Control my spending
If you’re constantly wondering where all your money went, it might be time to closely examine your spending habits.
Need it or just want it?
This is a simple question that can help you save.
If you’re serious about taking control of your money, start by sorting your spending into two simple categories – needs and wants.
Needs are the essentials. They’re the things you rely on to get by each day. Think food, rent, transport, healthcare, and taking care of your family.
Wants are the extras. They’re the nice-to-haves that make life more fun, but you could live without. Think eating out, designer clothes, new gadgets or streaming subscriptions.
Before you buy something, pause and ask yourself: Do I need this? Really? Being honest with yourself can make a big difference. By trimming back your wants, you’ll be able to keep more money in your pocket.
Review your budget (often!)
Once you’ve started trimming those obvious want expenses, it’s time to take a closer look at your budget. It’s a good idea to do this on a monthly and yearly basis. This helps you spot patterns in your spending, like when big bills tend to roll in.
Budgeting is the difference between telling your money where to go and wondering where it went. Tracking your spending shows exactly how much you have left for saving and the things you enjoy.
If you’ve never created a budget before, or just need a refresher, check out our simple step-by-step guide.
And once you’re ready, take advantage of our free online budgeting tool to get started.
Set a long-term savings goal
Once your budget is set, you’ll start to see how much money you have left each pay after covering your essential needs. Sure, it’s tempting to spend what’s left on your wants, but what happens when a rainy day or an unexpected expense comes along?
Setting a long-term savings goal can help. It not only prepares you for life’s surprises but also strengthens your spending discipline. When you have a clear goal in mind, it becomes easier to resist those spur-of-the-moment purchases.
To help you stay on track and reach your goal, make sure you’re using the right tools.
1. Savings goal calculator
Our handy free tool lets you punch in a few basic figures such as a starting amount and a regular deposit, and figure out how long it will take you to reach your goal.
2. The right savings account
When you’re working hard to build your nest egg, it’s important to make sure you have the right savings account working just as hard. Take the time to compare our range of great value, flexible savings accounts to find the one that’s best suited to your needs.
Keep a closer watch
Once your budget’s on track and your savings are growing, it’s a great time to look for other ways to cut back on unnecessary spending. One of the easiest ways to do that is by keeping a closer eye on your accounts.
We offer a range of tools that give you extra visibility and control. Think of it like having eyes in the back of your head when it comes to managing your money.
1. Email alerts
Get sent email notifications when your balance is getting low or when you’ve got a direct debit due. Great for steering clear of pesky fees, and easy to set up within online banking.
2. Mobile app
The bank branch in your back pocket. Our app is constantly being upgraded to improve your ease of use. View past transactions, pay bills and so much more.
3. Online banking
Managing your money is made so much easier online. You choose when and where you do your banking, make transfers, open accounts or pay your bills.
Decide how much to spend
As you become a savvier spender, you’ll start to notice your spending triggers and hopefully, get better at managing them.
When it’s time to treat yourself, take a moment to plan before you buy. Ask yourself:
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Is this item cheaper at a certain time of year?
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Are there sales or deals I can wait for?
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Would paying with cash save me money?
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Can I negotiate the price or buy in bulk for a discount?
A little thought before you spend can save you more than you might expect.
And if you’ve got your eye on something special, try using cash. By withdrawing a set amount and sticking to it, you’ll keep your spending under control and avoid the temptation to overspend.
Terms, conditions, fees, charges and credit criteria apply. This article is intended to provide general information of an educational nature only. Information in this article is current as at the date of publication.
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