UBank reveals the top Aussie savings goals of 2020

Still need to set your new year’s financial resolutions? Well, take inspiration from online bank UBank’s interesting new data which reveals the most popular savings goals among Aussies in 2020 and how much they’re saving towards them.

According to UBank’s research, nearly two in five Australians are saving up for a house, 25% are saving for a rainy day, and 20% are saving for a holiday.

The data also found that Aussies are striving to save a whopping $67,000 for a house deposit and $31,000 on average for a rainy day fund.

The average savings goal for Aussies looking to travel sat at a hefty $11,000, while those keen on buying a new set of wheels plan to save a solid $20,155.

“It’s great to see that saving for a home is consistently showing up as one of our users’ top priorities and that millennials are not discouraged by the fluctuating state of the economy,” said Peter O’Malley, UBank’s Head of Digital Banking.

Which answers the most-asked question of the decade (‘what are millennials saving for?’).

In fact, according to O’Malley, millennials make up approximately 70% of UBank’s in-app Budget tool total users who “prioritise keeping up with the latest technology products to help them reach their goals.”

Tips to help you tick off your 2020 savings goals:

Setting a goal is one thing, but seeing it through is another. So, here are three top tips to help you start ticking off your 2020 savings goals:

1. Set a budget:

Set aside an hour or so to sit down and go through all your personal finances and create a solid budget for 2020.

Make a list of all your regular bills and expenses, then crunch the numbers in our free budget calculator to determine how much you can afford to save each month in order to meet your goal.

2. Track your spending:

If you want to stick to your budget then you’ll need to start holding yourself accountable and track your spending. This way you can pick up on any bad spending habits and stop them in their tracks right from the get-go.

Here are the 7 budget and savings apps every Aussie needs to get you started.

3. Score some interest:

Get the most bang for your buck on your savings in interest payments by stashing them in a high-interest savings account.

You could even go the extra mile and open an account with a different bank to the one that you store your spending money in to create a budget buffer.

You’ll be less likely to break your budget and dip into your savings if they’re harder to access.

Example:

Kayla has a savings balance of $20,000. Using the Mozo Savings Calculator Kayla found that by keeping her savings in an account with the average savings interest rate in the Mozo database of 0.98% p.a., and deposited $200 a month, over 3 years she would make $700 in interest.

On the other hand, if Kayla kept her savings in the UBank USaver with Ultra Transaction Account, which offers an interest rate of 2.10% p.a., she could earn $1,524 total interest. That’s an $824 difference!

Compare high-interest savings accounts - last updated 16 October 2021

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Want to smash your savings goals this year? Of course you do! So go jump on our January 2020 Financial Checklist for all the juicy tips and tricks you’ll need to tick off those financial resolutions in a flash!

^See information about the Mozo Experts Choice Savings Account Awards

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