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Start by naming what you’re saving for

Saving money for the sake of saving money sounds smart at face value. It’s always nice to have more money, right? 

But not having a clear purpose for our savings can often lead to one of two outcomes. First, we can become distracted by things we don’t need and chip away at those hard-earned savings. Second, those savings can create a false sense of security that makes it hard for us to part with that money in cases when it might have made sense to.

Of course, there may be circumstances out of our control that can throw our savings goals off track. But by choosing an explicit goal for our savings, we can more easily re-focus and get back on track a little more quickly. 

Here’s how to stay strong with your money goals by saving with purpose.