To set yourself up for savings success, you should:
- Figure out what your goal is
- Boost your budget skills
- Find the right savings account
- Set-up savings rituals
- Make savings a communal experience
You might be planning a big overseas holiday. You might want to buy a car. Or you might just want to give yourself some peace of mind for a rainy day. Regardless of your intentions, saving money is a skill that everyone should hone.
Saving can be tough. According to the Federal Government 11 per cent of Australians have savings goals but no real plans for achieving them, and 24 per cent have a plan to achieve their savings goals but don’t always stick to it.
Sticking to savings plans can be difficult. After all, you want to enjoy spending the money you work hard for. But if you have strong foundations in place, you’ll find it easier to consistently increase your savings. Here are some tips to set yourself up for savings success.
Figure out what your goal is
Having a clear view of your goal is the first step. Factor in a bit of a buffer to cater to fluctuations on non-fixed expenses like venues and flights. ING’s Savings Calculator as a great tool to help you assess how much you need to save in a certain timeframe to reach a goal.
Boost your budget skills
We probably don’t need to tell you that a budget is a key part of any savings plan. They might seem like a chore, but you don’t need to be an accountant to nail a budget. It’s just a matter of keeping track of your regular expenses. ING’s Budget Planner tool allows you to calculate how much money you could save to meet your savings goals sooner. Printing out your budget and making it visual is a great habit to get into so budgeting is at the forefront of your mind.
Find the right savings account
Savings accounts are obviously a great way to save, but sometimes they aren’t generating the most savings possible for you. Things like fees, penalties, and low or short term interest rates can all mean that though your money is growing, you might not be reaching your goals as fast as you can.
Look into your savings account and see if it’s giving you the best possible on-going rates. If not, it might be time for a change.
Set up savings rituals
Forming regular savings rituals now will help you get in the saving mindset. Once you have the habits formed, saving will become a more natural instinct on a day to day basis. Try some of these rituals out:
- When your pay comes through transfer a quarter of it, or whatever amount that is right for you, into an online saver straight away
- Set-up a monthly time when you review your finances and see how you’re tracking
- Maybe you could grab a coffee with friends once a month to discuss your savings plans and tips?
- Make checking online bank statements part of your morning routine along with reading the news and catching up on social media. This will make sure you’re staying on top of where your money is going
These frequent rituals will make saving a regular part of your routine.
Make savings a communal experience
Saving doesn’t have to be a solitary journey. In fact, having friends and family to discuss your status and goals with makes it much easier. Even just telling people about your goals will give you a supportive community that will remind you to stick to them. And we all know a competitive friend or two – making a savings competition among friends can push you to new heights.
Laying the foundations for great saving is the first step towards saving smarter, not harder. Open an ING Savings Maximiser account today to see how you can grow your savings faster and reach your goals sooner.
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