Finding Motivation to Save Money


You know all the mechanics of budgeting and saving, but despite that, you somehow seem to keep on spending. It turns out that knowing what to do is only half the battle. The other half is finding the motivation to do it in the first place. The tips below can give you more incentive to save.

Take the First Step

One problem with finding the motivation to save money is that there is a gap between knowing intellectually that you will benefit from it and really seeing that in action. It can help to take one simple first step that makes an immediate difference. As a plan of action, you could refinance your student loans with a private lender. It does not take very long to go online and find out what your options are, and this could save you money each month. Having that extra cash every month can motivate you to find other ways to save money as well.

Have a Goal

It can be tough to get excited about saving money when you can’t really think of a particularly good reason other than it being something you ‘should’ do. Even the motivation for building an emergency fund might leave you feeling a little less than enthusiastic, as it is money that you put away and can’t touch just in case you have an emergency at some point. Setting solid short-term, medium-term and long-term goals can make a big difference in how you feel about saving. As a short-term goal, maybe you could re-revisit the emergency savings as giving you peace of mind that a car repair or other unexpected expense won’t faze you. A medium-term goal might be a vacation while a long-term goal could be early retirement and the financial freedom to never have to work again.

Reward Yourself

Goals are nice in the same way that a job well done is a satisfaction in itself, but that isn’t always enough. Build in rewards for reaching certain savings goals. Ideally, these would be rewards that don’t involve spending money or at least that only have a minimal cost, but at the same time if you’ve managed to save $500 there’s no harm in spending $20 of that for a casino, which is available on

Learn Not to Spend

If your idea of not spending money involves sitting at home and staring at the walls or scrolling through your phone, it’s time to explore all the ways to have fun for no or low cost. Look into replacement activities, like learning to cook so you can invite your friends over for dinner sometimes instead of always meeting in a restaurant. Cancel your gym membership and go for a walk instead or drag your old bike out of storage. Look for free events around town. Video call or even write an email to a distant friend that you haven’t been as close with during the pandemic. While these new activities might not lead to a direct increase in a motivation to save, you will almost definitely discover plenty of ways to pass the time enjoyably without spending your hard-earned income.

Subscribe for Simcha Updates!

* indicates required