Have you ever tried to save money over a long period of time and make it a habit? If the answer is YES, then you’ve probably also abandoned this habit multiple times. This isn’t entirely your fault, though. Almost nobody can find the discipline to stick with a savings plan. But why is that? What’s the missing piece for the saving money motivation to kick in and sustain our efforts?
In this article, you will find out! And you will never approach saving money in the same way again.
Saving Money Without The Right Motivation Doesn't Work
Let me first tell a quick story to set the scene and lay the groundwork. When I was young, my parents always told me to save money because it was a good thing to do. However, they somehow failed to tell me WHY it was a good thing to do. And they probably wouldn’t have had an answer for me if I had asked them. Moreover, as a kid, I could never see them saving any money. All I saw was that they were freely spending it (which is what they did!).
I’m sure you can relate to that. It’s considered a good thing to be frugal, modest and humble. Somehow people connect this idea with the act of saving. When you save money, you belong to the good guys.
That’s nonsense, of course, although people might think it is true. In fact, most of these people don’t really have a financially appealing life – to phrase it kindly. I don’t know about you, but I want more from life than just getting by and having a jar filled with change money.
Saving money motivation - What would that even be?
I guess we can agree that saving money for the sake of saving money alone isn’t very interesting. Even worse, we live in a highly commercial world. We are tempted by so many things that want us to actually spend money on them.
And I WANT to spend my money on some of these things. I don’t want to say no to all the good things life has to offer. That’s why I’ve been searching for other types of saving money motivation. I want to build healthy financial habits AND have a great lifestyle! And you probably want that too.
So, the real motivation lies in something that you want on a deeper level. If you see where saving money is leading you, then you will keep saving. In fact, if the greater WHY is really important to you, saving will be easy!
A real world example
Imagine you’ve always wanted to go on a trip to the Maldives. You want to see these white beaches and the crystal-clear water. You want to enter these famous lodges you’ve only known from pictures on the internet so far.
But the trip costs you $4,000 which is far more then your disposable spare money. You wouldn’t spend your small savings on it because then, you wouldn’t have any money left in case something happens.
You now can say “Well, the Maldives are just out of my reach.” This is what most people settle for. However, you could also think “Alright, let’s tackle this! In 2 years, I will have the $4,000 for this trip. And they will only be for this trip so I don’t feel bad spending them on my dream!”
A specific reason gives you the motivation you need
Do you think that you could keep saving money if you knew it would enable you to fulfill one of your dreams? I bet your could! Of course, it’s important that the outcome isn’t too far into the future.
“I want to be a millionaire by 70, so I’m saving money every month from now on” doesn’t really work. There’s a whole lifetime in between. At some point, you will ask yourself if it’s really worth the effort over such a long time, and rightfully so.
But, if you have a goal that’s within your reach – both in time and ability – then you are good to go. Of course, what you then also need is a specific plan to get there. You can’t just start saving money and expect to hit $4,000 in 2 years without knowing how much you need to save specifically on a monthly, weekly or daily basis.
Saving Money Motivation That Really Works
The only thing you need in order to summon the discipline and motivation to stick to your saving habit is a strong WHY. If you have that, everything else will be easy.
My WHY has always been that saving money gives me the opportunity to take chances. Whenever there’s a business opportunity presenting itself, I can jump on it because I have the money. When I want to start a business or project, I have the money. If I want to visit a seminar on how to make a few thousand dollars on the side each month, I can buy a ticket with the money I’ve saved.
My personal ultimate goal is financial freedom (or financial independence, if you rather want to call it that). I want to live life on my own terms. And I don’t want to be forced to work a job just to be able to survive. I want more from my life.
What is your big WHY for saving money?
It doesn’t have to be a life-changing event. Everything that promises you a specific outcome will be absolutely fine. This is because you’re not saving money anymore without any clear picture WHY you do it.
Moreover, there’s another reason you need a WHY. If the money you save doesn’t serve a specific purpose, what will you do with it? It will never be enough and never be too much. You will spend it on emergencies or on an impulsive emotional urge.
That shaky uncertainty doesn’t feel good to me. And I have never really done it that way. I couldn’t even bring enough discipline to the table to save any money at all – as long as I didn’t know exactly WHY I was doing it.
So, go on now and think about why YOU want to save money. If there’s no reason, there’s no point in doing it at all. Figure out your WHY now. This will be your ultimate saving money motivation.
Something for the ambitious folks...
I already told you that my ultimate goal is the freedom from any external financial pressure. My WHY is financial freedom, and every dollar I put into my personal FREEDOM FUND brings me closer to that goal. That’s because I know my goal, and I know what to do with the money I’m saving.
To help people who, like me, want to lead a more balanced and fulfilling life, I have created a course that helps you jumpstart your savings habit. It takes you by the hand and leads you step-by-step through the process of saving your first $1,000 in 90 days. And not just saving it, but saving it WITH PURPOSE – the purpose of becoming financially more and more independent.
What Else Could Be Your Saving Money Motivation?
To help you find your WHY, here are some ideas that could point you in the right direction. Your saving money motivation could be:
- Financial Independence
- Building an Emergency Fund (specific amount!)
- Saving for a trip
- Saving for college for your kids
- Starting your own business
- Pay off credit card debt
- Enjoy a wellness weekend with a 3-star menu on Saturday
The possibilities are endless. It really comes down to you at this point. Find out what you really want to do, feel, have in your life. That’s the fuel for your healthy saving habit.
If you want to learn more about financial independence, by the way, check out the Financial Freedom Bootcamp. It’s a free email course that shows you the specific steps that lead to financial freedom. You might even discover a new goal for yourself…
Sign Up For The Bootcamp
Saving Money Motivation - Final Words
Alright, let’s wrap things up and address the most important points gain.
- Saving money without a clear purpose is useless.
- You will most likely stop saving money soon if you don’t know WHY you’re saving it in the first place.
- So, you need to find a WHY for saving money. You could also have different WHYs, and then create a system to save towards these different goals at once.
- If you want some more guidance, you should check out the FREEDOM FUND FRAMEWORK. Implementing the exact strategy I show you there has marked the turning point in my financial life and that of countless others. It will probably do the same for you!
Finally, I want to know about your biggest problem when it comes to saving money. Let me know in the comments. I will do my best to help you out!
Disclosure: This post may contain affiliate links, which means I get a commission when you make a purchase through my links, at no extra cost to you. Please refer to my full disclaimer for more info.