Hitting my first savings goal has been really exciting. One of the main uses of this savings account is to save as much money as possible and to get to all my financial goals, which I will discuss. So far now, I called my bank today to check how much was in my savings account. I added some more money of savings this week. The total so far is £527 ($869). I also added £10 in my account today and it should reflect in my bank balance on Monday. One thing I am noticing is it is easier for me to put £10 or £20 away at a given time then do big transfers of £100 or £200. What I wanted to know from you all is how do you encourage yourself to save money if you are naturally a spender?
Thinking of ways to encourage myself
I don’t think that vision boards are bullshit at all. I think a financial vision board or vision list would help me to succeed. I have not achieved many of the things on my list of goals but I have achieved some which include passing my Masters and paying off my credit card completely, which means I am free of credit-card debt. Below, I’m going to give you a financial flavour of some of the money goals I would love to get as soon as possible and they are all linked to saving:
1. Overdraft: I have until July 2012 to pay off my overdraft. I think about it a lot – it is interest-free until next July. One reason why I am saving so voraciously is because I am putting money away for this overdraft in my savings account.
2. UK: God-willing, I will go back to the UK as soon as possible. Understandably, I need a huge chunk of cash for this.
3. £10,000 savings
4. £100 emergency fund
How am I going to get there?
Obviously, by continuing to save. I would love to hear any savings tips or ideas that you all use to save and feel free to share your savings goals. I know I need to be relentlessly focused in order to get to my savings goals. I know that I have to continue what I am doing but ramp up my business x 10 in order to reach these high savings goals.
Let me know in the comments how you encourage yourself to save money and if it is working.