In this Summer 2021 segment, the Brew’s personal finance writer Ryan Lasker is nose-diving into our inbox to address your personal finance questions. Submit your money woes here.
What are some tips for being patient when saving money? I’m currently doing a good job, but knowing how long it’ll take to build up sizeable savings is bothering me.—Zach
Before I get to your question, a story: A few years ago, I had a (free) gym session with a trainer, and knowing my goals was of paramount importance. I told him I had none…which didn’t go over well.
Well, to be fair I had goals, but like you, I thought it’d take too long before I’d see results. I wanted abs, arms, maybe even a nice butt, but I wasn’t sure I’d ever get there.
You see where I’m headed, Zach. Saving is like hitting the gym in that months and years may pass before you notice results, and consistency and persistence is the key. To stay motivated:
- Maintain your focus by plastering pictures that represent your savings goals somewhere you can see them.
- Periodically look back at how much you’ve saved (kind of like looking at “before” gym pics), because you might surprise yourself to see how far you’ve come from where you started.
Bottom line: Consider the alternatives to saving. If you stopped now and bought a cheaper version of whatever you’re saving for, would you be just as satisfied? The answer is probably no.
P.S.: Later this summer, Ryan will be writing a twice-weekly personal finance newsletter to make you smarter about your money. Become one of the first subscribers.