Planning for the future is something that excites everybody. However, it’s not without its challenges. Saving money for the future, in particular, is incredibly difficult, especially when you’re on a limited income or you’re living on a tight budget.
So much so, it’s easy to get bogged down with doubt or become frustrated with your apparent lack of progress. This is usually when we undo all our hard work and upset all our spending efforts. If this sounds all too familiar then don’t lose hope just yet, here we’ll discuss some helpful things to remember when you’re trying to save and struggling to motivate yourself.
Remember, you could be saving more than you think
Where are you placing your savings? If you’re using a regular savings account, then you could be missing out on crucial interest and more savings! When you place your money into an ISA or an investment ISA like the ones available on this website, then you not only get the benefit of being in full control of your savings, but you also get to invest and make your money work for you. You can withdraw your money whenever you wish, and you won’t pay any tax on your money as it continues to grow. So, if you choose to save wisely, you could be gaining more than you think!
Savings take time!
Saving is difficult and in the early stages when you’re as far away from your savings goals as possible, your supposedly meagre contributions to your savings accounts can seem utterly futile and even pointless. In these moments it’s important to remember that saving takes time, and you should regularly remind yourself of how far you’ve come and how much you’ve managed to save in such a small space of time and with a limited budget. Remember, no matter how much you put in your accounts, you’re a step closer to your goal than you were the day before!
Always sleep on it
Whether you’re in the midst of your savings journey, at the very beginning or edging ever closer to your goal, the temptation to spend will haunt every penny you save. You might suddenly see a dress you desperately need or a pair of shoes that are calling your name, and you’ve needed a new laptop for ages – right? In these moments, it’s important to separate your needs from your wants, and before you make an impulse purchase, always sleep on your decision first. Some savers recommend the 15-day rule, where people wait 15 days before they decide on making their purchase – most of them don’t!
And finally, don’t forget to treat yourself
Within reason of course! Saving is hard work, and it takes a lot of time, so remembering to treat yourself when you reach those goals is essential for your motivation and your savings journey. Breaking down your main goal into easy to manage chunks will keep you going as you will see progress more quickly. When you hit those manageable goals, treat yourself (within your means and budget) to something you love and deserve.
