Money

Three Tips For Saving That You’ll Hardly Notice

Depending on your current situation, glancing at your savings account can go one of three ways: a silent nod and feeling of contentedness, a stress-induced panic attack, or a disappointed chuckle – because what are savings?

If you fall into the category of people who suck at saving, listen up, because we’ve got the tips to top up your savings in no time! Check them out:

Extreme Savers: Hacks to reduce your costs

Try these savings hacks to reduce your everyday costs! Read more here: http://bit.ly/2ojVSx3

Posted by The Cusp on Monday, 19 February 2018

 

OK, so those might be a little extreme – there has to be a better way! And you better believe there is:

#1 Learn to budget

Most of us underestimate how much we really spend, whether it be subconsciously, or deliberately (because we’re in a state of denial over how much we fork out each week). We play down the cost of living or maybe just forget that the little things do add up.

The best way to hold yourself accountable is to set a concrete budget – a truthful list of the cost of all the things you need to keep yourself alive and happy, and cut out the things you don’t need. (Ahem, Uber eats five nights a week.)

Some may call this a sacrifice, but we call it adulting. Ready to start saving? Check out our further tips on budgeting.

#2 Direct debit your savings

One way to save while hardly noticing is to set your account to do it for you. Setting up a regular direct debit to shuffle away some savings on your behalf will have you hitting your savings goals in no time.

It doesn’t have to be a lot, either. You could do $100 each month when your pay lands in your account. Or you could do $20 per week. As long as you’re putting money aside frequently, you’ll be watching your savings grow.

Hot tip: set the debit to go to an account that’s not easy to access. It’ll be more difficult to access in a time of weakness and might make you think twice about dipping into your hard-earned.

#3 Determine your savings goal

Arguably the hardest thing when it comes to saving is willpower. When you don’t really have something that you’re saving for, finding the incentive to actually stick to a budget or even get serious about saving can be hard. Determining what it is you’re putting money aside for will make a savings habit that much easier to maintain.

So what is it you’re saving for?

It doesn’t always have to be some big grand thing, like a house deposit or car either. Maybe you’re saving to have an emergency fund in case you’re stuck for cash one month. Or perhaps you’re saving for some new threads.

Whatever it is, having a solid savings goal is bound to make things a little easier.

With a Westpac Life savings account, you can set and track your own personalised goals from within your account. Open an account now in less than three minutes.

Also check out these tips to become a smart saver, and ideas for boosting your disposable income.