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
Protecting your savings from inflation in Australia
Inflation is an economic phenomenon that erodes the purchasing power of money over time, directly impacting the real value of your savings. In Australia, as in many parts of the world, periodic rises ...Read more

Savings account
Maximising your savings effortlessly: The power of automation in Australia
In the fast-paced world we live in, managing finances can often become an overlooked aspect of our daily routines. However, the advent of technology has introduced a seamless solution to this ...Read more

Savings account
Maximising your savings account: What you need to know
Saving money is a fundamental aspect of financial security and wellbeing. Read more

Savings account
Are ‘nudges’ the secret ingredient to financial wellness?
Are better financial habits a simple reminder away? Read more

Savings account
Afterpay launches Money app, bank accounts and retroactive BNPL
Afterpay is upgrading its app-based arsenal. Read more

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
Protecting your savings from inflation in Australia
Inflation is an economic phenomenon that erodes the purchasing power of money over time, directly impacting the real value of your savings. In Australia, as in many parts of the world, periodic rises ...Read more

Savings account
Maximising your savings effortlessly: The power of automation in Australia
In the fast-paced world we live in, managing finances can often become an overlooked aspect of our daily routines. However, the advent of technology has introduced a seamless solution to this ...Read more

Savings account
Maximising your savings account: What you need to know
Saving money is a fundamental aspect of financial security and wellbeing. Read more

Savings account
Are ‘nudges’ the secret ingredient to financial wellness?
Are better financial habits a simple reminder away? Read more

Savings account
Afterpay launches Money app, bank accounts and retroactive BNPL
Afterpay is upgrading its app-based arsenal. Read more

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