We’ve all got that one friend who always seems to be on holiday, or have the nice new car, or is finishing off a beautiful renovation. Every time we log onto Facebook, their smiling face greets us with more evidence of their savings prowess.
Well, if you can’t beat them, join them.
Saving isn’t rocket science – yes, it can involve sacrifice, but if you’re ready to take it seriously, it’s easier to grow your balance than ever before. Here’s How.
Reward your good habits
You’re ready to commit to saving, so choose an account that rewards your good habits with interest. Options like our Bonus Saver, or Life Saver for those under 25, kick back with interest if you make a certain amount in deposits per month, and no withdrawals.
Set up a budget
One of the first steps to being able to save effectively is to get a clear picture of your finances. Knowing exactly how much in income and expenses comes through your accounts each month will give you an idea of how much you’ll be able to save.
What’s more, setting up a budget may let you identify areas of spend that you can do without. Do you really need 5 morning coffees per week, at a cost of $5 each? Over the year, do you want to be spending over $1,000 on coffee? It’s a scary thought..
Have a goal, and track it
When you go to the gym, do you just walk up and start lifting the nearest weight? Or do you plan your session to get the best results?
Saving becomes so much easier when you’re working towards a specific goal. As humans, we’re driven by our emotions, so having a reason to save is much more of an incentive than just feeling like Scrooge McDuck in his vault.
Been thinking about a holiday? After a whole new wardrobe for summer? Got your eyes on a new set of wheels? Work out how much your goal will cost, and track your journey towards savings success.
Our handy Savings Goal Calculator can help you get off and running.
Regular Payments
You pay your bills via BPAYⓇ or Direct Debit, so it’s automated and out of your hands, so why not use this technology to help you save?
Setting up a regular payment into a High Interest Savings Account means you won’t even think about it, and won’t be tempted to cheat yourself. Regular Payments take seconds to set up in Internet or Mobile Banking, or our friendly staff can help you out in branch or on 1300 651 400.
Stay incentivised with alerts
Even when we’re saving towards a goal, it can be a long road. Little pick-me ups along the way can really help you stay motivated.
Setting up Email or SMS Alerts on your Savings Account for when you reach a particular balance high-point, or when you receive interest deposits can be just the tonic. They’re a cinch to set up in Internet or Mobile Banking, or within our Mobile App.
If you’re ready to take saving seriously, compare our savings accounts and find the right fit for you.
If you found this article helpful, and would like to be kept up to date with regular financial hints and tips, why not connect with Greater Bank on Social Media?
This article is intended to provide general information of an educational nature only. This information has been prepared without taking into account your objectives, financial situation or needs. Therefore, before acting on this information, you should consider its appropriateness having regard to these matters and the product terms and conditions. Terms, conditions, fees, charges and credit criteria apply. Information in this article is current as at the date of publication.