How to Stay Motivated to Meet Your Savings Goals

Step-by-Step Guide

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   Step 1: Factor your savings goal into your monthly budget.

   Start by determining how your savings goals fit within your monthly budget.
   
   If you live on your own or even if you live at home, you will still have fixed expenses that you will need to pay for on a monthly basis.
   
   Calculate how much you need to earn from your income to pay for your fixed expenses.
   
   Then, determine how much you can put aside for savings every month.
   
   This will ensure you can afford your savings goals with your current income.Depending on your savings goals and your income, you may realize that you do not make enough to pay for your fixed expenses and meet your savings goals.
   
   If this is the case, you may need to consider making more of an income, such as taking on more hours at work or taking on a second job.
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   Step 2: Create a savings timeline.

   Make a timeline of dates and dollar amounts that you would like to meet to make your savings goals.
   
   Do this on a sheet of paper or on the computer in a spreadsheet.
   
   Determine how long you have to meet your savings goals, such as six months or a year.
   
   Write down a date in the future and specify the amount of money you will save by this date on the timeline.
   
   This will help you put your savings goals in perspective and motivate you to meet them.For example, you may have a goal of saving $2000 in six months.
   
   You may then block off space for each month on the timeline and note how much you need to save each month to reach this goal within six months.
   
   In this case, you will need to save $334 a month to make your savings goal. , Rather than try to reach your savings goals all at once, break it down into manageable chunks.
   
   This could be monthly or weekly goals.
   
   Or you could try bi-weekly or bi-monthly goals.
   
   Focus on accumulating a large amount by setting aside small amounts over a period of time.
   
   This can make saving less overwhelming and allow your goals to be more attainable.For example, perhaps you have a goal of saving $5000 in a year.
   
   You could then make a monthly savings goal of $400 so you reach your overall goal within a year.
   
   Or you may set aside $200 of your paycheck every two weeks for a year to help reach your goal. , Make sure you track how much you are saving within a certain period of time.
   
   Seeing your savings accumulate over time can help you stay motivated and feel you are within reach of your goal.
   
   You may track your savings by creating a separate savings account for the money and connecting to the account via online banking, such as on your computer or your cellphone.
   
   You can also download apps on your phone to help you track your savings over time.Apps for money management like Mint.com, Goodbudget,and Mvelopes are all good options.If you are trying to stay motivated to save a smaller amount of money, such as $200, you may be able to start a savings jar and put money into your savings that way.
   
   Having the visual of a savings jar filling up could help motivate you to keep saving.
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   Step 3: Make your savings goals more manageable.

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   Step 4: Keep track of your savings as they accumulate.

Detailed Guide

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