What Kind of Saver Are You?

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Saver

The Do’s and Don’ts of successful savers – how to become a smart saver!

If your answer to the question above was ‘Not a good one!’, then we’ve got some great hints and tips to make this the year you turn your savings goals into reality.

If you’ve ever wondered what it takes to be a successful saver, you’re not alone. Just under half of Aussies – 43% – don’t save. And of those who do consider themselves savers, only 16% of them do so easily. Yep, it’s definitely tough to find enough cash to make ends meet from week to week, let alone set some aside for that special holiday, new car or whatever it is you’d love to set your sights on.

Aussie savers fall into a few different categories – which one are you?

By determining what kind of saver you are, you can help identify how you could improve on your savings goals this year.

  • The Dreamer – you have savings goals, but no real plan for achieving them. 11% of Aussie savers are ‘Dreamers’.
  • The Hit and Miss saver – you have a plan to achieve your savings goals, but you don’t always stick to it. 24% of Aussie savers are ‘Hit and Miss’.
  • The Slow and Steady saver – we all know the one about the Hare and the Tortoise – slow and steady wins the race, right? You save small amounts regularly, and you’ll eventually get there. 37% of Aussie savers – and 39% of women savers – are ‘Slow and Steady.
  • The Fast and Determined saver – you’re really focused on saving as quickly as possible. 28% of Aussie savers – and 36% of male savers – are ‘Fast and Determined’.
    • These savers are lucky enough to be pretty focused already, but by using a budget planner they could find even more savings and achieve even more!

So, what are you saving for?

The most popular things Aussies save for are a home (48%) or a holiday (47%).

Other popular savings goals are

  • the future (47%)
  • an emergency fund (33%)
  • new car (13%)
  • education expenses (10%)
  • new furniture or appliances (8%)
  • wedding (5%)
  • new computer or technology (4%)
  • something else (8%)

Women are more likely than men to be saving for more than one thing at a time.

Make this year your year!

Remember – a goal without a plan is just a wish! Make this year the one you achieve your savings goals by setting and sticking to a plan. Use this handy online savings goals calculator to work out how long it will take you to reach your savings goals, as well as steps you can take to put your savings plan into action.

Use an app to keep your savings on track

For more help getting your savings on track (and let’s face it, we all need a little help!), try the TrackMYGOALS app. This nifty guide integrates techniques that work for successful savers. It allows you to set, plan, track and manage savings goals and visualise your progress towards achieving those goals. Suitable for adults, kids and even people who have never saved before, you can use it to track your savings for a holiday, car or anything else you can dream of.

So go on – make this year your year, and start saving now!

Source: ASIC MoneySmart “How Australians Save Money” Infographic.