• July 18, 2023
  • Posted by General Electric Credit Union
  • 4 read

Hold Yourself Accountable to Reach Savings Goals

Financial goal setting may include steps like identifying how much you need to save, a deadline for when the funds are needed, and a savings schedule to help you get there. While these steps can set you up for success, your chances of reaching savings goals ultimately hinge on one thing: personal accountability. Use the strategies below to hold yourself accountable and stay the course as you strive to reach both short- and long-term goals. 

5 accountability strategies to reach savings goals 

1. Share your goals publicly 

It’s easy to mentally tuck away a failed attempt at saving if you keep the process private. But what if you publicly share what you want to achieve with a friend, family member, or the world-wide web? Whether you announce this information in passing during a conversation or make a post to your Facebook page, the attention will motivate you to push harder. People may comment words of encouragement or ask about your progress as time goes on.  

2. Be honest with yourself

If you’ve struggled to save in the past, it may be worth it to review on your financial habits. Reflect on how and why you’re spending money the way you are. Do online shopping trips give you a temporary boost of serotonin? Are you eating out instead of packing lunches? Take a candid look at yourself and how you could improve to reach financial goals. This introspection will serve you well in many facets of life. 

3. Enlist an accountability buddy

Ask a trusted friend or family member to hold you accountable for financial goals. This may involve weekly or monthly progress check-ins or reminders that keep your goals top of mind. Give them the greenlight to call you out if you fall back into old habits. While you’re ultimately responsible for your own behaviors, this added layer of accountability will hold a significant influence over how you proceed.  

4. Change your surroundings

If temptations to spend are throwing you off track, it may be wise to change your surroundings. In doing so, you’ll spend less time fighting off impulses. If your walk or drive to work forces you to pass a coffee shop and you’re often tempted to pull into the parking lot, consider an alternative route. Or, if influencer marketing on Instagram or TikTok leads you to spend money unnecessarily, you may find more savings success by limiting time on these apps.

5. Introduce consequences

While it may feel strange at first, you can hold yourself accountable by embracing consequences. Introduce ones that are reasonable but still impactful. If you don’t reach a savings benchmark, that may translate into not buying a sweet treat during your next grocery shopping trip. 

General Electric Credit Union (GECU) members have access to a full suite of tools and resources that make savings goal setting and tracking simple. Use Money Management to gauge your progress over time and review spending habits. Or, crunch the numbers with our online savings calculators. You can even start earning interest on your money by opening a Thrive Money Market Account. A great rate will help you save with confidence. 

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