Saving money doesn't have a reputation for being exciting. But good things could come to those who wait – and even better things could come to those who wait and save.
Of course, you may not consider yourself the saving type. If not, you’re not alone. According to the Australian Bureau of Statistics, through June 2024, “Households saved only 0.9 per cent of their income over the year. This was the lowest rate of annual saving since 2006-07.” *
Saving can be difficult. With that in mind, here are a few practical tips to help you achieve your saving goals.
1. Be SMART about saving
Have you heard of SMART goals? This easy-to-remember acronym encourages us to set goals that are specific, measurable, achievable, relevant and time-bound.
Why is this important? Because the more you can define your goals, the easier it can be work out a plan to achieve them.
Once you have specifics (a timeframe and an amount, for example), you can break your goal into smaller, actionable steps, such as how much to set aside each week or month.
2. Visualise your goal
Saving for a holiday? Try setting your phone’s background to a picture of your destination to frequently remind you of your goal.
The same principle applies to your dream home, a new car or even your holiday shopping. Try making a vision board with images that inspire you. Go old-school with scissors and magazines or create a digital board using a mobile app designed for this purpose (just search for ‘vision board’).
Creating visual cues can remind you what you’re saving for and help keep you motivated.
3. Turn saving into a game
Does the mere mention of saving money cause your brain to switch off? Instead of doing it alone, try challenging your partner, a friend or family member to a savings competition.
Set goals and schedule regular check-ins. This will help keep you accountable and help you stay focused.
To up the stakes, try implementing rewards. For example, if you and your housemates are in a savings competition, whoever’s ahead each week could avoid chores like taking out the bins or emptying the dishwasher.
4. Stick to the 15-minute rule
Who hasn’t made an impulsive purchase then wondered what on earth they were thinking? The 15-minute rule is a simple way to help you decide if something is worth it.
If you see something you don’t necessarily need, try stepping out of the shop or switching to another tab in your browser.
Then see how you feel about it after 15 minutes. Take things a step further by creating a list of items that have tempted you. Each month, review the list to see how many items still feel like important purchases.
5. Automate your savings
When it comes to savings, simplicity is key. One simple way you could save is by automating the process.
If you're a Suncorp Bank customer, you can use Suncorp Bank’s Automatic Savings Plan in Internet Banking to set up recurring transfers directly to your savings account. You can choose the amount and frequency (weekly, fortnightly or monthly). This might make it easier to save whenever you receive a salary deposit. Over time, you may not even realise you’re putting money aside.
Pair this with Suncorp Bank's Budget Planner to help you make a budget and stick to it.
6. Embrace bucketing
Bucketing is another simple way to juggle your funds. The idea is to have buckets for savings, bills and expenses, and a bucket for fun stuff too (sometimes you need to treat yourself!)
If you're a Suncorp Bank customer with an Everyday Options or Carbon Insights Account, you can open up to nine sub-accounts to help keep track of your money.
You can think of sub-accounts as ‘buckets’ for your money.
You can have different sub-accounts for different savings goals. What’s more, because only your main account is linked to your debit card, sub-accounts can make it a little harder to spend your savings too.
Sounds good? Learn more about Suncorp Bank everyday accounts.
7. Celebrate the milestones
Don’t forget to celebrate the wins! Saving can be tough at times but you’re more likely to succeed if you’re enjoying the process.
Consider setting aside a small amount of your savings for a 'celebration fund'. Whenever you hit a milestone, you can dip into the fund and reward yourself.
Ready to get started?
Suncorp Bank’s everyday and savings account options, along with our tools for smarter spending, could help you develop a savings mindset.
Published 22 November 2024
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* Source: Australian Bureau of Statistics: https://www.abs.gov.au/articles/9-insights-australian-economy-june-2024
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