Motivation for saving

[crosses]

What is the motivation that started you saving and keeps you saving? I think that most people who save have a motivating factor. With all the advertising that says spend, spend, spend, there has to be something that motivates you to save and be frugal.

I save because I watch the money troubles my parents had while growing up. I vowed that I didn't want the same problems and that motivated me to not spend more than I earn.

I also like to give money to charities and causes that I believe in. I enjoy saving to be able to donate to these when I feel the urge. There is nothing that makes me happier to have the money set aside to be able to do that.

I think everyone needs to find a reason to save. It makes it a lot easier when you have a goal in mind.

[Jo Bo]

My basic motivation for saving is to give up work and have a better quality of life. I have worked full time as a nurse for 34 years and in that time have felt it change from a challenging and fulfilling job to a constant battle to maintain standards in the 'business of health', (this is in Britain and Australia). I was never someone who had large debts but decided to pay off my mortgage early so I could reduce my working hours. Unexpectedly, this put me in the position that I was able to extend my line of credit to acquire another small house on a 10 acre country block. Having sold my previous 11 roomed house I am completing renovations here and then the 'serious' savings commence! I have savings goals to pay off the remainder of my mortgage and accumulate an emergency fund and then drastically reduce my work hours. Over the last 3 years, as I have pursued my goals, I have gone from someone who spent my cash with little regard to the future to someone who maintains a budget and tries to make all my cash count towards my goals. I have read extensively about downshifting and the simple living movement and there has not only been a change in my physical environment, as I sit here in my cosy little 4 roomed house surrounded by trees and peace, but also in my mindset as I see my previous 'needs' as hollow and have a renewed awareness of the impact individuals can make, for better or worse, on the natural environment. I also see my future gradually unfolding, with the ability to indulge my passions and not be dragged down by the unimportant things in life.

I've just re read this and it sounds as though its very straight forward and easy! In reality of course I'm struggling along with the rest of you - two steps forward, one step back - but at least now I know where I'm going and that is a powerful incentive to save.

Regards

Jo

[DivaJen]

My motivation for saving? I have lots of reasons:

Building up a rainy-day fund
Being able to travel with DH and DD
Paying for college for DD
Being able to stay home with DD
Being able to stay home and homeschool DD
Being able to retire (both DH and I) at an early and/or reasonable age

[Tree0164]

My main motivation for being frugal is to be able to stay and work at home with my 3 sons.

A secondary motivation is be able not to stress out over the bills also known as finanical peace.

[luna-mia]

My motivation is that at one time, I ran out of money far before I ran out of week. I took note of 2 things. That I didn't know too much about where my $$$ went and that if I kept up in this "normal" cycle of rat race, earn-spend-earn-spend I was sure to lose.

I'm doing better now but still learning. I have a savings acct and when an ER happens, I'm much better prepared. This is enough inspiration to keep me going!

More or less, being comfortable and frugal is alot less painful than a spendthrift losing sleep at night about how to pay the bills!

[midnight]

my motivation for saving is so that I don't have to work any longer than I have to. I think if I can put away money now, then I can play later on in life. I would much rather do it this way than the other way around. I want to buy a big house on the beach and take strolls along the edge of the waves every evening. I guess it is this dream that is motivating me.

[Jo Bo]

LOL! Just read the title of this thread - motivation for saving - and realised my entire previous e mail wasn't about saving but repaying! I'm not good at saving but definitely good at repaying - personal loans, mortgages, credit cards, etc. I hate debt, meaning I hate to have debt looming over me with problems paying it - luckily I've never been in this position - any debt I've taken on has been a calculated gamble, i.e.I WILL be able to pay this off according to my plan, with minimal fees. So far - so good! LOL!

Regards

Jo

[marla]

Finding my motivation is my problem. How do you go about it?

[Jo Bo]

I think finding out what you really want comes first - the motivation arises from that. Just saying 'I want to be out of debt' or 'I want to be able to save some money' may not be enough. Sit down and decide where you want to be and what you want to be doing in 1 year, 5 years, 10 years, or longer depending on your age. A couple of good books may help - I like the 'voluntary simplicity' types for inspiration. Make a list of scenarios - even if you think they are completely out of reach. Even look for inspiration in your teenage years - what did you see yourself doing when you were younger. When you have decided where you want to be you then need to decide how to get there, including planning your finances accordingly. Write down goals - small steps are easier and help keep you motivated. Write down strategies to achieve these goals. E.g. a simple example could be you may have always wanted to go to Europe. You know this will cost $5000. Your goal may be to get to Europe within 5 years - so you know you will need to save at least $1000 a year. Make a list of things you are going to do to enable you to save - your strategies - and break them down further - I will save $84 a month or $20 a week by not eating out, or bringing my lunch to work or cancelling my gym membership and taking up walking instead, buying the childrens clothes in consignment/charity shops, etc. Always keep your goals in mind to prevent impulse splurging. Unless you're a 'natural' conservative spender, which I'm not(!), you need concrete specific goals to motivate you. 'Get out of debt' isn't specific enough - 'pay credit card off by paying an extra $50 every month is much more motivating and achievable. I am hoping to pay out my mortgage and accumulate an emergency fund by June 2006. One of my aims/strategies will be to live on less than half my wages until then - the motivation is provided by knowing I will be mortgage free and able to choose how many hours a week I want to work in the future!

Regards

Jo

[terry1156]

Jo gives some very good advice. The more specific you can get in detailing your goals, the better chance you have of taking the steps to work toward them. Vague ideas aren't enough to motivate you. A better detailed the plan is, the easier it is to take the steps you need to reach the goal because they are already laid out in front of you.