Tips for Meeting Your Savings Goals

June 26, 2024 by First Federal Bank

SavingsWorking to save money can be a drag. It takes discipline, effort, and planning. And to be honest, it isn’t very fun. Sure, the results can feel great. But as you work to meet your savings goals, it is common to suffer from, “frugal fatigue.” You know it is important to save, but why does it have to be so hard? MSN has tips for staying on track with your goals:

Automate Your Savings

Having to constantly think about setting money aside is no fun, and maybe sometimes you’ll forget and then be frustrated that you’ve fallen behind in your savings,” said Todd Stearn, founder and CEO of The Money Manual

When you set up automated savings, you don’t have to constantly think about cutting back. You can feel confident knowing that a portion of your income is getting set aside while you can enjoy the rest….

Try To Have Fun With Your Goals 

Instead of thinking of the ways you’re choosing to save money as obligations and drudging through them, try to make them as fun as possible,” Stearn said.

If you enjoy the journey, you’re more likely to stay committed and focused. This is why it’s essential that you find ways to have fun still while saving for the future….

Establish Realistic Financial Milestones

By setting milestones that are both productive and attainable, you can help break them down into manageable steps,” said Erika Kullberg, an attorney, personal finance expert and the founder of Erika.com

You’ll want to create realistic goals with feasible timelines so that you don’t burn yourself out. While you may not pay off your debt overnight, you can be proud of yourself for making a dent in your student loans in a specific time period. It’s easy to get frustrated when you set unrealistic expectations for yourself.

Celebrate Your Victories

Rather than focusing only on the end goal, make sure you celebrate smaller victories along the way,” Kullberg said.

Instead of worrying about what you’re not doing, you should be proud of your little wins. You want to celebrate every step of the journey because this will keep you motivated. Building wealth isn’t a quick goal that can be accomplished within a few months. 

Create a Flexible Budget

While saving should still be a top priority, you still need to enjoy your life,” Kullberg said. “Make sure your budget is flexible, which means including money for the things you like to do.”

You want some flexibility in your budget so that you don’t have to worry about a small expense catching up to you. When you feel restricted and limited, you may burn out quicker than when you’re fairly adaptable.

Practice Self-Care

Make it a point to add time for activities that help you relax and blow off some steam,” Kullberg said. “This can be through exercise, meditation, hobbies, or spending time just hanging out with friends and family. You’ll notice that taking care of your physical and mental health will help you feel recharged.”

You still want to find space in your budget and schedule to do things for yourself. You want to ensure that you’re feeling good with plenty of energy to continue working on your financial goals. 

You can read the full article here.

If just the idea of getting started saving money causes you stress, try these creative, fun ways to challenge yourself. We all know the importance of saving money. It’s the getting down to doing it that can be hard. But it doesn’t have to be.

Categories: Personal Banking, Financial Education

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