I’ve just been on This Morning with a lovely young couple from Norfolk and their son Jack who is one of the sweetest little boys I’ve ever met. We went to see them because they wanted my help to get them to save enough money to put together a deposit for their own place. Currently they rent a lovely detached house in the middle of the country, half an hour’s drive from Norwich.

Having seen what they spend on a monthly basis and the money that is coming in, I had to break it to them that if they really, wanted to save enough for a deposit then they would have to make some lifestyle sacrifices for a year or two. And that’s what I say to anyone who really wants something big rather than just jogging along from day to day, just about managing but never really getting anywhere.

It’s not fun to have to sacrifice, but if you’re serious about buying your own place/moving to another country/ starting a family or a business or any of those big ‘life’ things that cost money, then it’s likely you will have to cut out some goodies on a regular basis until you get there.

I call it short-term pain for long-term gain.

So, for example, if you want to pay off your mortgage early and get enough financial freedom to do what you want, then you will need to cut out a holiday or two, maybe work at the weekends for extra cash, cut down on meals out and posh clothes, and do it for a few years in order to pay it off in double-quick time, as we explain in this article on paying off your mortgage.

For my Norfolk couple today, I suggested moving out of the lovely house they were renting, moving into a smaller place in Norwich itself and getting rid of the car. By doing that they would save around £300 a month in one go. Then it’s a question of getting some more money in every month through different jobs and money-making ideas. I said I wanted them to be able to put away £400 a month into a high-interest savings account until they had saved at least £10,000.

It’s a tough one for a couple that loves living where they do but, unless they can find another way of making an extra £400 net a month, I think it’s a sacrifice they have to make. If they set themselves the goal of saving for two years then that would make it easier. If you have a time limit on the ‘pain’ it makes it a lot easier to bear. Having a goal to aim for makes the whole experience go by much quicker, as we show in this article on how to detox your finances.

So think about this if you keep saying ‘I wish I had the money to go round the world/ start a family/ get out of this job’ etc. Set yourself a savings goal, put a time-limit to it and then do everything you can to achieve it. Right now is a fantastic time to save, too, as there are some great savings rates around, as we show in this article on saving. The long-term gain always outweighs the short-term pain so just get on and do it!