Saving money, like weight loss, can be a struggle for many people. Both are laudable goals — and accomplishments should be celebrated in ways that do not undo your progress. For example, avoid overeating to celebrate 10 pounds lost or not spending on a big-ticket item once you’ve saved $1,000.
Luckily, there are a few things about accomplishing weight loss goals that can teach us all about other life goals, particularly saving money. For instance, saving money, like weight loss:
- Won’t happen in a day. Over even a week. Sustainable weight loss and savings take time.
- Is a decision you make every day. With weight loss, it’s with every fork or weight lifted. With money, it’s about every dollar socked away.
- Is ok to start small. Rome wasn’t built in a day. Neither will a well-endowed savings account be. Weight loss and savings goals take time to achieve. Start small and build upon your successes.
- Doesn’t end with one setback. One setback doesn’t have to derail all you’ve accomplished. It’s so easy to become discouraged when things don’t go as planned. However, a single setback shouldn’t be the end of your efforts saving money or losing weight. Real success means getting back to work after you’ve suffered a setback.
How to Achieve Long-Term Sustainability in an Instant Gratification World
Our world is centered around the concept of instant gratification. We want it all, and we want it now. We, as a society, do not like to wait — whether it’s for our food, our purchases, or something else in life.
We live in a world where people spend endless amounts of money to lose weight. The next magic pill, newest workout equipment, workout videos, fitness apps, etc. You name it — people will spend money on instant results.
Think about all the facets of life that are based on the here-and-now:
- Fast food
- Mobile phones
- Push-to-talk communication devices
- High-speed internet
- Instant streaming of movies
- One-touch, tap or swipe payments
You get the picture. Fortunately, there are ways you can overcome instant gratification to help you save more money, including these:
- Start slow. Don’t try to lose 25 pounds in a month — and don’t try to save $5,000 in a month. Start by putting $50 or $100 from each paycheck into an account you won’t touch. Do this for a few months, get comfortable with the lifestyle and financial adjustment, then up the ante to $100 or $150 per paycheck. Don’t up the amount until you are completely comfortable with the initial/smaller amount.
- Begin a habit. Get in the habit of putting small amounts of money into an account you won’t touch for an extended period of time. It’s all about the actual ACT of saving. Creating that habit and being in it for the long haul.
- Avoid setting unrealistic objectives. Keep your efforts sustainable. You have to be able to survive on the calories available to you just as you have to be able to manage your necessities on the funds available to you. You may feel a sting, but you don’t want to resent your efforts. You want to feel good about them instead.
- Set up a payroll deduction. This will be a useful tool to automatically transfer funds from each of your paychecks into a savings account. Soon you won’t even notice the funds leaving your paycheck.
- Reward yourself for your successes. Hit your objective for three months, six months, or even one-year and give yourself small rewards. The exercise of saving money itself isn’t about depriving you of things you want in life, but in creating the habit of saving.
The most important lesson to learn from weight loss about saving money is that there is no quick fix that will make it happen. Instant results are a pipe dream for weight loss and for saving. Change and time are the single most important components you must provide to the process for success.
We’re Here to Help!
Creating a savings habit isn’t the easiest thing in the world to do, but it can be infinitely rewarding.
Simple steps, such as opening a separate savings account or setting up payroll deduction to automate your savings, are great starting points in your journey to save more. To learn about the services we offer that can help you reach your savings goals faster, stop by any branch location or give us a call at 800.782.4899.
Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.