How to Influence Yourself to save Money

Spend and save simultaneously – how’s that even possible? Well, it is not that difficult provided you have a proper wealth management plan chalked out. However, even some of the well-planned individuals falter when they see that their savings plan is heading nowhere. The only way to get out of this limbo is to keep yourself motivated every time.

Here’s how you can motivate yourself to save money

Have a fixed goal: Whether you are looking for short-term or long-term financial benefits, having a fixed goal will make your life a lot easier. Make sure you don’t sway from your goal time to time. Your goal can be as simple as saving RM10,000 as an emergency fund or as massive as saving RM1,000,000 for life after retirement. All you need to make sure that you are working on it. Keep reminding yourself from time to time that you have to reach your goal no matter what.

• • Visualise your goal: It’s important to understand the importance of your goal and visualise it accordingly. For example, consider that your goal is to buy a home. To make the purchase you have to save an amount for down-payment. To keep yourself motivated, try to visualise the property you are planning to buy. The home’s imagery will urge you to save money for down-payment.

  Automate savings: If you are feeling the urge to buy a new gadget or phone that might affect your savings plan, it’s better to automate your savings. Every month a fixed amount will be deducted from your salary, which will be deposited to your savings account. Automating your savings will let you accumulate more amount that you thought you won’t be able to pull off. There are quite a few banks that offer this facility.

  • Read blogs on finance: Keep yourself updated on the latest developments in the banking and finance industry. You might stumble upon certain exciting offers from banks that would help you save more money. Also, blogs will educate you on various investment plans, including fixed deposit or FD, corporate bonds, stock, and real estate to name a few. Seeing your money grow in a period of time will urge you to save more.

    Compete against yourself: Log how much you saved last month. Even if it’s meeting your goal, try to save a bit more the next month. See how much you can add to your savings. Are you being able to save than the initial goal? Pushing yourself to save a bit more than the last month will inspire you to reach your goal.

    Constantly reminding yourself: There are plenty of ways that you can adapt to constantly keep reminding yourself of the set goal. You can paste an illustration in any corner of your room that would work as a yardstick to measure your progress. Update it every time you slowly move towards your goal.

    Keep rewarding yourself: This can be very self-satisfying and inspiring. Every time you move a step toward your goal, reward yourself with something. It doesn’t have to be money. A dinner at your preferred restaurant or taking a stroll in your favourite park is enough to make you feel happy.

Myself Robert I'm writer, i write about Finance (Investment) and Sports (Football) Entertainment (Movies & Music). I did my Finance Course in Sunway University Malaysia. My Hobbies are playing Xbox and writing short stories.