Start saving now

Saving is great but investing is even better. By investing your hard-earned savings, you're making your money work for you. Investigate the range of investment options available in today's ever changing financial marketplace.

Successful saving

·         The average annual wage is now around $60,000 – more than enough to put something away for a rainy day

·         Studies show that Australian households are more likely to be in debt than to be in the habit of saving

·         Many people increase their level of spending with every salary increase

Why save?

·         Make you feel more secure about meeting your needs, such as rent or mortgage payments, bills and living expenses

·         Make it possible to achieve some of your wants, such as a holiday, new car or increased retirement savings

Short-term

·         Frees you up from the stress of living from one payday to another

·         Access savings instead of potentially higher interest options such as credit cards or cash advances

Medium-term

·         Establishes a financial track record

·         Make it easier for you to achieve previously unreachable goals such as a holiday or new car

Longer-term

·         Increasing your quality of life

·         To supplement your superannuation when you retire

·         Can fund other longer-term investments such as shares or managed funds

How much is enough?

·         A savings goal is personal and depends on what you want to achieve and by when

·         Save between five and 10 per cent of your gross (pre-tax) income

·         Saving more than 10 per cent is likely to be unsustainable

Where do I want to be?

·         Set some short, medium and long-term goals so you can start slowly, until you

·         get the hang of it

How do I start?

·         High-interest earning account or a cash management account, separate to your everyday banking

·         Savings will grow quickly (as long as you don't touch them)

·         Ask if your employer can put money from your pre-tax salary straight into a savings vehicle or even your superannuation

·         Share purchase schemes where you can't access your money for a year

The sooner you start, the sooner you can reach your savings goals and enjoy the financial security you deserve.  Our Money for Life Program is a great way to gain control of your finances and help you to save.