How to reach your savings goals faster

05 September 2014 / Published in Your Money

When we asked our Facebook community what they were saving for we found out that a lot of people were saving for things such as weddings, travel, houses and renovations, and "the future":

Whether it’s saving for a holiday, a big birthday celebration, or just a rainy day, the next step after setting your savings goal is working out “how can I reach my savings target quicker”?

There are lots of different things you can do to change your spending habits. And at ASB we have some great tools available that can help you succeed at reaching your savings goal.

What’s in a name? Name your savings account.

To help ensure your savings goals stay top-of-mind and are tangible, try naming your savings account. Some people choose to call their account the name of what they’re saving for e.g. ‘New York’, ‘Wedding’ or ‘Rainy day’. You can name your accounts using FastNet Classic internet banking. Simply log in and select ‘Set Account Names’ under the ‘Personal Details’ section.

On the right track? Track it.

Once you’ve got a savings goal in mind and you’ve set up a savings account, it’s a good idea to take a look at your spending to see if there are any areas for improvement (and opportunities to add more to your savings).

Track My Spending is a free, easy-to-use tool within FastNet Classic internet banking that lets you track exactly where your money goes. By assigning categories to your regular transactions, you can see what you’re spending your money on and then set yourself spending allowances for each category – helping you budget, save and organise your finances more efficiently.

Small change – save it!

Spending money seems to be easier than saving money. But what if you were able to save money when youspend? With ASB Save the Change, it’s easy. Save the Change is a service that rounds up the amount of your electronic transactions (to a value you choose) and then puts the difference into your ASB savings account. It’s the perfect way to save small amounts regularly – which can add up to big amounts, helping you reach your savings goal sooner. ASB terms and conditions apply.

Subscribe to our YouTube channel for ASB money tips on how you can make managing money easier or take a look through our blog.

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