A savings plan is a great way to reach your financial goals.
Having savings can help protect you in an emergency and give you peace of mind. By allocating money to savings, you pave the way for financial freedom and the ability to choose your future lifestyle. Here are some tips to get you going:
Here are some tips to get you going:
Five strategies to help you reach your goals.
Set up a separate savings account, preferably one with a high interest rate.
Separate your savings account from your bill paying and expense accounts. This could stop your savings getting accidently spent on bills or casual spending. Do your research and find an account with a great interest rate for your savings.
Calculate how much you want to transfer each payday.
Use a savings calculator to work out how much you need to set aside each payday to reach your savings goal.
Tip:
You may need to cut down on discretionary spending to help reach your target faster.
Transfer the amount you have chosen to save each pay or set up an automatic transfer.
Tip:
Set up automatic, scheduled transfers from your transaction account directly to your savings account. If possible, set up the transfer for the same day your pay goes into your account. This helps overcome the temptation to spend the money and removes the chances of forgetting to do your savings transfer manually.
Tip:
Another great idea is using a functionality such as our round2save. it's as easy as transacting on your Visa Debit card¹. Each purchase you make is rounded to the nearest whole dollar, and the round2save amount is transferred to your nominated savings account.
Leave your savings account debit card at home.
If you are easily tempted, take out the exact amount of cash you need and leave your card at home so you are not enticed to spend your savings.
Name the account the goal you are saving for (for example car, house or holiday).
Another great tip is to give your account your savings target name. This makes your goal more ‘real’ and a mental picture will provide you with extra motivation to stick with your savings plan. Hopefully you will be less tempted to remove money from your ‘House fund’ or “Holiday Fund” to go to the movies.
You can give a nickname to your accounts in Internet or Mobile Banking.
Be in control of your finances.
With Beyond Finance Manager, track where your money is coming from and where it's going to or set up a savings goal and we’ll show you what you need to do to achieve your goal and track your progress all the way.
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¹Only available on eligible Visa Debit card transactions, including point-of-sale and online purchases. round2save does not apply to Osko payments, BPAY or Direct Debit transactions.
This information is of a general educational nature only and does not take into consideration the objectives, financial situation or needs of the reader. The information must not be relied upon as financial product advice. You should consider whether any of the products mentioned or suggestions offered are suitable for your circumstances before acquiring or acting on them. Beyond Bank Australia Ltd ABN 15 087 651 143 AFSL/Australian Credit Licence 237 856. © 2020.
