Attention: open in a new window. Print

 

           

 

WHY SAVE?

Why save?

You’ve got a regular amount of cash coming in, and most of the time you can pay for all the stuff you want - so why put money into savings when you can be living it up now? Check this out…


Scenario 1 – Spend ALL the money

You spend all the money you get and enjoy the high life, in fact let’s say you do just that for 2 years. You have an awesome time and at the end of 2 years you have some great stuff and good memories but zero cash in the bank.
 

Scenario 2 – Save a LITTLE bit of the money

Now let’s say you took 10% of what you earned and put that aside each week. If you’re earning $150 a week that’s $15 bucks to save (which is about the equivalent of a visit to Macca’s or a movie ticket, right?). At the end of your 2 years, you probably still have some great stuff and good memories (it’s only $15 after all), but you have managed to save $1,560. 


Scenario 2.1 – Save a LITTLE bit of the money in a savings account

Now let’s say that each week you put the $15 into a savings account that pays 3% interest pa. You now have a balance of $1607.27 at the end of your two years – that’s nearly $50 extra!


While you might like scenario 1 for now, scenario 2 and 2.1 will get you a high five from your future self.

 


Having a cash stash means your future self has some options – smash your phone screen? you’ve got money for repairs; favourite band touring? you’ve got money for tickets; mobile bill unexpectedly high this month? No problem.


Different people have different reasons for saving money. Whatever your reason, having some money saved up can give you choices and can have the power to change an ‘Oh no – what am I going to do?’ situation into a ‘No worries. I’ve got this.’ situation. 

 


 

MORE ON BEING A BETTER SAVER...

 

 

 

 

 

 

 

CALL 133 462

 

VISIT A BRANCH

 

ASK A QUESTION

Any advice in this information is general and has been prepared without taking account of your particular objectives, financial situation or needs. Before you act on any advice you should consider whether it is appropriate for you. IMB Ltd trading as IMB Bank ABN 92 087 651 974 AFSL/Australian Credit Licence 237 391