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. The Suncorp Everyday Options Account and the Suncorp App Dollar Tracker can help you save all year long.
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- How to manage a home loan and a young family
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 and Terma & Conditions before making any decisions about whether to acquire a product.