Saving can be hard, even when we really want to do it. You might find yourself having thoughts like, “Saving money is too hard”, “I don’t know how to save”, or even “It’s much more fun to spend my money.”
But saving money is important, and it doesn’t have to be complicated. Whether you’ve never saved before, tried and failed, or maybe loosened your spending reigns due to the pandemic, it’s always possible to just start fresh tomorrow (or even today!).
Let’s break down some different tips and tricks we’ve found that can help you flex your saving muscles:
Set a savings goal
The first step to saving is to set a goal. You can save randomly by throwing random amounts into a savings account or a piggy bank, but it’s much better to be consistent. Plus, having something solid to look at when you’re feeling discouraged can really help keep you motivated. Your savings goal can be anything, from saving your first $1,000 to saving for a 20% house deposit. All goals, no matter how big or small, are a fantastic start to any savings journey.
Did you know? You can set your savings goal in our SmartBanking App to keep yourself on track. For extra motivation, you can add a picture of something related to your goal that you can always look at when you need to.
Take the brainwork out
Does thinking about saving money stress you out? Then don’t think about it. Open up a dedicated savings account and set up an automated transfer that will immediately go into that account every time you get your pay. It doesn’t have to be a big amount. If you’re not used to saving regularly, even consistently transferring a small amount of money can have a big impact.
Increase your income
Technically, this tip is more about making money than saving it, but the more money you have, the more you can save. There are a few ways you can increase your income. You could ask for a raise, get a new job with higher pay, or start a side hustle. Once you’ve started earning more money, make a commitment to yourself to put this extra money into your savings.
Keep your savings out of reach
Get in touch with your financial institution to see if they can lock your account so you can’t access your savings through internet banking or your banking app, even when you’re feeling especially cheeky. Having money that you can only touch if you go into the physical bank location can really deter you from any impulsive spending.
If you really want to lock your money away where you can’t touch it at all, you could consider a term deposit account. This involves parking your money in a specific account for an agreed amount of time and letting it build interest while you go on and live your life. Once time is up, you can open it back up and happily take your effortless earnings. Note: Term deposits typically require a minimum investment amount to open, so this may not be a suitable option for people just starting their saving journey.
Bank the bonuses
Things like tax returns, gifted money, or work bonuses, can be put straight into your savings. Unless you are in a really tight spot and relying on that extra boost to pay essential expenses, fun bonuses are just extra money you didn’t have before, so it won’t hurt too much to hide it away for a rainy day.
So, there you go, there’s six ways you can get started on your savings journey, even if you are “bad at saving money.” What’s your best saving tip? Let us know!
The small, small print: Please note this information is general in nature and does not take into account your personal circumstances or objectives. You should consider this before acting on any of the information contained.