When you save, you may find it difficult to keep your motivation because, even if you plan your budget well, you feel frustrated by how little you save. This is especially true if you earn a limited income.
To stay motivated, you need to focus on the small amount you can save each day. If, most of the time, you reach this daily goal, you will eventually realize significant savings.
How much should you save?
It depends on your income. What do you think of a dollar a day? If it turns out too little, is $ 2 or $ 5 better? Remember that to achieve your project, you probably should not go beyond $ 5, even if your income level allows for more savings.
Will it really enhance your standard of living?
You will get $ 365 if you save $ 1 a day for a year. This amount will allow you to buy a plane ticket to go to the South, a bike or a pair of skis. You may be able to pay two months of payments on a new car, or you will buy new living room furniture.
Now imagine that you are saving $ 5 a day. At the end of the year, you will have $ 1,825. You can then pay for a week’s vacation on a tropical island, deposit a large amount into your savings account or give a down payment for a new car. You could even pay two months of rent or mortgage payments.
You do not have to wait so long to enjoy your savings.
You may find it too long to plan your savings for the entire year. So, save $ 1 a day for a month and you’ll get $ 30 – $ 31 at the end of it. This will be enough to pay you a meal in a decent restaurant, a movie night with a friend, or a bottle of high quality wine.
You will get $ 150 – $ 155 a month if you save $ 5 a day. This will be enough to pay for a car payment, a shopping day, a spa outing or a weekend in a hotel.
Keep your flexibility.
If you want to keep your motivation, you will have to set a new monthly goal. For example, try to save $ 5 a day in November, so you can buy holiday gifts. Another month, you’ll save $ 1 a day, so you can go to a restaurant or even see a movie you want to see the next month. The amount and reason for the savings do not have to be similar each month. As long as this money will allow you to do the things you want, you’ll keep the motivation to save.
How to protect your savings?
The unexpected will test your efforts to save. You will be tempted to use your savings to pay for repairs, emergencies or extra bills. Another option is available to you, however. You can get a personal loan online. Their application and quick acceptance process will allow you to have the money in your account in one day or less. Rather than touching the money you have already saved, you will use future savings to pay the loan. When you are done, you will resume your usual savings plan.