Figuring out how to stay motivated to save money isn’t easy. This is especially true when you’re working toward a saving goal that’s going to take a long time, like my goal to pay off $11,500 in debt. It’s probably going to take at least a year and the small, daily financial decisions are what will make or break my progress.
So how do you stay inspired to stick with it day after day when you’re sick of sitting on the couch having your 100th movie night instead of going out and doing something exciting (a.k.a. where I’m at right about now)? Here are a few of the things that help me stay motivated to save money for the long term.
Stay Motivated to Save Money by Going Back to Why You Started
Lots of financial bloggers talk about “finding your why,” and I always thought this was so cheesy. My “why” is to get out of debt, duh.
But I started to come around to this idea last year when I got serious about crunching the numbers and figuring out what it would take to actually get out of debt. When I started to see that it was, in fact, possible, I got butterflies in my stomach.
I thought about what it would feel like to not have that financial burden hanging over my head, to be fully in control of my finances. I could build my retirement savings, travel more, not be freaked out about the cost when the car needed a repair or the hot water heater broke down. It felt empowering. I knew that it would transform my relationship with money.
That feeling was so real that I would have gladly agreed to eat only beans and rice for the next month. It fades over time, of course—that’s why you have to keep coming back to it to reignite the fire that got you started in the first place. For me, journaling about it and writing this blog both help bring me back to that place.
Stop Playing the Comparison Game
When you’re in savings mode, you’ll notice that your priorities begin to shift. The things you once spent money on on the regular suddenly become less important…until the moment you’re scrolling through Instagram and get sucked back in. Comparison is the thief of joy and all that jazz, but it can also steal money straight out of your bank account.
For example, I don’t drive a fancy car. Even before I started down this debt-free path, cars just weren’t that important to me. But I can be on social media and see someone post a photo of their gorgeous new SUV they just drove off the lot and I get that little pang of jealousy. If I’m not careful, my thoughts will start to spiral.
That’s a good looking car. Why don’t we have a brand new car? She must be rolling in dough. It must be nice!
I’ve gotten good at reeling those thoughts in real fast. Most of the time I can laugh at them because they’re irrational. But if I didn’t know better, I could easily find myself scrolling through new car listings on Google. Why?! When I look at my own priorities, a new car isn’t even in the top ten.
And, of course, I have no idea what that person’s finances look like. Maybe the car is leased. Maybe they saved up and paid cash for it. Maybe she loves cars and that’s where she prioritizes her spending. I have no idea, and it doesn’t make a difference either way. We’re all on a different journey. Stay focused on your priorities.
Treat Yourself
Even when you’re in a season of saving, you have to treat yourself sometimes. You’ll go 2007 Britney Spears if you don’t.
There are lots of things that can feel like a treat without costing a ton of money. Some ideas: a coffee drink and a pastry from a fancy bakery, a massage (Groupon!), a pedicure, a day trip somewhere you’ve never been, having your car detailed. Even better if you can build a few treats into your budget each month.
When there are $5 margaritas, you have $5 margaritas
You Don’t Have to Pretend It Doesn’t Suck
Let’s be honest: spending money is a lot more fun than not spending money. It feels good to buy that cute new outfit, book that trip, or sip on that sweet, sweet cocktail made of expensive booze. It’s not until after the fact that you wish you would have saved the cash instead.
I’ve found it’s helpful to admit that yes, sometimes being on a money-saving path just isn’t that fun. I tell my friends that I’m bored a lot. I whine to my husband about all the vacations I wish we could take. I complain in my head about not having anything new to wear. Allowing yourself to feel those feelings of frustration helps them pass more quickly than if you pretend they don’t exist.
The key is not to dwell there. Have your pity party, bitch to a friend about how you’re so over it, and then get your head back in the game.
Just Focus on the Next Good Decision
When you think about your Big Intimidating Savings Goal, the whole thing can seem impossible. If I only focused on the number $11,500, it would be way too easy to blow it off because it seems too big to tackle (which is what I did for a long time). Instead of getting swept up in worries about how you’re ever going to get the whole thing done, just focus on making the next good decision.
I learned that this is a common practice in the recovery community for people trying to stay off drugs or alcohol. If you think about not drinking for the rest of your life, the weight of it feels big enough to crush you. Instead, you just focus on not drinking this minute. And then the next minute. And then the next, until finally a whole day is behind you.
I love this idea for saving money, too. Instead of telling yourself “I’m not going to eat out this whole month,” just focus on not getting takeout tonight. Take each decision as it comes and the goal becomes much more manageable.
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…or to other resources from people who have similar savings goals to you. In this post I shared several Instagram accounts that help me stay motivated to save. I also listen to the Dave Ramsey podcast and have been a long-time subscriber of Making Sense of Cents.
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How do you stay motivated to save money?
