Use Cancun Technique to Motivate Yourself to Save Money
Saving money is difficult if you don’t have a lot of motivation. If you’re having trouble finding motivation to save money from your paycheck, try the Cancun Technique.
As the personal finance blog Studenomics notes, saving money for specific purposes is easier than just saving. If you want to plan a vacation to Cancun, you can set a target amount, decide how much you need to save each month, and even enthusiastically do so. When you save because some article on the internet made you feel guilty about spending all your money, it gets a little more difficult. Instead of saving because online writers say you need to eat vegetables, set yourself a specific, tangible goal for the money you want to save:
When you want something, you save money for it. If you don’t want something, you make excuses. Yes, in a perfect world you would have a spare fund. In real life, you need something to turn you on.
Of course, some goals may be easier to set than others. An easy way to do this might be to add $ 1,000 to your vacation budget to trick yourself into creating an emergency fund (assuming you don’t miss it on your trip). Saving up for retirement can be trickier as the payback will be short-lived, but if you can give yourself certain things that you would like to do after retirement, you can give yourself a little more motivation to do so.
Why Your Bank Account Is Not Working (The Cancun Money Saving Method) | Studentomics via Rockstar Finance