How to get your savings ready in time for summer
For many, the warmer spring days are a great motivation to drink more water and snack on more juicy fruits. Now while we also love a good smoothie, we’d rather talk about whether or not your savings account is getting its five-a-day.
If it’s looking a little peaky, then we have some tips from ANZ to help get it glowing again.
1. Be SMART
Just like nurturing your beloved house plant, saving money takes time and you have to stick with it to make sure it keeps growing. In fact, 77% of Australians think that stashing funds away for a rainy day simply takes too long, that’s according to ANZ.
This is where being smart comes in, or SMART as it were. SMART is ANZ's rule of thumb that you can apply to any new savings goal. It stands for specific, measurable, achievable, realistic and timely. By setting yourself smaller, short term savings goals, you will hopefully be motivated to save even more in the long run.
2. Give your savings goal a name
Speaking of house plants, we know you gave yours a name and we think your savings goal deserves one, too. But seriously, giving your goal a name adds a little personal touch and might even make it easier to get going with your saving plan.
3. Put a face to that name
Next, use a visual reminder to help keep your goal at the forefront of your mind.
As ANZ suggests, this could be anything from a photograph, to a fancy vision board or even the wallpaper on your phone.
4. Keep track of your progress
Find some way to keep track of all the good stuff you’re doing. This could be by way of a savings app. Or in a calendar, where you write down how much you stash away each week or month. You could even scribble down your achievements in a notebook or create a graph, if that’s how you roll.
5. Phone a friend
Get yourself a money buddy who will not only champion and support your efforts, but also badger you to keep going! You could even support one another.
Finally, don’t forget to celebrate the wins. Recognise when you reach significant milestones, like when you’re a third of the way there or at the halfway point.
Remember, as ANZ’s lead of savings and deposits Shannon Peachey says, making savings goals doesn’t have to be about sacrifice. “Instead it is about creating a realistic, healthy and sustainable plan that is achievable. We are encouraging everyone that is able to, to work towards positive savings habits to help increase their financial well being,” she said.
Of course what is any great savings plan without a savings account to put it in? Head to Mozo’s compare savings accounts page, or check out the offerings below to see what interest rate your stash could be benefiting from.
Compare savings accounts - page last updated October 24, 2020
- MyState BankMyState Bank
Bonus Saver Account
- Bank of QueenslandBank of Queensland
Fast Track Saver Account
^See information about the Mozo Experts Choice Savings Accounts Awards
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