In today’s cost of living crisis, saving money can feel like an uphill battle for many. With rising prices for essentials, it’s easy to feel overwhelmed and discouraged when trying to set aside savings. However, finding effective ways to save is more important than ever. That’s why we’ve compiled the following simple savings tips to help you navigate these challenging times and make saving a manageable part of your financial routine.
Set your goals
Having clear savings goals can help you to reach them faster. Whether you are saving for a rainy day, for a house deposit, or for a holiday; having a solid idea of your savings goal and a timeline is a great way to keep yourself on track.
Our Savings Plan Simulator may help you to set a realistic goal and timeline, then track your progress in real time using the Savings Goal function in our Mobile App.
Navigate to the Savings Goal function by logging into our Mobile App, tap the menu in the top left-hand corner, select ‘Setting & security’, then select ‘Settings’. The second option on the Settings menu is ‘Savings goal’, select “Manage savings goal” to name your goal and set an amount. From the home screen swipe right to left to see your Savings Goal progress.
Keep an eye on your budget
If you set a budget, ensure to keep an eye on it regularly. Depending on how strict your budget may be, it can be easy to spend a little more on regular occasions, adding up to big losses. Look at where you can lower your outgoing costs through consolidating bills and regular payments. Start small and build on this over time.
Use our Budget Planner to help you analyse your outgoings and see where you may be able to make some savings.
Save extra funds
Using extra funds can be an easy way to increase your savings too. Whether it is a performance bonus, or a birthday gift; putting a portion of this aside each time can have a great impact on growing your savings.
Set funds aside each time you get paid
You can set up automatic payments that are deducted from your account periodically. By automating this action, you don’t have to remember to set money aside regularly. It’s important to keep your savings separate from your everyday spending account, to help avoid accidentally overspending. When choosing the right savings account for you, you may consider your savings goals, interest rates available, and fund accessibility.
What is a savings account?
A savings account combines the ability to earn interest on your funds, with the flexibility of everyday access, with funds available 24 hours a day, 7 days a week. We have a number of savings accounts available, designed to suit your needs, and help you save the way you want, so you can spend the way you want. Deciding on the right account for you, will depend on how you want to use your money and the savings goals you’ve set.
What is a term deposit?
A term deposit is a deposit made to a financial institution for a specified time period, with a fixed rate. This typically incurs higher interest rates than other types of savings accounts, so you can earn more from your money. If you have funds you can set aside for a goal in the future, you may consider a term deposit. With G&C Mutual Bank’s award-winning term deposits, you can get started with as little as $1000, to help you get ahead with your savings.
Which suits your situation better?
Whether a savings account or a term deposit is a better option is entirely dependent on your situation and savings goals. Savings accounts give you more flexibility in the accessibility of your funds, however, may have a lower and variable interest rate. Term deposits have less flexibility, as when you enter a term deposit, you are unable to access these funds until the account’s maturity, or you may pay a fee to end the deposit term early.
We're ready to help you
At G&C Mutual Bank, we have a range of savings accounts and award-winning term deposits to support you on your savings journey. We’re a different kind of bank, a customer owned bank, where you’re at the centre of everything we do. Contact us today to find out more about the G&C Mutual Bank difference and how we can help you own your banking.
