How do I keep motivated to continue saving money?

Question

I have been saving tons of money in the past couple of months but now whenever I'm out I think, "Oh, I have a lot of money saved I can afford this and that" And then I end up spending more then I should have. How do I keep motivated to continue saving and not spend it?

Answer 1

You know the technic of saving the meney, But you need to know how to increase it. I do accept certain amount has to be spent, out of savings. But how much ? not all, then you will come back sqaure one.

Make a list where all you spending, on what and why. Revice the list and mark, which could have been avoided, or reduced. Strike off all unnecessary spending from your list. In future do not spend on it. Then verify where you can control, and reduce the expenditure. Do it. Learn the financial management, have control of inflow and out flow of funds. It takes some time, you are expected to receive some resistance from your Family initially. But you adhere to your decision. See how your assets grow. Good luck.

Answer 2

Save it in a place where you can't easily get to it. Where you put it will depend on why you're saving it. If it's for retirement, it should be in a 401K, 403B, or IRA. Withdrawals from these are a bit more difficult than writing a check, and will probably cost you a penalty of some sort.

If you're saving for a house or car, and it'll be at least 6 months or a year, roll the money into some sort of money market account. That will keep it safe, and I think it will earn a tad more interest than a savings account.

Answer 3

keep NOW!!!......Get a money industry account that has a greater physically powerful pastime fee....and wont permit you touch the money for a year a minimum of....and has an automated month-to-month deposit.......you will see your self saving a ton of money even no rely if this is 15 money a month or so......of direction keep a nicely-known mark downs to boot so which you nevertheless have some money attainable in any respect circumstances......who's conscious of what the destiny brings and you'd be able to need that money contained sooner or later!!!!....dont use credit taking part in cards!!!!.....except you purchase a huge purchase like furnature or washer and dryer.....and in case you have some time commence thinking approximately making an investment in shares....this is style of a hobbie while you're into that style of difficulty.........this is going to all pay off contained in the tip

Answer 4

You need to set your goals and save towards them. Whenever you get the idea that you can afford something other than that which you are saving towards, just remind yourself of your ultimate goal.

On the other hand, you could open a savings account, fixed deposit account.... depending on the ones your local bank offers in case you can not control spending when you keep seeing the money daily.

Answer 5

I would recommend putting it in an ING Direct Orange Savings account. Since its online...and not at my bank I barely ever take money out. Plus it has a great rate 4.5%. I would recommend putting your money in cds that way your not allowed to touch it unless you want to get penalized. Currently ING has cds @ 5% and greater. So I would say open the savings account to put some money in. Then open the cd that way you cant touch it and in the end you save.

If your interested in opening the savings account e-mail me [e-mail] and I can give you a referral you get a $25 bonus if you open with $250 or greater.

Note:
The orange savings account and cd have no fees or minimums. You also need your savings account linked to a checking account so money can be transferred.

I hope this helps you save money. It helps me.

Answer 6

I am not sure how old you are, but remember that you can never be too rich. Also, if you have to count on your self for your retirement you better start saving now. Stop focusing on what you have in the bank, forget about it. It is there to save not to spend. Start a small account so you can spend it on what you want but stop spending your savings, you will be sorry in the future when you have nothing to live on later in life.

Answer 7

Set your goals for retirement and other major items down on paper. Get someone to work with you to map out your Financial Independence Number, and when you will reach it, given your current ability to save and invest. Keep those goals in sight daily to help you stay on track. Financial independence will be SO much more rewarding than an extra soft drink, accessory, or other small item, that we tend to spend money on unnecessarily.

Good Luck and Keep on Track.

Answer 8

A friend of mine said that just creating a balance sheet and modifying it every few weeks is really motivational- watching the saved money climb!

Also, there are a ton of clever techniques to help you take advantage of the system in this book: http://www.amazon.com/gp/product/1600200400/ref=cm_arms_pdp_dp/103-5306127-5596639 that might help you keep saving and making money.

Good luck!

Answer 9

You need to make a game out of it.

Try tracking your net worth. http://www.networthiq.com/ You can compare it to others in your same group/category.

Answer 10

just make yourself do it, i used to be like that, then one day i made myself do it, now im rich