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What are you saving for?

While savvy savers are known to squirrel away a few bucks no matter what, most people need a solid reason to save and a goal to get behind. That’s because even saving for things we really, really want requires at least a little bit of sacrifice in the now. 

Work out your 'why?'

Our brains are kind of hardwired to crave immediate gratification. To overcome this brain bias it’s important to reframe how you think about saving – try to remember that it’s not a loss right now, it’s a bigger gain later (especially if you’re getting interest on it).

Let’s think about this in two easy steps

1. Work out your goal

First you need to work out your goal. Or in other terms, what are you saving for?

2. Research your goal

Then, do a bit of research to get an idea of how much it will cost. For example, if travel is on your bucket list you should:

  • Look up flights to different locations

  • Check out some accommodation at different price points

  • Read an online guide for average costs for meals, transport and activities

And voila! You have a rough idea how much you need to save to achieve your goal.

Brain hack

Studies have shown that you’re more likely to achieve your goals if you write them down, and when it comes to saving, those with a goal in mind save 2x more. Plus, the act of writing things down (especially the old school pen to paper method) helps you commit it to memory.

Next step

How to set SMART goals

Back to Saving

Important information

The information set out above is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.

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