Try doing one quick and simple thing every day this week to give your savings a helping hand. Here are our tips for Monday to Friday.
Monday: Set up an automatic savings transfer
Remember when you told yourself that you would transfer money into your savings account each month? While your memory (and self-discipline) may sometimes fail, an automatic savings transfer won’t.
Set up an automatic transfer of funds between your bank account and your savings account. Even a small amount of $50 a month can help you get your saving started.
If you think you’re going to be tempted to dip into your savings account, consider opening the account with a different bank to the one you usually use so it’s not linked to your debit card at all.
Tuesday: Top up your super
We’re a super fund, so of course we slipped this one in!
Would you notice 1% of your pay going into your super, rather than your bank account? If your answer is no, then consider setting up a regular contribution to your super.
You can set up a before tax (salary sacrifice) contribution through your employer, or regular after tax contribution through BPAY. More details on making super contributions can be found here.
Wednesday: Look for costs to cut
A cliché tip here would be to save money by giving up your daily coffee, but let’s face it, you need that coffee. So let’s look at other costs you could trim in your life!
Get out your bank or credit card statement and determine if there is something you can cut back on. Are you paying for phone features or internet data that you’ve never used? Do you subscribe to any services you could easily live without? This could include online news, streaming services or even your gym membership (check out our article about staying fit for free!).
Thursday: Set reminders and good habits
Set up a calendar reminder every month that will prompt you to check your finances. Spend ten minutes taking a look at your spending, your super and your savings account. This way, you can make adjustments as you need and stay on track to your savings goal.
Friday: Set a goal and remember it
What are you saving for? Whether it’s travel, a house, or anything in between, picture it and remind yourself of it whenever you’re making an impulse purchase.
Don’t let unnecessary or unplanned purchases get in the way of your dreams. For example, if you’re saving for a holiday, but you’ve just seen the perfect new jacket in a shop window, ask yourself “will this new jacket help me go on holiday?” and remind yourself of your savings goal.