When industry super fund-owned bank ME asked Australians about their financial resolutions for 2020, five key goals stood out. So did the barriers that stop us turning goals into reality.
- Save for a big-ticket buy
Australians’ number one money goal for 2020 is saving for a big-ticket item like a holiday or car. The main stumbling block is high living costs – so be sure to review regular expenses, including phone and energy plans, to see if you could get a better deal.
- Build rainy day savings
Two out of five (42%) Australians want to grow emergency savings, but 21% say they lack financial discipline. Make it easy by setting up a regular transfer of cash into a separate savings account.
- Save to buy a home
One in five Australians would like to buy a home this year. The problem is, 52% of people say their income is too low. Try speaking to the boss about a pay rise. A ME study found only 12% of workers do this, but of the ones that do, 75% scored a fatter pay check. Look into joining your industry union too, and benefit from the power of collective bargaining.
- Cut spending on expensive habits
One in five of us want to kick costly habits in 2020. Here’s a strategy to consider – give the habit a miss for a week or two, and tuck what you’d normally spend into a savings account. Seeing how much habits can cost could be the incentive that sees you quit for good.
- Keep lid on debt
ME found 19% of Australians want to get the better of personal debt in 2020, though 13% say they’re held back by a lack of financial knowledge. Head to ME’s free online school of money, Ed, to get up to speed fast, and to start getting on top of debt.
This article is brought to you by ME. For more information, please visit www.mebank.com.au
Members Equity Bank Limited ABN 56 070 887 679 AFSL and Australian Credit Licence 229500