Failing to achieve savings targets. But, what are you saving for?
How many times have you agree to yourself that you will start saving, but failed epically after 2 months. It is a well known challenge which we all face. Some day you will have to face reality and start that savings account.
Wait a sec… there’s still that one thing annoying you… why am I saving? Or rather ask what am I saving for?
We set ourselves up for failure by beginning to save without considering two key fundamentals.
Firstly, the motivation to save money comes from the inspiration or desire to achieve something in the future. Don’t begin by setting a savings target every month without knowing what you are going to do with that money in the end.
Know what you are saving for and that lack of motivation will turn into inspiration. Today, you decide I want to buy a new home or travel around the world in 80 days. Great, now you can start saving. You can start saving, because you want to buy a new home, you want to travel and you want to save for your child’s education.
It’s so much easier to save when you know what you are saving for. At Alpha Wealth we tailor savings and investment advice to suit our clients circumstances. As well as this we beat the low interest rate environment which the banks currently occupy, by giving you access to a wider market.
Secondly, we once mentioned the importance of setting aside one day a month to deal with all of your financial needs.
This day should give you a stress free 29 days… at least when it comes to money. One day, every bill and all your expenditure.
However, when it comes to saving money. You must take the direct decision power away from yourself. If you have to go lodge that money or if it requires a positive action, there will be a month that you will stop.
Set up a direct debit or standing order and take the decision process away. It will come out automatically from your current account, end of story.
As you no doubt know, one month will be tighter than another and if we must go to the action ourselves, then we will stop because ‘I have an extra bill’ or ‘I need my money for..’
So, what are you waiting for? Start saving now, but know what you are saving for.
P.S.: We’re now offering an extra 1% bonus if you open a Zurich Easy Access Savings Plan with us. That’s 1% extra on top of the interest you’ll earn with Zurich. You’ll definitely beat the low interest rates now.
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