Money

Money On Your Mind: Top Gen Y New Year’s Resolutions

Turns out there are quite a few of us wishing that the fickle Gods of New Year’s Resolutions will rain down the cash in 2016. Two million Australians resolve to save an average of over $11,000 each this year, according to the 2016 Westpac ‘New Years Resolutions Report’. If we all did that, we’d have a cool $21 billion to put towards something useless and of no humanitarian benefit whatsoever. Let’s do this.

Of all the people making their New Year’s resolutions, Gen Y’s are the most likely to want to make financial ones. More than a third of you want to save fat stacks, with career and romantic resolutions trailing closely behind.

But resolutions have a knack for feeling difficult to achieve (even if they actually aren’t). To that effect, the survey found almost two-thirds of the Gen Y’s who made financial resolutions in the past, didn’t reach their financial goal.

But it doesn’t have to be this way, and when it comes to your money, it damn well shouldn’t. Sure, unexpected expenses pop up. Sure, you can’t be bothered. Sure, you forgot you made them. But if you want to travel or own a home one day, working out how to stick to your savings resolution matters.

The Davidson Institute has five tips for the many of us looking to get financially fit this year and prevent ourselves from being another sad statistic come 2017.

#1 You need a plan, Stan

Just saying you want to do something rarely means you’re going to do something. Break down your goal into smaller bite-size chunks or manageable steps so you don’t get overwhelmed and jump ship. There are a bunch of online budget planners you can use to help with your organisation.

#2 Let people know your plans

If there’s one thing we all hate, it’s looking like an idiot. So use your ego to your savings advantage and tell a bunch of people your goals so you’re kept accountable. Do whatever else works for you to keep you feeling that way – whether that’s drawing up your plans and putting them on your wall as a daily reminder, or creating an automatic transfer to a savings account each month.

#3 Use your mobile for good, not social

This is where technology shines. There are myriad banking and budget tracking apps available to help you keep track in real time of your spending, and make it glaringly obvious the areas you could save a pretty penny.

#4 Know you’ll stuff up

It’s no big deal. If you make it a big deal, all you’re doing is creating another excuse to give up. You’re human, so relax. Make the mistake and then get back to saving.

#5 Treat yourself

If you’re saving and doing well, give yourself a little taste of the sweet life every now and then to motivate you to keep going. No, it isn’t counterproductive, it makes it less of a chore. If you’re doing great and you don’t acknowledge that fact, who will?

Want to start saving?

Open a Westpac savings account to take control of your money.

Find Out More