Knowing how to save money isn’t something that comes naturally to everyone.
It can be even more challenging to stick to a budget and keep savings on track when living costs are rising. So how do you make steady progress on growing that savings account balance? Setting goals and using a few simple reminders can help a lot with starting a savings habit and keeping it going.
How setting goals can help you save.
Planning to save money can be far more meaningful if you’re putting money aside for something that matters.
It could be a new car, a holiday or the deposit for your first home. Having this goal in mind is an important first step towards success with your savings plan.
To make it easier for you to keep this goal front and centre in your everyday banking, you can set up a separate savings account named for your goal. You can call it ‘our first home’ or ‘round the world trip’. It’s a great way to remind yourself that every extra dollar in that account moves you closer to a reward when you reach your savings target.
Make it specific and realistic.
When setting your goal, it’s also important to know what that savings target is. If you’re new to saving, it can help to start with a smaller amount that feels achievable.
Using the new Beyond Bank+ app to speed up your savings journey. Setting the bar too high could make it harder to stay motivated to save as the reward will feel a long way off. So a holiday fund is a good way to get started with a savings habit and then you can build up to a larger goal like money for renovations. Having said that, you could find yourself saving more overall if you aim for more than one goal at a time. The Beyond Bank+ app lets you set multiple savings goals with a name and photo for each so you can remind yourself to be smarter with your spending and see your savings grow faster.
Share your goals to help them stick.
Another way to keep yourself accountable for your savings goal is to share it with friends or family. By letting them know you’ve set a savings goal for something that’s important to you, they can help you resist the temptation to spend money on extras and keep more of your budget for your savings goal.
Track your progress for extra motivation.
Seeing the progress you’re making as you add to your savings account can also help you stay motivated to keep going.
That’s why the Beyond Bank+ app gives you nudges to let you know you’ve reached 20, 50 and 75% of your goal. Your dashboard also reminds you where you’re at. Using the app to stay on top of all your finances can be a great way to say no to those little extras that can get in the way of you and your goal.
How the Beyond Bank+ app can help.
The Beyond Bank+ app also includes a whole savings journey to help you maximise your chances of success. If you’ve got debts, you’re dealing with. We’ve got a journey to help with that too.
