How to Become a Successful Saver
Becoming a saver can be a challenge. Friends and clients say to me that they wish they could save. They confess that they are “just not savers.” What if there were a few minor behavior changes that could transform you into a saver, would you do it? This article will address how you can become a successful saver by looking at behaviors that committed savers have in common.
Committed Savers Set Goals
A common denominator to become a committed saver is to make a pledge to start saving. Spend a little time and think about why you want to save. Most people will say their why is “to save more money” or “to improve their overall financial well-being”. Be more specific as to your why. Goals like saving $30,000 for a down-payment for a condo in the next three years or $12,500 for a used car in the next 18 months will keep you motivated.
Take a Vow to be a Committed Saver
Once you have your goals, take a vow to become a committed saver. This can be as simple as writing it down and seeing it everyday or telling a friend or loved one you that you are pledging to save. You can join others and make a pledge at America Saves.
Open a Specific Account for Saving
It is best to open an account at an institution that is different from your go-to bank. This way you will not be tempted to raid the account. Another reason is that it is much easier to see how quickly you are reaching your goal. If you are saving for more than one goal, you may want to open more than one account.
Monitor Accounts Carefully
Committed savers watch all of their bank accounts, including their savings accounts. They keep tabs on their spending and income. Look for patterns that might be preventing you from reaching your saving goal(s).
Learn More about Saving
While you are saving, decide to become more knowledgeable about personal finance. Learn by reading personal finance books and or blog posts from sites you trust. Consider taking a course on personal finance.
Stay Motivated by Keeping These Things in Mind
Don’t be too hard on yourself when you slip into old habits. On those days or weeks dust yourself off and recommit to your goals. Keep a positive attitude. Remember you are aspiring to be….
- More prepared for retirement
- Able to have more financial freedom and flexibility
- Prepared for emergencies, so that they won’t derail you
- Able to make the large purchase you need or want without going into debt
Make a conscience decision to be a committed saver. Most committed savers have thought about saving for a long time before they are ready to commit. So, spend time thinking about your goals and why you want to save.
What have you done in the past when you wanted to save?