Are you a savings slacker?
Nope, but you may be using the wrong motivation technique for the goal you have in mind, according to a new University of Chicago study.
When you’re less driven to begin with—because the stakes are low, or you’re not confident you’ll reach your goal—it’s more effective to focus on your progress. Celebrate every $20 you stash away, and your sense of accomplishment will make the goal seem more worthy, and keep you inspired.
But weirdly, when you’re really gung-ho about a goal, it’s a better motivator to dwell upon how much work you have left.
If you’re dead-set on saving a $5,000 emergency fund or deposit on that Kia Soul, don’t celebrate hitting that first $1,500. You can lull yourself into a false sense of accomplishment.
Instead, concentrate on the fact that you’re $3,500 shy of your goal and you’ll propel yourself to hit your target.
Focus. How do you stay motivated to reach your saving goals?
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