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Six mistakes to avoid when saving

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Growing a healthy honeypot of savings is simple – especially if you know the mistakes to avoid. ME Bank explains six potential stumbling blocks to watch out for to make saving even easier.

1. Believing you need a lot to get started

Big things grow from small beginnings, right? The important part of building savings is not how much you save but how consistently you save. Over time, even modest deposits can add up to an impressive pool of cash.

Consider this. Open a savings account with just $100. Add a further $100 each week and on an account paying interest of 3.35%, you could have amassed savings of $5,389 in just 12 months. That's a big result from a simple start.

2. Failing to set, track and celebrate goals

Having a goal to work towards is a great savings motivator, and it's essential for a technique called 'visualisation', where you imagine how good it's going to feel when you have reached your savings target.

So, give yourself something to aim for – a holiday, some new furniture or a few home improvements. Set a savings target and start tucking money away to make your goal a reality. Review your progress regularly and celebrate milestones. Your good efforts growing savings deserve to be rewarded.

3. Taking a 'manual' approach

In our busy lives it's easy to forget to make a deposit each week or fortnight into your savings account. The good news is you don't have to.

One in five Australians use direct debits to automatically transfer a fixed sum out of their everyday account and into a dedicated savings account. It's a smart way to know your savings will keep growing no matter what's going on in your day to day life.

4. Not having an emergency fund

Life dishes up curve balls, and research shows one in three Australians dip into their savings to fund unexpected expenses. But there's a simple way to prevent financial shocks derailing your savings plan.

The solution lies in having an emergency slush fund of cash. Maintain a savings account of rainy day money and use a separate account for your primary savings goal.

5. Trying to do all the hard yards yourself

There's nothing like teamwork when it comes to building savings, and your savings account needs to pull its weight to help you achieve your goal. That means looking for an account combining zero regular account–keeping fees, with a consistently healthy rate of interest that won't drop to next–to–nothing after just a few months.

6. Putting saving off 'til tomorrow

There's no better time to start saving than right now. The sooner you begin, the sooner your money will start earning interest. Better still, it only takes a few minutes to set up a dedicated savings account, and then you're good to go to build regular savings and reach your personal target.

What are you waiting for?

Members Equity Bank Limited ABN 56 070 887 679 Australian Credit Licence 229500.

Media Super does not recommend, endorse or accept responsibility for this product or service. Terms and conditions apply - these should be obtained from ME Bank. Media Super does not accept liability for any loss or damage caused by the products and services provided by ME Bank. Media Super may invest in this third party but does not receive any commissions from this organisation as a result of members using their products and services.