How to save towards a goal

11 August 2020 / Published in Your Money

Saving is one part of money management that doesn’t always come easy. If there’s something you really want that feels a bit out of reach, here are some simple steps to start saving.

    1. Set up and name a separate savings account for this one goal.

A good start is to create and name a separate savings account for the goal you have in mind. This can be done easily through the ASB Mobile Banking app. On the Accounts page, hit the little pencil in the top right corner to go to the Personalise page. Here, click Rename accounts and follow the onscreen instructions.

Changing the account name is a simple, effective way to keep the goal front of mind. Now, whenever you check your accounts, you’ll be reminded of exactly why you’re saving. Quick wins like this also go a long way towards reinforcing your habits.

    2. Find the right account for you

ASB has different types of accounts to cater for your needs and savings goals. Choose an account that suits your needs eg whether you have short- or long-term savings goals and how often you need to dip into it. This way, you can maximise your savings and ensure you're making the most of your bank.

    3. Save regularly

Now it’s time to get saving. Each week try and transfer some money in. It doesn’t matter how big or small. What’s important is that you start building a consistent habit that works towards your goal.

You can setup an automatic payment to transfer money directly into your savings account so when payday rolls around you don’t even need to think about it. You could also set up ASB Save the Change to save money as you spend – once you’ve registered, it automatically rounds up your electronic transactions and transfers the difference to your nominated savings account(s).

Alongside regular savings, another idea is to try and save all (or at least half) of any unexpected funds you receive, such as gifts, an annual bonus or a tax refund. Every little bit counts.

Before you know it, you’ll be on your way to achieving your savings goal, just by following a few simple savings steps. 

     4. Long term savings goals

Whether you're saving for retirement or your first home, we can help you manage, grow and maximise your savings with the ASB KiwiSaver Scheme

How to save money towards your goal
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This document does not have regard to the financial situation or needs of any reader. As individual circumstances differ, you should seek appropriate professional advice.


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