How to set your sights on being a saving superstar in 2021

Want to build up a rainy day fund in 2021? Well it might be time to channel that positive, early noughties pop energy and reach for the savings stars!

We’ve compiled a list of tips to help you climb that savings mountain. So don’t stop, never give up and keep reading. 

Ditch debt

To really master the art of being a savings superstar, you’ll have to first make a plan to ditch debt. This means coming up with a plan to pay off your credit card and sticking with it. One way to do this is to transfer your funds to a balance transfer credit card.

These types of credit card usually come with a 0% balance transfer rate for a set amount of time. Just make sure it’s enough time for you to clear your debt. 

Keep track

Pull out your bank statements, banking app or whatever you use to check your account. Take note of your outgoings over the past couple of months. Is there anything that stands out? Money gone on takeaway or drinks? Take stock of these and think about cutting back on unnecessary expenses.

Continue keeping track of your spending with either a budget, savings app or spending tracker. A number of banks these days offer spending insights to help you get on top of your money. Have a look on your banking app and see what’s on offer.

Set an intention

Figure out what type of saver you are and set yourself a savings goal. This could be to build up a $10,000 emergency savings fund or to save for something in particular, such as the deposit on a house, a car or even a piece of kitchen equipment.

Once you have a goal work out how much of your income you can squirrel away each month. It’s important to be realistic about this, as you don’t want to be caught short and have to dip into your savings. 

Switch mindsets

The constant bombardment of advertising through social media apps, TV and billboards can make it hard not to spend money. On top of this, advertisers often use scarcity tactics, such as ‘only two left in stock’ to persuade us to make a purchase.

To really tap into saving, we need to realise that there is an abundance of stuff and that we will not miss out if we don’t buy something. With a shift in mindset we can see ourselves as active citizens of society and not simply consumers of products.

Open a savings account

To avoid dipping into your hard earned stash, you may want to open a separate account altogether. The good news is that there are plenty of savings accounts to choose from these days. All of these have different features, interest rates and varying perks to recommend them. So you can narrow it down to the one that will work best for you.

Head to Mozo’s compare savings accounts page to start making your shortlist. Or scroll down for a quick preview of what’s on offer. Here’s to bringing it all back to you in 2021! (PS sorry for getting all those S Club 7 songs stuck in your head.)