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
1. 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.
2. Keep it real
A spending app is a handy way to know where your money really goes and stay on track with daily spending.
3. 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!
Members Equity Bank Limited ABN 56 070 887 679 AFSL and Australian Credit Licence 229500.