Managing money can often feel overwhelming. Many people set out with great intentions to get out of debt or save more, only to fall off track after a few weeks or months. If you’ve ever found yourself frustrated after building a budget or starting a new savings plan, only to see it unravel, you’re not alone.
The issue isn’t a lack of willpower or discipline. Often, it’s that the strategies we use to manage our finances aren’t sustainable for the long term. Financial educator and author Berna Anat, known for her book Money Out Loud: All the Financial Stuff No One Taught Us, has helped thousands of people create healthy money habits that stick. Here are some tips to help you make money management enjoyable and personal.
1. Dig Into Your Goals With 4 Key Questions
When setting a money goal, don’t just aim to “save more” or “spend less.” Instead, answer these four questions to get a clearer understanding of your goals:
- What are you saving for?
- Where will you store your money?
- How will you save for this goal?
- Why is this goal important to you?
For example, if you’re saving $4,000 for a trip to Greece next year, break it down:
- What: A trip to Greece.
- Where: A high-yield savings account.
- How: Set up automatic transfers of $200 twice a month to your vacation fund.
- Why: You want to visit family and avoid using credit cards for the trip.
Answering these questions makes the goal personal and meaningful, making it easier to stay motivated.
2. Stack Money Habits With Everyday Tasks
Building new habits can be challenging, but one trick is to stack your financial tasks onto existing habits. Known as habit stacking, this technique links a new habit to one you already have. For example, review your budget app before opening Instagram in the morning. Or, if you exercise regularly, pay your bills before starting your workout.
By incorporating financial tasks into your daily routine, you’ll make money management feel less like a chore and more like part of your everyday life.
3. Give Your Bank Accounts Fun Names
Naming your bank accounts creatively can make saving more enjoyable. Instead of generic names like “Vacation Fund” or “Savings,” choose something fun and motivating. For example, if you’re saving for a business, name the account “I Quit!” or for a trip, “Santorini Dreams.” Each time you transfer money, you’ll get a boost from imagining your future success.
4. Find a Money Buddy
Sticking to financial goals can feel lonely, especially if you’re cutting back on social activities to save money or pay off debt. A great way to stay motivated is to find a money buddy—someone who can help keep you accountable and celebrate your progress. Schedule regular check-ins with your money buddy, whether it’s a friend, colleague, or family member, and keep each other on track.
5. Make Your Savings Goals a Game
If you’re saving for a big goal like a trip or holiday, make it fun by turning it into a game. For example, challenge friends to skip eating out for a month and stash the money into savings instead. You can share meal ideas, track progress together, and reward yourselves with a group dinner when you all meet your goals.
6. Track Your Progress Creatively
Seeing progress can make a big difference in staying motivated. If you need a visual reminder, try using charts, colorful trackers, or spreadsheets to monitor your savings. When saving for a specific goal, you could even create a physical chart. For example, if you’re saving for a pet, draw a dog and color in parts of it as you save money for your new companion.
By making tracking fun and visual, you’ll feel more connected to your goals and be less likely to give up.
Make Money Fun
Managing money doesn’t have to be dull or overwhelming. By making it personal, fun, and sustainable, you can stick to your financial goals long-term. And if you make mistakes along the way, give yourself grace and keep going. Your future self will thank you!
