m going to save £250 each month”. Suddenly, the end goal doesn’t seem so scary or hard to attain!
3. Visualise your savings
Athletes and sportspeople often use visualisation to help them achieve their goals and the same can work for saving. Whether you write down your goal in your journal, make a mood board for your bedroom wall or simply use our app to better manage your spending, it’s all about visualising what your goal is, how you’re planning to get there and what it’ll feel and look like when you’ve achieved it. The aim of the game is to a) help you keep your eyes on the prize and b) to continuously make you have confidence in your ability to reach the goal you’ve set out.
Good luck. We know you can do it!