HOME > BLOG > Budgeting and Saving > What to do when you fall off the money saving wagon

Between creating a financial goal and reaching it there are a number of obstacles you will have to overcome. Often people can become discouraged if they are not reaching the milestones they hoped for.

So what can you do to get back on the horse and continue working towards your financial goals when your patience is being tested?

Have smaller goals

If you only have a couple of big goals such as save for a 20% home loan deposit, pay off all credit cards or pay off all loans, it can seem a little daunting trying to get started and staying on track. So instead, set out your goals in a more manageable way.

For example, if you are set on repaying all of your debt, work on one thing at a time. Focus on paying off one credit card or one loan at a time. That way, when you fully repay one, you can reward yourself and may help boost your motivation to continue on.

If you are set on saving money, instead of having an annual saving goal such as saving $5,000 by the end of the year, have a monthly savings goal.

Find financially-savvy friends

If you are serious about meeting your financial goals, you need to surround yourself with like-minded people. If you have friends who love to splurge and usually live pay-to-pay, you may find that you will copy their spending habits when you go out and will not be able to save as much. Whereas if you have friends who are in the same boat financially, you can still go out, but can find things you can both afford and enjoy.

Make it fun

It can be hard trying to make saving fun, but it will help keep you motivated. There are a number of ways to turn being frugal into something fun. For example, there are a number of financial apps with challenges that can make it more fun and feel less like work. You could even make a challenge within your family to see who can make the most money and the winner receives a prize.

Avoid temptations

Just like dieting and exercise, the more you put yourself around temptations, the more willpower you will have to exercise. So, if you are regularly hanging around with your friends who love to shop, the harder it will be to avoid splurging at the shops.

Online shopping is also a big temptation as the online stores are always open. To make it a little harder on yourself, don’t store your credit card details online as it will make it even easier to buy online. Also, try to keep yourself busy when you’re at home by trying out a new hobby. If you are bored on the couch, you may be more likely to surf the web and make impulse buys you don’t need.