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The Dos and Don’ts of Successful Savers

Greg Medcraft
17th October, 2014

When you set yourself a savings goal, whether large or small, short-term or long-term, it’s important to put a regular savings plan in place so you can begin to make achieving it a reality. After all, a goal without a plan is just a wish.

How to motivate yourself to save

An online poll conducted by ASIC’s MoneySmart revealed the five top habits of successful savers.

The ‘money goals’ poll asked respondents to nominate what they were saving for and identify the techniques they were using to keep themselves motivated. The most confident savers were more likely to:

  • know how much money they needed to save
  • have a specific savings time frame
  • regularly review their progress
  • have a clear savings plan
  • tell family and friends about their goal

While some people were confident they would achieve their savings goals, others indicated they often struggle to put a plan in place to achieve their goals, or if they do have a plan they don’t always stick to it.

TrackMyGOALS app

To help people set up, plan and track their savings goals, ASIC has developed the TrackMyGOALS app. This savings app is the newest addition to ASIC’s MoneySmart personal finance toolbox and complements the budget planner and TrackMySPEND app.

TrackMyGOALS also has a feature that allows users to share their goal with friends and family on Twitter and Facebook. To stay motivated, users can also visualise the outcome by uploading a picture of their goal.

One of the main benefits of using the TrackMyGOALS app is that it helps to create good money management habits by encouraging users to become regular savers. The app can be used to cultivate positive changes in how you manage your finances. It demonstrates that with a little planning you can buy a new computer or TV without having to use credit to pay for it.

The app’s budgeting feature can also help you set realistic savings goals because it allows you to input all the costs associated with your goal. This means you can be clearer about how much you need to save. You will also have a more realistic timeframe to save for big goals like going on an overseas holiday or saving for your wedding.

TrackMyGOALS can be adapted to any savings goal, and can be used by a wide range of users, including people who have never saved before. For example, children and young people can use the app to motivate themselves to save for something they really want. It is never too early to learn good money habits.

The new app can be downloaded from MoneySmart or search for it in the App Store or Google Play. To learn more about managing your money so you can achieve your financial goals, visit ASIC’s MoneySmart website.

Greg Medcraft
Chairman
Australian Securities and Investments Commission

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