Category: Money Matters
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Sub category: Saving
19 January 2023

Why it pays to have a plan

Set and manage your financial plan for the next year, and come out on top.

There’s no better time to get your house in order than this financial year. A fresh look at your spending, direct debits, or even comparing your insurance, could bring about surprise savings and set you up for success.

So here’s how to get started:

Map out your goals

The first step in your planning is figuring out what you really want to achieve financially in the next year, or even five years. While you may have short term goals (like that dream holiday) you’ll likely also have long terms goals as well, and it’s good to get them in line.

Here’s some handy hints for creating a winning goal:

Get specific:

Rather than simply ‘go on safari’ or ‘buy a car’ you should get specific with the amount you’ll need, and when you want to achieve it by. This will help you know how much you need to save each month to get there.

Put pen to paper:

Putting your goals in writing means they’re not just talk. Writing several goals down can help you focus on which ones mean the most to you.

Be realistic:

Goals are dreams that are doable, so make sure that you’re able to make your goals a reality, and put aside the amounts you need to achieve them.

Master your spending

Next, it’s time to look at your spending. Let’s be realistic, spending money is all a part of enjoying life, but a few small changes could get your money working harder for you:

Keep your eye out for deals

No matter what you’re shopping for you can usually find  sales, discounts and deals, so it’s smart to take advantage of them. However, they’re there to make you want to shop, so be a savvy shopper rather than getting sucked in by a sale.

Some simple ways to save are:

  • Doing your food shopping in the evening, as sales and discounts are often available towards the end of the day.
  • Waiting until 2pm to nip out for lunch, not only do you not get caught in the rush, you may find discounts on sandwiches and salads.
  • Organising your catch-ups earlier in the week, as many restaurants and cinemas offer cheaper deals or tickets earlier in the week.
  • Finding the best day to fill up on petrol, with a handy tracker that shows you when it’s cheaper.
  • Keep an eye out for coupons. Coupon providers like Groupon are a great way to enjoy little pleasures, without the price-tag

Delve into your direct debits

How often do you use your gym membership? Could you be doubling up on Netflix costs in your household? These are important questions to ask, because there could be savings hidden in your old direct debits.

Have a think about:

Your gym membership: Have you been putting off going for a while? It may be time to swap the cross-trainer for the great outdoors, and put the membership on hold.

Your phone bill: Have you been on the same contact for over a year? It might be time to negotiate a new deal for your loyalty.

Your subscriptions: it can be easy to accumulate these, but they all add-up. You can make simple savings just by streamlining your subscriptions.

Your bills: While paying by direct debit can help you unlock early-payment discounts, make sure that you cancel any direct debits if you move, or that you no longer need.

Compare your insurance costs: You can also compare your existing health, home and car insurance with what’s in market to make sure that you’re getting the best deal. With ING Home and contents insurance and car insurance, you can get a simple quote to compare your costs online.

Prepare for what’s ahead

Once you’ve freed up some cash with your spending, you can start to build your savings. Setting a savings goal each month that you can afford is a great start, but also try not to dip back into it once it’s set aside.

If you have several different goals for next year, you can set-up a number of different accounts. You can even name them in the app after your goals, so you can see that safari get a little closer each month.

To be prepared just in case of a little unexpected emergency, you could aim to set aside a rainy day fund, and keep your savings safe from any surprise setbacks in the future.

No matter what you want from your finances next year, a plan is going to help put it into action. Once you’ve started, keep track of your wins and you’ll be set for all that life throws at you.
Find out all you need to know about ING's Savings accounts

ING does not endorse and is not affiliated with third parties mentioned in this article. ING is not responsible for any services provided by third parties nor does ING accept any liability or responsibility arising in any way from any products or services supplied by the third parties.


Savings Maximiser

Information and interest rates are current as at the date of publication and are subject to change.


The additional variable rate (that is added to the Savings Maximiser standard variable rate) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:


  • deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super and Orange One),
  • also make at least 5 card purchases that are settled (and not at a ‘pending status’) using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions), and
  • ensure that the balance of your nominated Savings Maximiser account at the end of the current month is higher than it was at the end of the previous month. When we assess whether you’ve met this balance growth requirement, interest earned in the current month is not taken into account.


Each customer can nominate a maximum of one Savings Maximiser account (either single or joint) to receive the additional variable rate (where eligible). You can check and change your nominated Savings Maximiser account via online banking. If no nomination is made, the additional variable rate (where eligible) will be applied to an account nominated by ING at its sole discretion.


Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate at any time. The additional variable rate is not payable in conjunction with any other promotional rate.

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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