7 Clever Ways to Motivate Yourself to Save Money | Coins.ph

7 Clever Ways to Motivate Yourself to Save Money

For many of us, saving money doesn’t come easily. It’s one thing to know the importance of “saving for the rainy days,” but it’s another thing to actually sit down and do it.

There are always too many bills to pay, too many sales every payday, and too many temptations to resist. Fortunately, there are also plenty of to motivate yourself into saving money so that you can achieve your financial goals.  

1. Have a goal in mind

Saving without a goal can feel rather pointless. But having a clear end in sight can motivate you to continue saving until you’ve reached your goal.

Your goal can be as simple as saving up for your out of town trip this Christmas, or as extravagant as buying the new iPhone X once it’s available in the Philippines. It can even be intangible – like peace of mind or a sense of financial freedom.

Focusing on your goal will not only motivate you to reach the end zone but will also keep you excited for every peso you save.

2. Visualize your goal

Take your goal a step further by physically visualizing it.

For example, if you want to save up for a house, post a photo of your dream house on your wall or fridge to remind yourself constantly why you’re saving up.

You can even place a photo in your wallet so that every time you think of spending for that cup of coffee or the latest gadget, you will think twice about it because it’s one step away from your ultimate goal.

3. Automate your savings

If setting aside a certain amount every month feels like a burden, then automating your savings might just be the solution you need.

Many banks offer automatic savings plans so that they can deduct a fixed amount from your salary every payday, and then deposit it into a separate savings account.

Before you know it, you’ve already accumulated a ton of savings without even lifting a finger! You can simply set it and forget it.

4. Keep a savings log

If looking at your monthly budget and expenses makes you feel like you’re spending too much, reverse the process and keep a savings log instead.

Each time you deposit savings in your bank account or put in money in your piggy bank, document it. Log the date and the amount saved in a notebook so that you can also monitor your savings and watch your money grow right in front of you.

Tip: Save more when you create a Coins.ph account!
Get a P5 rebate for every bill payment and a 10% rebate when you buy load.

5. Engage in saving challenges

Have you checked out our November money challenge? Or are you nearing the end of your 52-week saving challenge?

Turning saving into an exciting activity will make it fun and not seem like a chore. It will push you to do your best, and maybe even exceed what you’ve achieved in the past.

After all, if you can save P4,000 this month, who’s to say you can’t achieve P5,000 worth of savings next month?

6. Read personal finance blogs

Personal finance bloggers and advocates had not always been financially independent. Many of them struggled with debt, had a tough time starting their savings, and even failed in many investments.

Reading their success stories can inspire you to continue with your personal finance journey. Those stories can encourage you not just to keep up with your savings but also to adopt good money habits.

You may also join personal finance communities on Facebook so that you may interact with like-minded people.

7. Don’t forget to reward yourself

Setting small milestones or benchmarks along the way gives you something to look forward to, especially if you have a huge goal like saving up for a home or completing your retirement fund.

For instance, if you reach P10,000 in your savings, treat yourself to a nice dinner, a good movie, or even a new bag. It’s up to you what kind of reward you want, as long as it’s something you’ll enjoy.

Saving a huge amount of money may seem overwhelming, but remember that it all begins with a single peso in your piggy bank or a small deposit in your savings account. Keep at it, and you’ll eventually enjoy the fruits of your sacrifices.

 In Blog, Money Matters
Recent Posts