How to stay motivated to save as a 19 year old wanting a new car...

theoretica

Put the money into your savings account just after payday to remove temptation - in fact set up a standing order so you don't have to think about it and it just carries on growing.

snowgo

Sounds to me that the thing that may help is giving yourself some intermediate encouragement for saving. You've got the difficulty of the short-term disadvantages of saving (ie. having to resist spending on other things) that are weighed against the long-term benefit (having the money for something you really want). Seems you know what you want to do, but it is proving difficult.

Your heading suggests you're looking for means of boosting motivation. So some suggestions that are perhaps more psychological than practical:

1) Acknowledge that what you're aiming to do is difficult. When things are difficult it is often a case that progress consists of two steps forward and one step back. So if your progress pattern is 2 forward and 1 back, remind yourself that you're on track and resist those thoughts that you're not getting anywhere, which is probably not the case.

2) Be honest with yourself about a realistic progress path - allowing for the odd slip-up. Set up a chart or spreadsheet to map your progress against this and check in against it on a regular basis.

3) Do something that will remind yourself of the benefits of your long-term goal. This could be sticking pictures of the type of car you want on your fridge, or sticking a list on the back of the loo door of all the reasons/benefits you want to stick to your savings plan or some other sort of visual reminder that you'll see frequently.

4) Consider interim rewards for saving. For example, when you get to £1000 saved, allow yourself a small amount (£20, £30, £50 whatever you think appropriate) as a treat. That way you give yourself permission to spend a limited amount and offset that feeling of depriving yourself that can arise from saving. Ok the treat will slow down your rate of saving - but if it keeps you on track in the longer term it will be worth it.

5) A thing I always find helps me is to give myself some positive talking-tos. Remind myself of my assets rather than my flaws (so bin those techy and obsessive terms) and focus instead that you are not a wasteful person and you appreciate the importance of balance in your life.

And good luck!

snowgo

snowgo wrote: »

so bin those techy and obsessive terms

OOps. I misread techy for tetchy in your original post!

walidleeda

good luck to all of you .. i am a new member here

kidmugsy

Nineteen and you want a car? What a sissie - get a motorbike, son.

UsernameAlreadyExists

kidmugsy wrote: »

Nineteen and you want a car? What a sissie - get a motorbike, son.

I would have agreed 20 years ago.
It's a different place out there now.

Alex92_2

UsernameAlreadyExists wrote: »

I would have agreed 20 years ago.
It's a different place out there now.

The trick is to get a super powerful 1litre sportsbike so you can overtake all the !!!!!!!s and get yourself out of near misses lol.

I think OP doesnt want the long term solution badly enough. I think if you really wanted the long term goal (House, Car, Motorbike, holiday, whatever it is) you wouldnt even need to try and be motivated, you'd want it so badly that it is all you can think about.

adamc260

My personal advice

Open a regular saver account with a provider OTHER than your bank, set up a managable monthly amount to go into it via Direct Debit/Standing Order.

The incentive here is...
a) Out of sight, out of mind
b) If you close it early you lose all your interest normally
c) At the end of the year you've suddenly got a large pot of money

http://www.principality.co.uk/en/Savings-Accounts/Fixed-Term-Savings-and-Bonds/1-Year-Regular-Saver-Bond-Issue-11.aspx

Pays 3%

Always worked for me Hope that helps.

Alex92_2

adamc260 wrote: »

My personal advice

Open a regular saver account with a provider OTHER than your bank, set up a managable monthly amount to go into it via Direct Debit/Standing Order.

The incentive here is...
a) Out of sight, out of mind
b) If you close it early you lose all your interest normally
c) At the end of the year you've suddenly got a large pot of money

http://www.principality.co.uk/en/Savings-Accounts/Fixed-Term-Savings-and-Bonds/1-Year-Regular-Saver-Bond-Issue-11.aspx

Pays 3%

Always worked for me Hope that helps.

He'd be much better off (interest wise) with FD 6% monthly saver and opening 1st account. Having the monthly saver would waiver the monthly payments needed for 1st account. Double interest and can pay in more a month.

adamc260

Alex92 wrote: »

He'd be much better off (interest wise) with FD 6% monthly saver and opening 1st account. Having the monthly saver would waiver the monthly payments needed for 1st account. Double interest and can pay in more a month.

Pretty sure the 'regular saver' isn't one of the savings accounts that waives the monthly payments needed for the account, at least it wasn't in the past.