Are you a diligent saver but feel like there’s no end in sight? Are you tired of socking away your money and still not reach your goals? Well, my friends, it sounds like you need to refresh your goals.
I get it. Even though I know what my savings goals are, I sometimes feel bleh about saving. That’s why I like to switch things up.
Change the Amounts You Save
If you find that you’ve become complacent and unexcited about your goals, simply changing the amount you’re saving is enough to change things up. For example, I had been putting $100 every month towards my vacation fund. Every month, I’d transfer $100 from my main checking account to an online savings account.
It’s good that I had a habit of saving money every month but I got bored because I felt the $100 per month wasn’t getting me anywhere. I reviewed my finances and decided to decrease my clothing budget and put the extra savings towards my travel fund.
I was able to up my saving from $100 to $200 a month and let me tell you that made a huge difference. It was so much more satisfying to see the number go up quickly and I was able to reach my goal in half the time.
Come Up With New Goals
After years of saving, it’s possible that you’ve become bored. You’re a diligent person. You’ve thought of everything and saved for every possible thing. You have a rainy day fund and you’ve maxed out your retirement accounts. What else can you save for? Try to think creatively.
Perhaps you can save for an investment property. Maybe you can try to build up savings so that the next car you buy will be in cash. You can save for a family vacation to a place you’ve never been before. If you’ve got all you ducks in a row, you can be super ambitious and save for long term care .
If you’re having trouble coming up with new financial goals, think about how your money can benefit others. Knowing that your money can help others, would that motivate you to save? You can save and donate to charity. You can save for your children and your nieces and nephews.
Challenge Yourself to Save More
You’re a ninja at cutting expenses and you save a crazy high percentage of your take home income. Make a game out of saving and challenge yourself to save even more money. Review your budget and expenditures. Instead of contributing 6% to your 401k, can you bump it up to 7%?
If you’re used to dining out twice a week, cut it down to once a week and put the extra savings towards your goals. If you dine out once a week, try going an entire month without eating at a restaurant. If you have a goal of paying off the home mortgage in 15 years, what are some things you can do to pay it off in 14? Can you challenge yourself to not buy coffee for a month?
After a month, see how you like these changes. The changes don’t have to be permanent. They are meant to refresh how you save money and how you see your money goals. But if you like them, by all means keep these new money habits!
Change Your Priorities
If you’ve been trying to save a large amount of money for a down payment or a car, it can feel like it’s taking forever to get there. Don’t be discouraged. Try shifting your focus and make a smaller goal your number 1 priority. Maybe it’s paying off a credit card. Perhaps it’s paying off a personal loan.
By redirecting your focus to a goal that’s more immediately attainable, it’ll give you a needed boost of energy and momentum. Also, by checking off the smaller goals, it’ll be easier to focus on your remaining goals. I find that it can be much easier to focus when there aren’t as many things competing for your attention.
If you’re familiar with the debt snowball, you can think of this as the savings snowball. You focus on reaching the smaller goals and progressively move on to the larger goals one by one.
Your goals are unique to you. That means they’re flexible and it’s okay to change and adapt. If you find yourself in a state of boredom and complacency with your goals, you can change and update them. Use the tips described above to refresh your goals and you’ll find renewed motivation.