Fewer than one in five people will take this key step to grow their New Year savings.
It looks like 2021 is going to be a big year for personal savings. New research by industry super fund-owned – ME Bank shows almost one in two Aussies plan to grow ‘rainy day’ savings this year. One in five are saving to buy a home, and one-third of us are saving for a car or holiday.
The secret to successful saving is to make a habit of it, and it becomes a lot easier if you start with one simple step.
Have a plan to follow
Drawing up a budget is a smart way to kick off a savings plan. It shows where you can cut costs, how much you can save, and a budget lets you set spending limits.
Yet ME’s survey found only 16% of Australians intend to use a budget as part of their New Year money goals.
To help you get started, we’ve lined up some tips to make budgeting easy.
- Go digital
An online budgeting tool makes crunching the numbers a breeze. Check out the free Budget Planner on the ME website – the built-in calculators give you the flexibility to play around with the figures.
- Keep it real
A spending app is a handy way to know where your money really goes and stay on track with daily spending.
- Make it fun
A budget shouldn’t take the joy out of life. So include fun things in your budget, and allow some pocket money for day-to-day treats.
With a budget in place you’re on track to reach your savings goals. Remember, even small amounts can hit big targets over time. Tuck away just $3 a day in 2021, and you could accumulate savings worth over $1,000 by year’s end!
For more tips about saving and budgeting check out the budgeting module in our Ed – Online School of Money or contact your Partnership Manager Rebecca Little on 0467 711 604 or rebecca.little@mebank.com.au
Members Equity Bank Limited ABN 56 070 887 679 AFSL and Australian Credit Licence 229500.
