Whether your savings goals are modest or you’re reaching for the stars, you can make the most of what you have in the timeframe you choose.
Setting a time frame is part of reaching any goal, whether it’s financial, fitness or health related. An end goal and date means you can set incremental milestones to regularly review – monthly, quarterly, or even yearly for long term savings like superannuation.
Some people need the pressure of a deadline to make an action, or like the structure a deadline gives. Other people simply want to go on a holiday in 6 months and structure their savings plan to meet that goal.
Budgets aren’t all about sacrifice and boring spreadsheets. Use our tools to get your money organised:
Take the opportunity to look at your budget with fresh eyes and think about any outgoings that are draining your savings potential. Savings can get addictive… so the more you save, the more chances you’ll find to streamline spending.
Tip: Don’t take all the fun out of life with a budget, allow some space for fun and you’re more likely to stay on track.
Short term savings of around three years or less, has a finite goal at the end like travel plans, a car or an emergency fund.
Long term savings includes things like saving for a house deposit, an education fund for your children or your retirement.
Whatever your goal, a high-interest savings account will get you closer to your goal.
Tip: Look for an account with no or low fees, competitive interest rates and easy access to your money. Our Everyday Plus Account has no monthly account keeping fees when you deposit at least $1500 a month and makes monthly donations to community charities.
It doesn’t matter whether you’re a veteran saver who gets a kick out of squirrelling money away, or a beginner saver who spends everything you earn and more – you’ll benefit from automating your saving process.
Once you’ve decided on your budget, your goal, how much you need to put aside and how often, set up an automatic transfer into your savings account and then stop thinking about it. Having to manually transfer money across each pay period takes up brain space and makes your savings program a decision to make and remake every week or fortnight.
Tip: If you’re looking to tighten your belt and reduce your spending, here’s three quick things to check – are you paying account or transaction fees you don’t have to, for software or app subscriptions you don’t use or (let’s be honest) is there a direct debit coming out each month from a gym you rarely go to?
We’ll help you get smart about saving. Talk to QBANK or call 13 77 28.
At QBANK, we are pleased to share good news that may benefit our members, such as the announcement of the $25,000 HomeBuilder Grant, a great opportunity that could not only help you out, but also Australia's economy following the slowdown of recent months.
We are all looking for convenient ways to live our lives and complete our daily tasks from the comfort of our own home. Download the QBANK App today for 24 hour access to your accounts. The QBANK App allows you the freedom to bank on your terms anywhere, anytime.
QBANK encourages members to stay alert for COVID-19 scams as scammers take advantage of the current situation, people’s movements, moods and personal needs.