If you never really got a good saving streak going earlier than this goal is for you. It’s a quick but efficient way to get a good feeling about saving that keeps you motivated. You’ve probably seen this steps before but now it’s a clear actionable plan which you can check off and maybe learn something at the same time.
Read through all the steps first and then start from the top. It won’t be impossible for you to complete most of this goal in one sitting, but that’s up to you, we just don’t want to overwhelm you.
This goal is easier if you can access your bank from your phone or from your computer.
Day 1
1. Decide what you're saving for
A pile of cash can make you feel safe, but it’s a bad motivator. If you have a saving goal like “Buy a car”, “Go on vacation” or “Create a safety net” the good feeling you get when transferring money to your savings account becomes stronger. What do you want to save for? Create a goal in the app called whatever it is you are saving up for. Change the goal’s photo into something motivating!
2. Decide how much to save
So now that you know what you’re saving up for you need to decide when you have enough. Start easy with a big round number that you think is enough, maybe something you could complete within six months or so. Add a step in the goal you created with the amount you want to save and add a few steps to work as milestones, to help you see the progress your making.
Day 2
3. Set a short term saving goal
A good way to motivate yourself is to set a super-short-term saving goal for yourself, like one week without any unnecessary spending. The good feeling you get when you buy a pair of shoes is traded for the even better feeling you get from checking off a box that says: I didn’t spend anything today.
4. Set an automatic transfer
Create an automatic transfer of 10% of your income to your savings account on the same day as the money usually arrives (If you’d rather save 5 or 15% that’s fine too of course). If you get your money on a more irregular basis, always transfer 10% of the incoming money to your savings account.
Day 3
5. Zero-out your spending account
At the end of the day, login to your bank and transfer and round down to a zero, then transfer the amount above the zero to your savings account. Say you have $210.5 on your spending account, then put 10.5 into your savings account. This is a fun way to increase your saving little by little everyday. You can also zero-out after each purchase you make, it’s even more motivating because you can see your savings grow a little every day. This step will remind you everyday for 7 days to Zero-out
Set this goal as completed
Now you have set up an infrastructure for your saving. Set this goal as completed and celebrate with an ice-cream or something. Remember to keep zeroing-out!
The materials based on Remente