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How to Stay Motivated on your Financial Journey
Sticking to a budget, building your credit, saving and investing takes hard work and commitment. But if you can stay motivated and remember your end goal, you’ll be rewarded with not only financial gains, but also peace of mind, less stress, and more opportunities.
To stay motivated on your financial journey, use the five tips below. And always remember that you and your goals are worth the effort!
But first, get in the mood to make your money moves by watching the Black Money Series from our partner dfree. See if you know the answers to the questions they’re asking!
Tip 1: Set Goals
Goal-setting means determining those big or small accomplishments that you hope to achieve in the near future. This is the fun part, and there are many ways to organize your goals. Create a simple list or get creative with a vision or dream board. Display your goals somewhere where you can see them every day so they’re an optimistic reminder of where you want to go. Be sure to add dates and refresh your goal sheet as you accomplish them.
Include short-term or small goals like “Save $200 this month” as well as larger ones, such as “Get a promotion at work.” It’s also a great way to add those fun things that make you happy. Add a Disney vacation to the mix. They’re your goals, so dream big!
Tip 2: Get Rewarded
All work and no play can get dull, so try to treat yourself occasionally. With MoneyLion, you’ll get treated to generous cashback rewards! There’s two ways to earn.
First, you will earn a surprise cashback amount after every purchase of $10 or more with your MoneyLion Debit Mastercard through our Shake ‘N’ Bank rewards. You might even earn back the entire purchase amount.
In addition, you can earn points redeemable for cashback by shopping through our app at top brands like Walgreens, Groupon, and Disney+ using your MoneyLion Debit Mastercard.
All cashback rewards get deposited into your managed investment account. You can leave it there to grow or withdraw it when you need it!
Tip 3: Track Your Progress
If you’re like most people, you use your phone on a daily (okay, hourly) basis. Adding the free MoneyLion app to your phone makes tracking your financial stats and progress super easy. You can view your spending, your income, your credit building, your investment account, or other financial factors all in one spot.
In fact, the app’s Financial Heartbeat tool is America’s first financial-fitness monitor! It gives your overall finances a score from 1 – 10, and helps you stay motivated to reach that perfect 10. You’ll even earn cool badges along the way to recognize your wins, kind of like Nike’s running app. Try it and start feeling the joys of accomplishing more with your money.
Tip 4: Invest Your Savings
Ditch the traditional savings account and invest instead to help reach your goals faster. Watching your money grow can be hugely motivating! And you’ll feel empowered as an investor, knowing that you’re taking a major step toward financial security.
An investment account with MoneyLion is fully managed, charges no management or trading fees, and requires no minimum investment or commitment. You can choose to be as aggressive (more risky) or conservative (less risky) as you prefer, and MoneyLion will take care of the rest. You can log into the app to check your progress anytime.
So instead of allocating $10 or $20 into your savings account each week, put that money toward a MoneyLion investment portfolio. You have the opportunity to add or withdraw when you want or set up recurring deposits. Investing in this manner will help you stay motivated because it requires minimal time and effort and you can concentrate on even more ways to achieve your goals and desired financial standing.
Tip 5: Remember Where You Started
Remember to reflect on your progress and enjoy a sense of accomplishment, because even if you only saved a small amount, you’re still saving and learning about financial wellness. Big wins! You’ll learn what works for you and the methods that you prefer. Stay consistent, set new goals often, and keep up the great work!
Learning about financial wellness is an essential life skill and one that you can build upon. Be aware of your budget, make smart buying decisions, and earn rewards and you’ll see real results accomplished from your dedication. What’s more motivating than that?
Tip 6: Find An Inspiring Finance Guru To Follow
Surround yourself with people who have the same goals as you and follow individuals in the financial space who have experience and knowledge. Doing these two things will help inspire and motivate you to reach your financial goals because you’ll get new ideas and insight into what professionals are doing to increase their wealth.
For example, Dave Ramsey, a personal money-management expert, aims to instill hope and offer wisdom so that you can reach your financial goals and learn to amass wealth in a realistic, sensible way. Follow him or someone else who inspires you on social media to stay motivated.
Take Control of Your Finances
Continue to learn strategies that will empower you to improve your financial health. By investing instead of saving, earning rewards through programs, and setting your goals early on, you’ll see your motivation and finances improve over time. Track your progress and remember where you started so you achieve your goals and improve your financial health. Follow those in the financial industry that can help motivate and teach you to be successful with your money.