Do You Want to Save More Money?
Asking the question "Do you really want to save more money?" may seem a little absurd, especially since everyone probably wants to increase their savings account and have more money to spend. Less debt and more savings sounds like the best of both worlds, right? Asking if you really want to save more money assists you in determining how sincere and motivated you are toward this upcoming endeavor.
Sure it's easy to proclaim your desire to save more money. That's the simple part. Anyone can shout out, "I'm going to save more money!" or "I'm going to lose 40 pounds!" or "I want to be a millionaire!" Where was the difficulty in making those statements? Simply vocalizing your intentions is one thing; however, actually accomplishing these tasks is a completely different story, and here's where the question comes into play: Do you really want to save more money?
If you are able to answer with a confident, definite "Yes!" then congratulations, you have taken the first step in accomplishing this intimidating task.
Declare Your Money Saving Goal
Now that you are 100 percent sure in your decision to effectively save more money, the next step is to decide on a specific goal you want to achieve.
The purpose of establishing a money-saving goal is that it allows you to strive for a tangible reward you have wanted for some time, but maybe never had the money to purchase. A money-saving goal will keep you focused on the task at hand and help guarantee your success. If you find yourself wavering from your agenda, keeping your end reward in mind will get you back on track, urging you to continue on.
Which Goal Is Right for You?
The goal you select does not need to be above a certain price or take you 20 years to acquire. However, it should be something that you really want. For instance, if you have always wanted to vacation in Hawaii but never had the "spare" money to accommodate this excursion, then this may be a goal to set for yourself.
If you have your mind set on a new entertainment center for your living room such as a 60-inch flat-panel, wall-mountable, digitally enhanced television complete with a superior, top-of-the-line audio system, then this may be the money-saving goal for you.
In addition to these types of goals, you may want to bypass the "short-term" rewards and strive toward a long-term goal such as securing retirement, a vacation home or building a six-digit savings account. Again, this decision is entirely up to you; however, keep in mind that it may be a good idea to first start off with a short-term goal in order to get rewarded from your efforts in a relatively short amount of time. Then afterward, once you are more accustomed to this money-saving process, you can move on to a long-term, more elaborate goal.
As soon as you decide on a specific goal to strive toward, put a picture of it up on the wall in your room or in a highly visible area so you will be constantly reminded of your reason for saving money. The visual stimulation alone will help keep you inspired to succeed and hopefully prevent you from giving up on this important endeavor.
In addition to posting a picture of your goal, get creative and make a chart or graph to track your progress. Designing some type of tracking system will not only keep you motivated, but provide you with the exact amount you have already saved and how much is still needed. You may also find that tracking your progress will allow you to see what techniques are paying off and let you compare savings totals month to month, which should hopefully be increasing as you go along.
Granted this is probably the easiest part of the entire budgeting process; nevertheless, the role it plays in your effort is crucial. Put it this way: Without fully committing yourself to this task, how can you expect to have any success? You won't, and your efforts will be short lived. This is something you definitely do not want to happen.
Practice Makes Perfect
Over the next week, take the time to decide if you are truly ready to effectively tackle the money-saving process. Remember, this exercise will be like any other hobby or new undertaking. You will need to put some time and energy into this task in order to be successful.
Just as you can't learn to play the piano or learn how to paint without putting the time in to practice, the same goes for the money-saving process. Remember that in order to reach your financial goals, you will need to devote some serious time to accomplish what you are seeking.
The amount of time you'll need all depends on the degree of importance this plays in your life. Still, understand that success comes only after devotion to the task.