Category: Money Matters
Chapter Select
Sub category: Saving
25 May 2018

Step by step to set and forget saving

In our last edition of Meet the Savers, we spoke to Sarah, who set up multiple accounts to categorise her goals.

Of course it’s great to proactively organise your goals, but sometimes when work is getting crazy or you’re organising a big trip or social event, it’s easy to accidentally break from good habits. Much like eating clean, when it comes to saving, the best of intentions can be derailed by a night out or a tempting salted caramel doughnut. Wouldn’t it be nice if there was a way to make sure your saving is going on in the background without too much input from you?

That’s where you’ll find our next saver’s tip helpful. Jen sets up recurring payments so a portion of her pay goes straight to her savings and she can just focus on what’s in her Orange Everyday – easy as!

 

Follow in her footsteps and after a little while you might be surprised at how much you’re saving.

Step 1:

Next time you receive your pay, log into online banking.

Step 2:

In the menu on the left of the screen, select “Transfer and Pay”, then select “Transfer Funds.”

Step 3:

Select the account you’d like to make the recurring transfer from, most likely the one where your pay goes into. Then select the savings account that you would like the money to be transferred to.

Step 4:

Choose the amount you’d like to come out of your paycheck each time. You should choose an amount that suits your lifestyle and your savings goals.

Step 5:

When asked “When would you like to make your payment”, select “Recurring” and select the frequency of your paycheck; fortnightly, for example.

Select the start date. It’s good to select the day after your pay comes in just in case there’s some delay with your paycheck. Then select the end date. You can leave it open, or specify when you want the automatic payments to stop.

After the initial set-up, you don’t have to do a thing, the money will automatically be transferred and you can use what’s in your Orange Everyday account. With that, you can feel confident knowing you’re still saving, even though you’re not making a conscious effort. You might be surprised at how much you’re saving after a month or so, and that salted caramel doughnut will taste even sweeter.

For more information on the features of ING savings accounts, read on here. Next time, we’ll introduce you to someone who uses Everyday Round Up to save while they spend.

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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