How to Make Progress with your Savings Goals – No Matter What
Building your savings can be a daunting task. It can sometimes be a long road, but one that is well worth it when it brings you closer to your goals. Staying motivated on the road to your savings goals can be challenging, especially when you are facing unexpected obstacles, so that’s why North Brookfield Savings Bank has compiled some helpful tips to help keep you moving forward towards your goals.
Automate Your Savings.
Setting up automated deposits removes the burden of having to make the choice to save, or having to remember to take X amount of dollars out of your paycheck. You can either set up recurring transfers between your accounts or you can have your employer split your direct deposit into more than one account. Soon you’ll be making your savings grow without any effort.
Celebrate the Small Victories.
Large financial goals can make you feel like you’re getting nowhere with your savings. So, set a series of smaller targets that are easier to meet on your way to your goal. For example, if you want to save for a living room renovation you can break that into smaller goals such as saving to the new TV, saving for the upgraded carpet or saving for your new couch. Celebrate when you meet these smaller milestones with inexpensive rewards. It’ll help keep you motivated in the long game.
Keep Your Goals in Mind.
Keeping your goals at the forefront of your mind is great for keeping you motivated. Saving for a dream vacation? Make the destination your phone’s background. Saving for a new car? Print out a picture and keep it where you’ll see it often like on the refrigerator or bathroom mirror. You can even make a vision board of all your goals and keep it in a visible place. This might help you from spending the extra money in your account on frivolous items and instead motivate you to make a transfer to your savings account.
Take Setbacks in Stride.
Life happens, and you will inevitably encounter roadblocks on your savings journey. Whether it’s a car repair bill, medical expense, a job loss, or any other unforeseen expense, it’s important to stay steadfast and not let a setback derail you from achieving your goals. You may not be able to reach your goal at the exact same time frame you originally hoped for but that is ok because you are in control of your finances and that is what is important. Reexamine your finances, adjust your time frames, and keep saving.
Finding someone to help keep you accountable can be a great motivator for saving. Friends or family members that you can keep up to date on your progress and get positive reinforcement from are some of the best motivators.
At the end of the day, staying financially focused and working towards your savings goals will allow you to have a strong financial future. Having good savings habits is essential to success and there is a never a better time to start then right now.
Learn about North Brookfield Savings Bank’s Savings Account options which are available for adults and children, visit a branch, or speak to a NBSB Bank Representative about your options by calling 866-711-6272.
View our other savings focused blog posts to get on the fast track to becoming a great saver.