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MONEY HABITS

How to save money for your New Year’s resolutions

1 January 2020

The New Year is for new beginnings. It’s a great time to make resolutions for the year ahead. Saving more is one of the most common New Year’s resolutions, whether you’re hoping to buy your first home or enjoy an early retirement. We’ve put together some top savings tips to help you stick to your plan and achieve your goals.

Make saving something you do all year long

Stay motivated and keep on top of your resolutions by making a year-long plan that breaks your savings goal into smaller, achievable targets - Rome wasn’t built in a day! 

Start by dedicating a certain percentage of your monthly wage towards your New Year’s resolution. If you find you’re hitting your target easily, consider upping the amount you save. 

Create dedicated savings accounts just for your New Year’s resolutions

It makes sense to keep your savings separate from your day-to-day transactions. Even better,  having separate savings accounts for different goals can help you get a better picture of how you’re tracking. 

With a Suncorp Everyday Options Account, you can open up to 9 sub-accounts. For example, you could have one sub-account to save for an emergency fund and one for a house deposit. Better yet, each sub-account gives you access to flexiRates, which lets you lock in a higher interest rate on balances for up to 12 months.

Re-evaluate your spending habits regularly

New Year’s resolutions are usually long-term commitments, so if you’re saving money it’s important to regularly check in on your spending habits and see where you can improve. The more visibility you have over your spending, the more conscientious you can be about sticking to your plan.

The Suncorp App Dollar Tracker organises your payment transactions into 14 different categories, including clothing, entertainment and groceries. You can compare your spending month-by-month so you can see where your money is going and find new opportunities to save.

Cut down on unnecessary everyday expenses

Got a gym membership you don’t use? Cancel it! Subscribe to a streaming service? Consider getting a joint subscription with friends. Leftover dinner? Turn it into a lunch salad rather than heading to your local café. 

Paying close attention to your everyday spending can add up to big savings over the course of the year. Eligible Suncorp customers* can save on groceries, petrol and much more by purchasing discounted eGift cards through Suncorp Benefits. Small savings like these can really make a difference! See full Terms and Conditions.

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*The Reward and Recognition program ("Suncorp Benefits") is being operated by EONX Services Pty Ltd ABN 39 615 958 873.

Deposit Products are issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882. Please read the Product Information Document Personal Deposit Accounts before opening an account. Fees, charges, terms and conditions apply and are available on request.

Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product.

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