Ways for Homeowners to Save Again

We all know how difficult it can be to stay on track for a weight loss plan, and much of the same can be said for saving your money. Yes, you’ve made leaps and bounds towards your goal of saving up for a down payment, but motivation can dwindle after you reach a certain point. Don’t let yourself walk to the finish line, get there in a full sprint.

 Here are a few tips to reach your goal in full sprint.

1.       Try the savings challenge

This can help if you are a competitive person who is motivated by a good challenge. Here you want to turn your financial goals into a competitive game. The way this game works is by saving an allotted number of money per week. Week one is $1, week 2 is $2, week 3 is $3 etc. B the end of the 52 week calendar, you will have saved $1,378.

Another challenge is the no spending challenge, which is eliminating mindless spending. Mindless spending is like buying gum or candy at gas stations, chips at the grocery store. Whatever you can live without; don’t spend your money on it.

2. Attach saving to treating yourself

No hard work should go without reward. Neither should saving. Once you’ve drawn up the blueprints to your saving plans, figure out a percentage you can responsibly spend on yourself. Allow yourself to spend 10% of your emergency buffer of something of your choosing. So, if you have a $15,000 emergency fund, you are allowed to spend 10% of it, and it won’t make or break you.

3. Use visual cues

We all can get carried away with everyday spending when to ultimate goal is way into the future.  We all have been guilty of being stuck in the present instead of the future. The trick to this is to use pictures, or notes as visual cues to keep you motivated. The more you see this cue, the better. It will psychologically wire your brain to refrain from spending on junk and make you more inclined to save for what you’re goal is.

4.       Think of money in terms of freedom

When you try to save money, it’s almost as if you’re starving yourself, just like a diet. No one likes to go on diets unless they are happy about it. If you can change your mindset about it, it won’t be such a daunting process. Saving money is actually about creating freedom for yourself. You will be free from having to pinch pennies and worry about bills. It’s about having the freedom to do with your money as you choose, instead of the money telling you where it’s going. Starting calling your savings account your freedom fund, it has a much better ring to it anyway.

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