Category: Money Matters
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Sub category: Saving
19 January 2023

4 tips for re-igniting your savings habit

Struggling to get back into the savings habit? Here are 4 top tips for re-igniting your enthusiasm for saving.

1. Dream big and set yourself a new goal

Whether it’s a trip to a holiday destination you’ve always wanted to visit; the security of having enough money to refurbish your kitchen; or just the security of knowing you have a healthy emergency fund to get you through life’s ups and downs, set yourself a goal – one you really want to achieve.

After all, saving takes self-discipline and motivation, so the more you want something the more committed you’ll be to striving towards it.

2. Track your spending

Forming a savings habit takes practice, so keep savings top of mind by checking your balance daily and being aware of your spending pattern.  Download your mobile banking app to your smartphone or tablet for quick and easy access to your transaction account, and a timely reminder of what you’re spending and where.

Analyse your outgoings over the past two months and explore ways where you could cut back on your expenditure. For example, are there opportunities to save by switching service providers? Have you been doing a bit too much spontaneous shopping recently? Or could you cancel any memberships you don’t use?

3. Name your savings account

Make reaching your savings goal seem more tangible by naming your account after your goal. By seeing your savings rise in your ‘Dream Home’ account or your ‘Career Break’ account, you can see your dream become more of a reality every time you get paid.

4. Set up an automatic Direct Debit so you won’t miss it

Minimise the risk of skipping a ‘payment’ to your savings by setting up an automatic direct debit transferring a percentage of your spending money every time you get paid. Enquire with your employer whether it’s possible for a portion of your salary to be paid straight into a savings account, without you even seeing it. After all, it’s harder to miss something you don’t see!

Find out all you need to know about ING's Savings accounts

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. Living Super, a sub-plan of OneSuper ABN 43 905 581 638 is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms

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