Category: Money Matters
Chapter Select
Sub category: Saving
24 April 2018

Bucket budgeting to spend and save with confidence

We all want to save – but if you find it tough, you’re not alone. In fact, most Australians are only saving $3.20 for every $100 earned. Want to hear the good news though? A small tweak to the way you budget can go a long way to sorting this out quick smart.

In this series, we’re going to introduce you to a group of Australian savers so they can share what has worked for them. First up, we spoke to Jason, who uses multiple accounts to categorise the money he spends so he doesn’t dip into his primary savings for bills and other expenses.

Research conducted in November 2017 by Galaxy with 1,000 Australians, on behalf of ING.

It’s easier to know exactly how much you’ve saved up when you’re not drawing from one big pot, and multiple personalised accounts is a great way to handle your day-to-day budgeting.

If you need this in your life, check out how you can put it into action, step by step.

 Step 1

Log into your online banking and click “Apply for Products” in the sidebar to open a new savings account that’s linked to your current account.

Step 2

Click “Savings” from the pop-up menu and then select the type of account you want to open. To save for everyday expenses, a Savings Maximiser is a good way to go as it has competitive variable interest rates and no fees or penalties on withdrawals.

You can have up to nine accounts so you can create one to save for each of your major regular expenses.

Step 3

Follow the steps through the account confirmation process. You’ll be asked about your tax info and the bank account you want to link to. Have your phone handy, as you’ll be texted a confirmation code to enter. Once you go through these steps, the account is all set up. You just need to transfer some money into it to activate it.

Step 4

Rename your new account by clicking on “Accounts” in the sidebar, clicking into it, then clicking the pencil next to the name at the top of the page. Name each account after the specific bill or regular life expense, such as “Internet,” “Phone Bill” or “Utilities.”

Step 5:

When payday comes around, take a few minutes to go to online banking or the ING app and transfer the amount you need for the upcoming bill/expense into the appropriate account. This way, you don’t lose sight of how much money you have left in your savings, and you don’t take money away from your spending budget.

 Click through for more info on setting up savings accounts.

 

In our next instalment, we’ll be introducing you to someone who sets up multiple accounts to save up for their big goals. Stay tuned!

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. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents 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 ing.com.au 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 https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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