Category: Money Matters
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Sub category: Saving
18 May 2017

Keep your savings game strong

When we start saving, we’re often fuelled by optimism and good intentions – not to mention the glittering prospect of the holiday, car or occasion we’re saving for. But the hard part can be actually keeping the momentum going, and sticking to our plans. To help you stay focused, we’ve put together a few of our top tips to keep that saving game strong.

1. Visualise your goal

It’s easier to put money aside if you’re saving for something specific, so rather than simply saying ‘I want to save more’ – be clear on your goal from the get-go. Whether you’re aiming to be mortgage-free, head off around Europe, put the kids through school, or having the dream wedding, your goal will be the thing that keeps you going.

It’s great to keep a goal in mind, but why not go one step further and keep it in sight too? Visualisation is a technique that helps many people achieve their goals, so stick an inspiring picture on the fridge or make it your screensaver. It’ll help remind you why you’re going to all this trouble.

2. Make a realistic plan

Once you’ve worked out your savings goal, it’s time to figure out how to get there. This will usually come down to how much you can save per week or month – you can determine this by looking at your expenses and drawing up a budget. While being ambitious is great, you also need to be realistic – don’t expect to suddenly change your needs, wants and lifestyle overnight. It’s just like embarking on a new fitness regime: you’re better to set modest immediate goals you can actually hit, rather than push yourself too hard, get discouraged and give up. Even if you’re only setting a small amount it will add up over time – you can do it!

3. Make it public

Sometimes sharing a goal with people close to you can help keep you on track, because you feel accountable – you don’t want to let them, or yourself, down! You can also make your goal feel more concrete by naming your bank account to reflect what you’re saving for. Seeing ‘USA Roadtrip’ when you log into online banking or the ING DIRECT app will be a lot more inspiring than seeing ‘Savings Maximiser’.

4. Reward yourself

Your savings goal may involve a long-term savings plan, so persistence will be key. If the end goal feels a long way off, why not set smaller milestones along the way, and reward yourself when you reach them? Maybe you get a massage or treat yourself to a dinner out when you hit each $1,000 mark – whatever will keep you going. Sure, the reward may mean spending a little, but you’ve earned it. And if it helps you keep your eye on the prize, it’s worth it.

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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