Finding the motivation to save and make money varies for me depending on the circumstances. For example a few years ago, our family car gave up suddenly one day and we needed a new car. We had a little money in savings but not enough so we were forced to get a loan which resulted in being in debt and having no savings. Neither of which sat very comfortably with me as I was worried what would happen if something else went wrong before we had the chance to build up our savings and pay off the loan.
This was all the motivation I needed to work hard and seek out all the different ideas to make some extra cash and save in all the areas I could find. As a result of the hard work, the £3000 loan was paid back within nine months rather than the three years that it should have taken. I had deliberately secured a flexible loan at the time knowing I would work as hard as I could to bring the balance down to zero.
What’s Your Goal?
Working out what your goal is will be a good place to start. If you’re paying off a debt, pick the debt you want to pay off and use that figure as your motivation. If you’re saving for something, what is it? A holiday? A financial buffer? Use that as your motivation to begin with. For me my motivation has a lot to do with travel and adventure, in particular going on holiday to Disney World.
Break Down The Figure
When you have your goal then it’s a good idea to break down the final figure into something that may be less daunting. For example if your goal is £5000, work out a monthly figure over a realistic amount of time. Finding £500 a month over ten months sounds better than finding £5000 in one go. It would be too easy to be put off before you start if the figure is too high or unrealistic.
Maintain The Momentum
It can be very easy to lose focus if the monetary amount you need to find is very high, or if the time frame drags on for a long time. I find that if I can remind myself of the end goal each month then it helps to keep the momentum going. For example if you’re saving for a holiday then spending some time each month planning some of the holiday will remind you why you’re working so hard to achieve your goal. If you’re saving to pay off a debt, then set small monetary targets and then reward yourself with something small as a treat to remind yourself how much interest you’re saving by paying off your debt faster.
Understand How To Get The Best From Yourself
What works for one person may not work for another, so it’s a good idea to understand what works best for you before you start towards your goal. I know that for me personally, I am motivated to pay a bill rather than saving a figure. For example, I work harder knowing that there is a holiday invoice that needs paying by a certain date than I do to save the money before I book the holiday. That’s not to say you should rush in a book a holiday, or buy an expensive gadget you’ve always wanted and worry about how to pay it off afterwards, but to understand how you work in relation to money.
How do you find your motivation to save and make money?