It’s not always easy to find room in your budget to save at the end of the month.
With rising cost of living pressures and rising interest rates, saving money is harder than ever – but ‘micro-saving’ might help you. Micro-saving is just as it sounds – saving small amounts regularly with the aim to get the ball rolling and build your savings over of time.
It’s one of the most realistic ways to save, especially if you find it difficult. By building savings habits into your day-to-day, over time you’ll see smaller amounts begin to add up and the cents eventually turning into dollars.
Two ways to start micro-saving
Here are some ways to start micro-saving through Credit Union SA:
Round up your transactions and save the spare change
Whenever you buy something with Credit Union SA, you can choose to round up your purchases and put the spare change into your transaction or savings account.
Get started today! Open the drop-down menu in our Mobile Banking App, select ‘Round-ups’ and choose which of your accounts you would like your spare change to go into. It’s that simple!
Use Credit Union SA to round up your purchases and set the spare change aside – no need for a coin jar anymore!
Save $1 every day
You can schedule payments to move money out of your main Credit Union SA account and into your Credit Union SA savings accounts regularly.
So, you could try and save $1 every day (way less than the cost of a morning coffee!). Or set aside $10 at the start of every week if you can afford it.
Choose an amount and frequency that works for you, then set up payments to move the money into your savings account automatically.
- Head to the Account tab in your app and tap the account you want to pay out of
- Select the orange dollar symbol down the bottom of the page
- Tap ‘Transfer’
- Select the account you would like to transfer money into
- Choose how much you want to pay into your account daily
- Then tap the small calendar in the right-hand corner and select ‘Recurring’
- Choose how often you want to pay into your account, then tap ‘Set recurring schedule’.
If you need to turn off your recurring transfer at any point, go to ‘Accounts’, then slide the balance bar across to the right, select ‘Scheduled’ and choose the payment you want to edit, then tap delete in the bottom left hand corner.
Download the Credit Union SA App to try these techniques for saving little and often today!
Worried you’ve left it too late to start saving? Read our post on how to save and budget.
INFORMATION YOU SHOULD KNOW
This article is intended as general information only and has been prepared without taking into account the personal financial situation, objectives or needs of the reader. Before acting on this information, you should consider its appropriateness, having regard to your objectives, financial situation and needs. You should always seek professional advice or assistance before making any financial decisions.