Saving Mistakes to Avoid: No Reason to Save

Video Transcript

Who doesn't want to save more money?
 
I know I do, but sometimes we can get in our own way. So here is a saving mistake that you're going to want to avoid. I know it may sound a little simple, but the first mistake that I want to talk to you about is having no reason, or purpose, for why you're saving.
 
I think we can all get ourselves excited about saving for, you know, a couple of weeks at least. You know, opening up that new savings account and making that first deposit - it feels really great. And the dopamine rush of making another deposit, and then seeing that balance grow is even better.
 
But soon, as it always does, the thought of all the other things that we love to do with that money that we're saving starts to creep into our mind. And it's only a matter of time before everything you could possibly spend that money on instead of saving starts to sound like a lot more fun. And this is why it's really important to find a real, concrete goal that you're saving for.
 
Maybe it's to save exactly three months of your expenses so that you can just finally have an emergency fund in place and stop stressing so much about your finances. Or maybe it might be that trip to Australia that you've always wanted to take. Whatever that reason, find something that you personally care about to keep you on track for your savings goals.