Getting Started on your savings
Getting started on your savings can be the hardest part, but all the evidence points to this: the sooner you start the better. Once you have a plan in place, it is much easier to stay on track to reach your savings goals.
Use these tips to get you started:
- Develop a budget. Use our budgeting tool to help understand your spending verus your income. Itemising your monthly costs will help you understand where your money goes and where you might be able to reallocate or trim your spending.
- Define your goals. Write down what it is you are saving for and when you want to reach your savings goal. The more defined your goals are, the more successful you are likely to be. Be careful to set realistic goals that are achievable and will let you save while still having a life!
- Set up a savings plan. Open a savings account that offers bonus interest for regular saving so you are rewarded for your hard work. Set up regular deposits from your everyday account to help you stay on track to reach your goals.
- Monitor your savings. You can easily keep an eye on your savings with Internet banking. Track transactions, check interest paid and watch your savings grow.
- Treat yourself every now and again. Saving can be hard work and needs discipline. But a regular treat paid for from your savings will provide motivation to help you continue to save.
The information presented is of a general nature and is not intended to be relied upon as a substitute for financial advice. Please consider the PDS available from IMB branches or by calling 133 462 before deciding if these products are right for you.