You’ve heard it a million times: you need to save money. Problem is, it’s so daunting! Here are five proven ways to inspire yourself to save and invest.
Are you inspired to save and invest? Does the idea of saving money excite you? I’m a total geekoid when it comes to saving money because I truly love love love to put money away.
My husband, on the other hand, would prefer to spend it all, and then tell me that’s why he works. To spend. On whatever he wants. And then question where and why it went so quickly. 😉 Alas, they do say that opposites attract though, right?
If you ask my kids what mom thinks about saving money, they will probably tell you that I always say the same thing…
“Just because you have allowance money doesn’t mean you need to spend it. It’s ok to save it too..”
In fact, just a few days ago, one of my kids asked me to stop and get him ice cream and I replied very simply.
“I can’t, I don’t have money. But I know you have some of your allowance money.”
His response was priceless… “I do have money. But remember what you said? You said that it’s ok not to spend it. So I’m choosing not to spend mine and spend yours instead.”
Obviously he misunderstood my point.
Talking about saving money with others is exciting. Seeing others get excited is inspirational.
For many people, the thought of saving is daunting; the actual idea of saving is such a huge proposition. So many people assume that they can’t put together 6 months of income in an emergency fund. The same people likely assume that the idea of retirement is unattainable. For many people, it seems far away, they might do it later when they have more opportunity.
But later never comes, because you spend your time putting it off in order to focus on something more important to you at the present time.
Some may also think that since they are paycheck to paycheck, that they won’t ever get off that track to save. It’s a never ending cycle! Let me just say that if you have the paycheck to paycheck mentality now, you will likely carry that mentality for at least a few years if not more.
5 Ways to Inspire Yourself to Save and Invest
You can be inspired to save and invest. The hardest part, is making that emotional commitment to save. Once you get over that emotional commitment, and make the effort to start, the rest is relatively second nature.
1. Meet Someone Famous or Inspirational
There is something that happens when you meet someone who is well-known. I met Dave Ramsey way back when he was here in Phoenix a few years ago for an event. I have since went to several more of his events. It was an incredible inspiration to meet him.
It was just as inspirational to meet Chris Hogan (Author: Retire Inspired).. He’s an overwhelmingly emotional speaker…. a year after meeting Chris Hogan I am still overcome with intense emotion when I think back to the talk he gave. Not only did it motivate me to buy his book “Retire Inspired”, it gave me even greater aspirations to be even better at what I was already doing: saving and investing.
2. Read Books
Finding a great book is a wonderful way to gain insight and perspective. If you can’t read hardcover books, invest in Kindle books that you can have with you for portability. If you are waiting at the doctor’s office for an appointment, or in line to pick up your children, read a little.. bookmark.
Read a little more.. or, simply come back to it later.
You can find books that cover everything from personal finance, to self help… sales and even leadership. Some of my favorite books are:
- The Total Money Makeover (Dave Ramsey)
- Your Money or your Life (Vicki Robin)
- Retire Inspired: It’s Not An Age, it’s a Financial Number (Chris Hogan)
- Start: Punch Fear in the Face and Do Work that Matters (Jon Acuff)
- The Millionaire Next Door (Thomas J. Stanley)
- Intentional Living: Choosing a Life that Matters (John C. Maxwell)
3. Look at the Flexibility
It might be hard, but look at the flexibility you will have once your debt payments are gone. Think about what you can do with the money you have to put away for your later years. Think about all the time you will have with your grandchildren or, even your own children. Think of what your life will be like once you push those bills out of the way – you can work for just enjoyment instead of necessity.
4. Pay Off a Debt, or Two or Three
Nothing is more liberating than being able to narrow down and focus your efforts to pay off one of your bills. That one payment will encourage you and motivate you to keep going. Compounding efforts to the next. And the next – when you start to see results, you will have a different mindset than what you may have had years or months before.
You are getting somewhere (and that is what counts!)
The same mindset applies to saving money ~ what may seem small amounts can compound over time.
Taking advantage of your employers match at work in the form of your 401K may earn you $600 a month. (If they match 6% and you make $50,000 per year, that’s $300 of your contribution and $300 from your employer). That $600 a month is $7,200 a year – more than you had before you ever thought about jumping into the retirement plan at work.
Obviously each employer is different, so check with your employer.
5. Read Websites or Blogs
Nothing inspires life change like reading some great blogs or books. Blogs about personal finance, personal accountability, self-help, even food and wellness. Set up bookmarks on your computer to keep track of articles you come across that you might not have time to read at the present time.
Use the “save” function on Facebook to bookmark the same way. Coming back to them when you take a small portion out of your day to check up on facebook.