How many times have you set saving goals?
How many times have you abandoned those set goals?
What measures are you putting in place to increase your savings strength?
Going through the memory lane, you may have lost counts of the number of goals you have set but haven’t achieved or fully achieved.
While setting concrete financial goals towards your future might seem far and unachievable with your current situation, precision and determination will surely make those goals realistic.
The real issue about money is how to spend it when you have it. When you don’t have money, you would plan out a beautiful budget without excluding saving, but when the money is received, everything changes.
Therefore you need to incorporate specific strategies to help improve your goals.
Below are TEN easy tricks you should employ to increase your saving strength:
1. Draw out a Plan on how to Invest, Save and Spend: Drawing out a plan will help you navigate your way when the money is received.
Nowadays, a lot of people want to make money without thinking about saving or investing for the future.
If you are also among those set of people, you’re likely to run into bankruptcy in a few years.
Therefore, you need to always revisit the strategies you have put in place to achieve your savings goal. Always have a plan for your money as having no set plans will make you vulnerable to reckless spending.
Even if you do not wish to spend recklessly, you may be faced with situations where you won’t have any other choice than to let go of a massive part of your income.
However, if you implement your saving goal, you won’t have to be involved in such financial commitment. Begin to incorporate your goals into your annual income projections. Identify any internal or external issues that may affect your strength level in your savings journey and devise a means to get rid of them.
2. Take Responsibility for your Saving Goals: By taking responsibility for your savings goal, you are directly or indirectly doing yourself a lot of favour by sticking to your set goals, define it and take actions towards achieving it.
While some overspending habits may want to push you further from achieving your savings goal, it will be wise to do away with them.
If you have been feeling overwhelmed by the actions you have taken so far and will like to access your growth or strength level, break your savings goal into tiny bits that can be achievable weekly or monthly.
You do not need to have a lot of money before taking responsibility for your savings goal. Whatever amount you have, be responsible and accountable.
3. Track your Progress to Stay Motivated: Saving is not easy. Depriving yourself of some luxuries is not easy. But you can stay motivated by tracking your progress. Tracking the progress of your savings goal will position you for a better savings strategy.
Much more, you will be able to monitor how you have been performing on your savings quest. In case you haven’t been performing well, you would get the opportunity to set things straight. Rather than get discouraged, motivate yourself to do better.
Track your spending patterns to locate possible places you been making some mistakes and make necessary adjustments. Again, remember the goal is not to be perfect but to track your progress.
4. Mental Reconditioning: Self-worth is different from net worth. A fleet of cars and assets do not judge wealth but only differentiate you from others. A man with value produces enough to give back to the world.
Such a man doesn’t live for vain things but things that are of lasting importance.
Rather than be a man of vain things, why not be a man that produces value? Whatever decision you have made in the past, you can recondition yourself towards the right path.
Rather than judge yourself about the past mistakes you have done to harm your savings goal, let it go, they are all in the past.
Dust off any negativity, recondition your mind and decide to start anew. Align your core values with your savings goal by using your thought processes to achieve what you want to achieve.
5. Have Money Competition: Get into some money-saving competition with a friend, family or colleague at work. Having someone to compete will motivate you and keep you on your toes
6. Celebrate Savings Milestones: At times meeting your savings goal can be up to a decade, but celebrating your milestones will add some fun to the journey.
Always expect the best from all your financial milestones commitment.
Hold on to your belief about successful financial achievements, act as if you have mastered the act and have fun with it.
7. Be Disciplined: Discipline is an important factor in your financial journey. While the statement, ‘Use what you have to get what you want’ works well for investment, the same statement does not apply
Do not use the money you ought to save to meet a need. It’s just a matter of time before you start regretting while you bought the particular item. Much more, never spend money before you earn it.
Gain total control of your money by having a savings habit that will help you reach your financial goals sooner than you expect.
To maintain your financial fitness, you need to learn how to be disciplined with your finance.
8. Challenge your Financial Excuses: Determine to be a high achiever by challenging your financial excuses and transforming them into big financial goals. Rather than limit yourself, think big. Start taking little actions towards your financial freedom.
Majority of self-made millionaires started with a dream, but the only thing that differentiates them is that they started with big dreams, and they worked towards achieving those dreams.
Stop making excuses. Make a list of the goals you want to accomplish each step of the way and begin to work towards each of the goals.
9. Allocate your Savings into Three Types: Allocate your savings goals into three basic types.
Short-term goals – These are easily accessible goals.
Medium-term goals – These are goals set for 5 years or more.
Long-term goals – These are goals set towards retirement, investment property, shares, stocks, and bonds.
Give yourself time to plan how you are going to execute your financial milestone strategies. Since it ranges from short to medium to long-term, plan for each of them.
Avoid making the mistake of trusting your financial management to luck, lotteries, diving into unknown investments and quick money-making schemes as they amount to failure and can cause a lot of setbacks.
10. Patience, Persistence and Continuity. Those with financial freedom are patient, consistent and persistent. They have a consistent plan for their investment and are patient with the plan.
They have consistently disciplined themselves on money habits over the years and have learned to focus 50% of their income on business with 20% profit return.
Just as these people, place 30% of your income on businesses with 30-50% rather than place 20% of your income on businesses with 100% return.
Eliminate all possible avenues of losing significant amount of money on any investment by investing wisely. Follow all of the above tricks to increase your saving strength.
If you found these tricks helpful, do share with family and friends.