Home > Saving, Spending > What Motivates You to Save?

What Motivates You to Save?

November 4, 2009 Leave a comment Go to comments

piggyDo you regularly save some of your income each month?  Do you put all or a part of your yearly bonus into a CD or

savings account?  Do you do anything in particular to motivate yourself?

A new study, discussed in this Wall Street Journal article, found that people who were reminded about saving money by mail or text message actually increased their savings balances by 6%.  People who were reminded of their specific goals in those messages increased their savings by almost 16%.

While your bank may not offer these reminders, there are ways encourage yourself to save so that you can get closer to achieving your goals.  

1. Email reminders.  If you type “email reminders” into Google, a number of options will pop up.  You have your pick of free email services that you can set up to remind you of your dreams and goals.

2. Calendar reminders.  If you’re the type of person who is a slave to your planner, whether paper or electronic (don’t be ashamed – I’m that type of person), try making notes that will remind you of your financial goals when you look at a particular day.  If your pay check is deposited on a Wednesday, every other week, make a note on that day in your calendar.  Remind yourself of your goals so that you aren’t tempted to spend that money.

3. Personal finance software.  There are several services available that let you track your finances online.  These programs can keep you up to date on where your money is going.  Some of these products will let you know when you are over budget in a particular area so that you are automatically reminded that you needed to cut back on spending.  If you’re interested in learning more about some of the financial software that is currently available, check out this article from Slate.com.

3.  Get a money buddy.  This is a bit less technological but it works with other types of goals so why not saving?  Pick a friend that you trust and who is also trying to save more money.  Support each other in your savings efforts and help each other when the urge to spend on a non-necessity creeps up.  You don’t have to disclose your entire financial situation to your friend but you can share enough so that some one is holding you accountable for your goals.

Happy saving!

Categories: Saving, Spending
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