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Money Tip: Pick a Number to Make Saving Easier


Saving for something that we want or need, like a vacation, new couch, or iPhone, is always easier than simply saving for the purpose of having money in the bank. We are driven by goals in general, and revising our spending plans to have more left over each month doesn't always get our motivational juices flowing. We all know that we should be diligently putting away part of our paychecks each month, and setting goals is the best way to push ourselves from awareness to action.

One way to make this more fun is to set small goals and allow little rewards along the way. So, let's say your overall goal is to save $5,000. Instead of sprinting ahead and getting exhausted of saving in no time, tell yourself that after you've saved $1,000 you get a meal at one of your favorite restaurants or some other small treat that won't break your budget. Think of another reward for hitting $2,000, and so on. Then, once you've reached your goal of $5,000, set another big savings goal and continue with your small goal / reward process if it's proven to be the best strategy for you.

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