10 Money Saving Motivation Techniques

Everyone saves money for different reasons; it could be that you have a debt you want to pay off, or you are living beyond your means, or perhaps you want financial freedom to feature in your future.

However, putting money aside can be like going on a diet; you start full of motivation, dreaming of your new body or your early retirement, but when the reality hits you that this is not a quick fix but a long term solution, it is very tempting to turn to the dough for comfort….

To help you keep piling on the pounds, and delivering those dollars to your bank account, we’ve put together our top ten favourite tips to keep you on track!

1. Write it down

Nothing is as motivating as seeing figures in black and white. Write down your income and all your expenditure, even that coffee on the way to work. Any money left each month should be ear-marked for savings. $100 a month might not sound like much but multiply this by 12 on paper to get $1200 – now that is much more motivating!

2. Look for ways to save

Can you cut out that $2.50 coffee on the way to work each morning? If so, you are looking at saving $12.50 a week, or over 48 weeks that’s an amazing $600 dollars. Look for other little savings like this and add them up – you will soon be desperate for ways to cut back when you can visually see the savings!

3. Switch and save

Are you putting money down the drain? Do research on your utility bills and see how much extra you could generate just by changing companies. These days it is so straightforward to switch that checking every year for savings is no big issue.

4. Use a jam jar

Many savings are done through virtual means, either on paper or directly through your bank. It can be difficult to visualise these savings sometimes, but it can help to put your $2.50 that you save on your daily coffee directly into a jar and just watch it mount up….

5. Set realistic goals

Telling yourself you are going to save $3000 in a year sounds like a pretty tall order; $250 a month is much more achievable!

6. If you fall off the wagon…

Sometimes life gets in the way and an unexpected bill hits you when you least expect it. In the same way as eating two biscuits shouldn’t lead to you blowing the packet, just deal with it and move on. If one month you can’t save your target, it is not the end of the world – just get back on track next month.

7. Make it a challenge

By setting yourself little challenges you can make saving fun (well, sort of!). Games such as – can I feed the family for $5? Can really motivate you to think about what you spend unnecessarily.

8. Live off your freezer

For one week a month try living out of your freezer for your meals. Apart from your fresh produce, see how any meals you can create from what is hiding within the ice. Tracking your savings for the week, or adding to the jam jar is really motivating when you are fed up of frozen fish fingers again!

9. Read and support

Subscribe to some good money saving blogs and read other people’s stories – very motivating! Also get advice in person from an expert such as a financial advisor or accountant – who better to help you manage your money?

10. Treat yourself

In your budget put aside a little money for a monthly splurge as a reward for all your efforts. Knowing that night out is on the horizon can spur you on to more money saving.

By now you should be itching to make those savings – so what are you waiting for? Soon your dream of early retirement or paying off your debt will be a reality – kick start your plan now with our saving savvy tips.