The article below is brought to you by our partners at Teachers Mutual Bank.
When money is tight it, can seem impossible to save even a little. But savings are important – they can give you peace of mind in tougher times and help fund little treats and big dreams. Following these savings tips can make it easier.
Spend less than you earn
This may seem simple, but it’s essential. To start, review your income and expenses over the past three months. This will help you see where your money is going and where you can cut back.
Plan a realistic budget
A budget helps you take control of your finances. An online budget planner can be helpful in allocating funds for essential expenses and discretionary spending. The 50:30:20 rule is a great guide: 50% of your take-home pay for essentials, 30% for discretionary spending, and 20% towards savings and debt. If this ratio doesn’t fit your needs, adjust it, but aim to save regularly.
Clearly define achievable goals
Setting specific goals makes saving more motivating. Be SMART about it:
- Specific: What are you saving for?
- Measurable: How much do you need?
- Attainable: Is it realistic?
- Relevant: Is it worth the effort?
- Time-bound: When will you reach your goal?
Our savings planner can help you get started.
Keep your savings separate
A great way to stay on top of your savings is by keeping them separate. With our new Essential Saver account, you can open up to nine accounts, making it simple to manage and track different financial goals. You can also set up automatic transfers right after payday, or arrange for direct deposits to go straight into your chosen account for your savings goal. This ensures you’re consistently building your savings without the hassle of manual transfers.
The key to saving is to start. Even small, regular contributions can set you on the path to achieving your financial goals.
Open an Essential Saver account today and enjoy hassle-free savings.¹
Important Information:
1. For an Essential Saver account, deposits over $5,000,000 (in aggregate across all your Essential Saver accounts) are subject to acceptance at the bank’s discretion. The interest rate(s) applicable are dependent on the relevant variable interest rate tier/tiers based on account balance. See our website for further details.
This information is general in nature and does not take your personal objectives, financial circumstances or needs into account. Consider its appropriateness to these factors before acting on it and seek professional advice before deciding.
Before you decide on any of our products or services and for full terms and conditions of Essential Saver, please see our website and read the Conditions of Use Accounts and Access, Fees and Charges and Target Market Determination. You can find these on our website or ask at any of our offices.
Membership eligibility applies to join Teachers Mutual Bank. Membership is open to citizens or permanent residents of Australia who are current or retired employees in the Australian education sector or are family members of members (i.e. shareholders) of the Bank. Teachers Mutual Bank is a division of Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence 238981.