Everyone has their own way to motivate and inspire themselves. It might be something internal that they have to think about – a family member, a personal hardship they overcame, or a story they’ve heard about someone else’s success. Otherwise, it might be an external motivator – a song, a television show, a family member or friend’s words.
Whatever it is, getting inspired and motivated to save money can have a major impact upon a personal financial situation. And in turn, this inspiration can help put some direction to your financial life. But first things first; just how can you go about getting motivated to save?
Setting goals and having dreams
In my humble opinion, there’s nothing wrong with having hopes and dreams when it comes to our personal finances. While they might not all come to fruition, it doesn’t mean that they can’t be important motivators to push ourselves harder to save money. And these motivational aspirations, in turn, can help us set goals to achieve such dreams.
For example, I like to use the “lottery win” scenario to illustrate my point. We don’t play the lottery often, but when we do, it typically has us discussing and dreaming about what we would do with the money if we won. We know the chances are slim, but it opens the doors to our innermost wants and financial desires, which can help guide us in the right financial direction in our regular lives as well. While we might have to scale down such dreams since we likely won’t be winning millions, it still helps us consider things like living locations, types of homes, and the activities we’d participate in if we were financial free to do so. And if nothing else, this helps us evaluate our true desires when it comes to such things in our retirement planning or even certain moves we can make to improve our current situation, albeit without millions of dollars to assist us.
Understanding the long-term effects
According to Creditloan.com, the average American’s interest payments on debt are $600,000 over the course of a lifetime. This is a huge sum of money to us, and one that we’d prefer saving rather than spending on debt. Knowing this going in to situations like paying off student loans, paying off a mortgage, and buying vehicles, motivates us either pay off such debt faster or avoid such debt altogether. Through doing things like making extra payments toward our student loans and home mortgage we were able to rid ourselves of such debt while still in our 30s.
Learning what motivators are our there
Sometimes it’s outside factors that inspire us to save money. From books and public speakers, to television shows and movies, there may be a variety of sources from which we take inspiration to save.
Personally, I look to television stations like Fox Business, Bloomberg, and CNBC, and television shows like American Pickers, Cash and Cari, Suze Orman, and The Men Who Built America for further motivation to earn and to save. Really, it can be whatever works for you – a song, a painting, a person (dead or living), a place – as long as it helps you save.
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The author is not a licensed financial professional. This article is for informational purposes only and does not constitute advice of any kind. Any action taken by the reader due to the information provided in this article is solely at the reader’s discretion.