MONEY: 10 tips to meet your financial goals
SETTING up your finances so they work for you as well as the bank will be a common New Year's resolution for a lot of families from January 1 this Sunday.
The stats show saving for a holiday or car (26%) are the top financial goals heading into the new year, closely followed by paying off the mortgage (25%) and putting a bit aside for the inevitable rainy day (25%).
A lot of people sabotage these goals with ineffective savings habits as Members Equity Bank research of 1500 Aussie households reveals.
- 53% fail to set a weekly or monthly budget
- 35% rarely stick to a budget or spending allowance
- 59% do not keep a written or electronic record of monthly expenses
- 42% fail to pay off their credit card each month
ME head of deposits and transactional banking, Nic Emery, said a lack of money discipline is holding many Australians back from realising their financial goals.
"The key to getting ahead is tracking the real costs of your household expenses, setting a realistic budget and committing to every single detail, consistently," he said.
"For some 'live-for-today, plan-for-tomorrow' types regular savings habits may not come naturally − if you're one of these people, consider introducing processes such as automatic transfers that helps you set, forget and save."
According to ME's research, only 21% of households set up automatic transfers to a savings account.
Popular savings tips:
- Transfer money to a savings account when spare funds are present (52%).
- Put money into a savings account and then transfer it to an everyday account when needed (19%).
- Keep savings in accounts they can't withdraw from (e.g. term deposits) (17%).
- Just accumulate funds in an everyday account (15%).
- Add funds to a home loan offset account (11%).
Australians came up with their 10 top financial goals. How do we compare in the Clarence Valley?
Which financial goals will you tackle in 2017?
This poll ended on 03 January 2017.
Saving for a holiday, car or other expense other than a home
Paying off a mortgage
Building up 'rainy day' savings 25%
Paying off debts as fast as you can
Building wealth for retirement
Setting up a budget or a savings plan
Getting debts under control and manageable
Saving enough to buy a property to live in
Buying an investment property
Investing or trading in shares, bonds, commodities etc.
This is not a scientific poll. The results reflect only the opinions of those who chose to participate.