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How Do I Motivate Myself To Save For Retirement (Podcast)

motivate myself to save, Christine Luken, Financial Lifeguard

How do I motivate myself to save for retirement when it seems so far off into the future? You’re not the only one who struggles with this; we all do.  

3 Reasons You Don’t Save

1.) In this consumer driven culture, you’re constantly bombarded by advertisements reminding us how deficient you are unless you own this or that product. It’s vitally important that you become mindful of your spending habits so you have money to save and invest.

2.) The other reason you don’t save is because you haven’t made it a priority. If saving isn’t important to you, you won’t do it. 

3.) You and I are biologically hard wired to choose a certain gain today over a possible gain in the future, even if the latter reward is much greater. Why? Back in our caveman days, our ancestors were running from saber-toothed tigers and scavenging for food. If they wanted to survive, our ancestors had to prioritize survival today so they would make it to tomorrow. Fortunately, there are some tricks you can use to override the primitive part of your brain so you can invest for the future.

Have a listen to this 3 minute segment from my radio interview with BusinessWise on the subject of retirement.

So How Do I Motivate Myself To Save For Retirement?

One way to fire up your desire to invest for your future is to picture your elderly self. There are websites, like In20Years or Face Retirement, which will age a picture of “current you” to see what you’ll look like in your golden years.

You might find it a little unnerving to see your elderly self, but that’s the point.

I hope when you look at “future you,” you’ll have some compassion and want to take care of him or her as you would your elderly parent or grandparent. Think of how you want life to be like for elderly you. Do you want to be zipping around your golf course community in south Florida or stuck in a government-funded retirement home? Print a picture of elderly you to put on your vision board. Vow to make good investment decisions for him or her right now. 

The other way to motivate yourself is to see just how much a small amount of money saved on a monthly basis will compound over time. Just $100 per month from age 18 to age 68 at 8% grows to $743,606!  Don’t believe me? Check it out for yourself with Dave Ramsey’s online investment calculator

Spread the Word!
Christine Luken
 

Click Here to Leave a Comment Below 6 comments
Ashley - July 20, 2017

Luckily, my husband is already thinking about this stuff. Me on the other hand, I live in the moment lol

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Heather Lawrence - July 20, 2017

Ugh…
We are so far behind the 8 ball on this it’s not even funny.
We have tax free savings account but we have had to pull from it lately which doesn’t help in the saving money part of retirement. UGH!!

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Tasheena @ SimplyTasheena.com - July 20, 2017

I can’t wait to listen to this podcast. I’m behind on saving for retirement. However, I’m excited about catching up!

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Barbara J Feldman - July 20, 2017

Such an important topic. I’m pretty close to retirement age, and the thing that helped me was understanding that “wealth” had nothing to do with how much money you earned each year, but rather how much money you had saved each year.

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reesa - July 20, 2017

While the extra money taken out of the paycheck does hurt a little bit, I know saving for retirement will be for the best in the long run! The earlier the better!

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Bree - July 20, 2017

I definitely agree that this is an important topic and that we usually don’t think about this too often. Retirement is eventually coming for all of us! However, I’m guilty for not preparing or saving anything. Guess I need to start! Even if it’s a little at a time.

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