Achieving your savings goal with a budget
We all have goals or dreams we want to aspire to, but no matter what you’re saving for, creating a budget is a great way to keep you motivated to achieve your savings goal.
Savings accounts are an excellent way to earn interest while still maintaining easy access to your money. At Beyond Bank we offer a wide range of savings accounts which provide competitive interest rates, no monthly account-keeping fees and flexible access to your money.
If you want to see how much you can save by depositing a regular amount into a savings account each month, try using our Savings Calculator.
How to set up a budget
- Identify your goal
- Identify all your sources of income
- Assess your expenditure
- Enter the details into the Budget Planner calculator
- Make any adjustments if required
By putting savings aside, you will have easy access to funds should you need to undertake any repairs on your car or home, or if you have unexpected medical expenses or loss of income. The trick is paying yourself first and then prioritising your spending and managing your money.
I personally find using payroll splits extremely helpful. This way I know as soon as my pay hits my account, my loans get paid straight away and other funds are sent to my bills and savings. Therefore, whatever is left in my Visa account, I can utilise for my food and miscellaneous expenses until my next pay. We can set up payroll splits to your nominated accounts aligned with your budget so that you can prepare for your expenses and savings – just give us a call on 13 25 85 or visit your local branch.
I also find that the Car Budget Account helps me manage my ongoing car expenses such as petrol, insurance and registration. Most transactions are fee-free, making it easy to budget and pay for all my car costs. I also have a separate Visa card with a car on the front so it doesn’t get mixed up with my everyday Visa card.
Do you have any other budgeting tips to share?