Getting financially fit in 2015 with the CommBank app
With the festivities a distant memory and the New Year in full swing, we look at how you can improve your money management in 2015 with the CommBank app.
The New Year is upon us and for many this marks the start of our New Year resolutions. While some of us will set goals to save for a dream holiday or buy a new car, according to a survey (1) of more than 1,000 Australians, more than half (58%) are hoping to make 2015 the year they improve their financial management skills.
The three main improvements people would like to make in 2015 include:
- tracking and managing their spending (42%)
- setting and keeping track of savings goals (39%)
- setting a regular budget and sticking to it (35%)
While it’s easy to talk about getting our finances in order, it can be a daunting task working out what changes we need to make in order to improve our everyday money management. One of the main barriers is a lack of time, with the average Aussie spending over two hours a month managing their everyday finances with the bulk of time spent on everyday tasks such as:
- checking and monitoring account balances (21 minutes),
- paying bills (19 minutes), and
- transferring money between accounts (14 minutes).
Getting financially fit with the CommBank app
With 42% of Aussies saying they want to get financially fit by spending less time on their financial admin tasks, we found that as a nation we could save over 13 million hours a month simply by managing more of our finances on our smartphone.
In fact, making a switch to mobile banking could save Aussies:
- 2.5 hours tracking and managing account balances
- 2.4 hours paying bills
- 2.4 hours setting and managing regular expenditure
- 2.3 hours transferring money between accounts
- 2 hours paying friends and family back
- 1.9 hours cancelling and replacing lost, stolen or damaged cards
To help kick start your 2015 financial fitness plan, here are the three top ways to save time on your financial admin with the CommBank app:
- Keep an eye on your spending – one of the easiest ways to keep track of your spending is to use the CommBank app’s simple balance feature. Whether you’re about to make a big purchase or simply want to work out your expenditure budget until payday, use the CommBank app to check your account balance on-the-go with one simple swipe.
- Stay on top of your bills – with increasingly busy lifestyles it can be hard to find the time to pay regular bills. With the CommBank app you can make the most of your down time, such as on the way to work, by paying bills anytime, anywhere.
- Save time on regular payments – if you need to make regular payments don’t waste time making individual payments each week or month. Use the CommBank app to set up and manage future regular payments, so you can spend more time enjoying life.
For more ways to manage your finances in 2015, check out the CommBank app.