Putting money aside can seem like a laborious task, especially if there are things that catch your eye in the now. However, there are ways that you can make this process easier on yourself, or even enjoyable. By looking at your current means of saving, as well as any goals you have potentially set, you may be able to identify areas that require improvement. Alongside this, you could also consider what you hate about saving money, to see if there are any simple solutions that you can implement.
Having to spend time sorting out your savings, and depositing money into the correct account, can seem quite boring. At the same time, those with a busy schedule may often forget to transfer their money, meaning you will be behind on your saving plan. Instead, you might want to think about effortless investing into an ISA, where you could set it up to take a specific amount of money from your main account every week, fortnight, or month. That way, you don’t need to try and remember to put the money aside, or move it about. In addition to this, by not needing to touch the account itself, you may be less likely to withdraw money simply because it is there.
At times, some of the goals you set yourself may also be getting in the way of your ability to save. Thinking that you’d like to set your first goal quite high, such as to buy a house, when you haven’t attempted to save money before, may cause you to lose motivation. To overcome this, you could choose from a few options. Either you could initially save a smaller amount for another required item, or break your total savings goal down into a number of milestones, so that you still feel accomplished after a smaller length of time.
One other problem you might run into is losing the will to save due to life currently seeming a bit dull. This can, in time, stop you from pursuing your saving goals, and revert back to your prior means of living. Instead of making it an all or nothing venture, you might want to consider implementing a reward scheme. As an example, you could decide that takeout is no longer allowed to help you save money, however, for every $500 you save, you are allowed a $50 takeout. This way, you can look forward to these little novelties, and still work towards your end goal.
Putting money aside can help you to buy more expensive things that life offers, as well as to make sure you have some form of emergency payment available for if things do go wrong. While it may be difficult to get into the habit of saving, over time you may find that it becomes a lot more natural. If you do find yourself losing willpower again, even in years to come, you can then simply revisit your goals and methods to see how they can be rectified.