When you use a large portion of your savings account to put a deposit on your home it is natural to feel a state of panic rush in. You can’t help but think that now you are going to have a financial emergency and not have the money available. It is an unsettling feeling. However, it is also hard to get motivated to save again when you really want to spend every extra penny you have fixing up your home and getting settled. Below are Individual Property Solutions’ tips to help get your savings account back on track again.
Saying that you are going to start saving again isn’t enough. Determine an amount you are comfortable with depositing every week and commit to it. Don’t make it so high that you set yourself up to fail. You can always deposit a little extra when you have it.
Are you able to use your debit card with your savings account? If so, open a new account. You don’t want to be tempted by those late night infomercials.
There are times when you have to resist the urge to buy something just so you can make a deposit in your savings account. As a way to encourage your savings, you deserve a small reward from time-to-time. Every time you reach a milestone, you are allowed to withdraw a predetermined amount of money to buy something special. Make sure you determine your milestones, goals and reward amounts upfront.
If you don’t already have money going directly into your savings when you get paid, now is a good time to start. Specify a certain amount or percentage to get deposited from every pay period. If you don’t actually see the money and it does not physically pass through your hands, it’s harder to miss.
Remember all those little sacrifices you made when you started saving for your home? Maybe it’s time to go back to those basics. So, skip the overpriced coffee at the café and cancel a movie channel you never watch. You might even want to find someone at work to carpool with to save a little on gas.
You managed to build your savings account before and you can do it again. Sometimes, you just need to go back to the basics. To get yourself back to a comfortable level of savings, take the time to set goals and motivate yourself with a little reward now and again.