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How to get into a savings habit

How to get into a savings habit

Putting money into a separate savings account is the easiest way to build your savings. It creates good financial habits, and can help remove the temptation to spend. Plus you’ll know exactly how much you’ll have by a certain date if you commit to saving regularly.

Step 1: Set a savings goal

You can set up a savings goal in NetBank and name it after something specific you’re saving for. Let us know how much you need to save and by when, and we’ll tell you have much you’ll need to save every month to reach your target and help you set up a regular savings plan. Keep your budget in mind when developing the plan as you need to be realistic about what you’ll be able to put away each month.

Step 2: Pay yourself first

Having a separate savings account is key to ensuring you don’t confuse the money you set aside for saving with other money for everyday spending. When you’re paid, make sure you transfer your decided amount into your savings account immediately or automate the payment. This will help remove the risk of dipping into your savings throughout the month.

Step 3: Set up a regular saving plan

In NetBank, you can schedule automatic payments so you can be sure you never miss a chance to save. Set this up so it happens automatically when you’re paid – this means you’ll be sure you always pay yourself first.

  • Log on to NetBank and go to Transfers & BPAY
  • Complete your transfer details and add a description about what you're saving for. This can help to keep you motivated.
  • Under When, select Set up regular payments. Choose your schedule frequency and a start and finish date.
  • Select Next and Pay to confirm your regular payments.

You can always adjust the amount if you need to, at any time. 

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.