Save
Bank flags budget planning pitfalls
An Australian bank has revealed the top new year financial goals of Australians along with the obstacle preventing them from achieving them.
Bank flags budget planning pitfalls
An Australian bank has revealed the top new year financial goals of Australians along with the obstacle preventing them from achieving them.
In 2017 three-quarters of Australian households will be saving for a holiday or car paying off a mortgage or building up ‘rainy day’ savings, according to Australian bank ME’s research.
However failure to keep regular budgets will prevent or limit Australian’s ability to achieve these goals.
“The key to getting ahead is tracking the real costs of your household expenses, setting a realistic budget and committing to every single detail, consistently,” Me head of deposits and transactional banking Nic Emery said.
“For some ‘live-for-today, plan-for-tomorrow’ types regular savings habits may not come naturally − if you’re one of these people, consider introducing processes such as automatic transfers that helps you set, forget and save,” he added.
Of 1,500 Australian households surveyed, more than half admitted to failing to set a weekly or monthly budget while 59 per cent do not keep a record of monthly expenses.
Meanwhile 42 per cent failed to pay off their credit card each month, incurring significant interest on their repayments.
When it came to budgeting, Mr Emery said it was vital Australians set up some sort of budgeting system they could maintain.
ME’s research found most Australians (52 per cent) only transferred money to a savings account when spare funds are present, while 15 per cent just accumulate money in an everyday account.
“For some ‘live-for-today, plan-for-tomorrow’ types regular savings habits may not come naturally − if you’re one of these people, consider introducing processes such as automatic transfers that helps you set, forget and save,” he said.
Savings account
2020 saw the fastest increase in bank deposits since the GFC
Bank deposits of Australian households increased by more than 12 per cent last year. ...Read more
Savings account
Australians are putting savings goals ahead of holiday plans
While travel restrictions are soon set to ease, Australians are still putting their savings goals first. ...Read more
Savings account
More than half of Aussie Millennials don’t have a savings plan
Money is remaining a taboo subject for Millennials, which is leading to poor saving habits, a big four bank has revealed. ...Read more
Savings account
COVID-19 sees Aussies reach record-high wealth
New stats have revealed that Aussies are now richer than ever, having stashed away their cash during a year marred by the COVID-19 pandemic and the resulting economic shutdown. ...Read more
Savings account
Saving more during the pandemic? Here’s where that money should go
If you’re finding that you’re saving more during the pandemic, you’re not alone. ...Read more
Savings account
Aussie savings goals put on hold due to COVID-19 pandemic
The COVID-19 pandemic has seen Australians being forced to dip into their life savings, which is impacting their ability to achieve financial goals, new research has found. ...Read more
Savings account
The 4 types of COVID-19 consumers: Which one are you?
Australians are still living in fear of worsening economic conditions, with a study revealing changed spending behaviours across the board despite varying levels of individual financial impact. ...Read more
Savings account
Are you a victim of financial abuse? 22 questions to consider
An “invisible” form of abuse, family violence that uses money as a method of control and coercion, is a real issue in Australia. ...Read more
APRA’s mortgage crackdown, the power of DeFi and last-minute tax tips
Listen now
What to expect as the end of lockdown looms? Will the Stage 2 tax cuts boost your tax return? Where should investors be looking as the economy reopens?
Listen now
Could property prices inflate by another 20%? What’s happening in recent dividend announcements? Did your fund fail the YFYS test?
Listen now
What does the NSW regional permit mean for property investors? Who really wins from the BHP-Woodside merger?
Listen now
Savings account
2020 saw the fastest increase in bank deposits since the GFC
Bank deposits of Australian households increased by more than 12 per cent last year. ...Read more
Savings account
Australians are putting savings goals ahead of holiday plans
While travel restrictions are soon set to ease, Australians are still putting their savings goals first. ...Read more
Savings account
More than half of Aussie Millennials don’t have a savings plan
Money is remaining a taboo subject for Millennials, which is leading to poor saving habits, a big four bank has revealed. ...Read more
Savings account
COVID-19 sees Aussies reach record-high wealth
New stats have revealed that Aussies are now richer than ever, having stashed away their cash during a year marred by the COVID-19 pandemic and the resulting economic shutdown. ...Read more
Savings account
Saving more during the pandemic? Here’s where that money should go
If you’re finding that you’re saving more during the pandemic, you’re not alone. ...Read more
Savings account
Aussie savings goals put on hold due to COVID-19 pandemic
The COVID-19 pandemic has seen Australians being forced to dip into their life savings, which is impacting their ability to achieve financial goals, new research has found. ...Read more
Savings account
The 4 types of COVID-19 consumers: Which one are you?
Australians are still living in fear of worsening economic conditions, with a study revealing changed spending behaviours across the board despite varying levels of individual financial impact. ...Read more
Savings account
Are you a victim of financial abuse? 22 questions to consider
An “invisible” form of abuse, family violence that uses money as a method of control and coercion, is a real issue in Australia. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
