It’s not always easy to find room in your budget to save at the end of the month.
ME’s Financial Comfort Report in December 2018 found that about 25% of Australian households have less than $1,000 in cash savings, while a similar result in ANZ’s 2018 Financial Wellbeing study found 22% of its respondents actually had no savings at all. So, you’re definitely not alone if you find it difficult to save.
Now that many businesses are opening again and the temptation to spend money is harder than ever, we’re seeing a growing number of people ‘micro-saving’. Micro-saving is just as it sounds – saving small amounts regularly with the aim to get the ball rolling and build your savings.
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.
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- Monday – Friday 8am - 8pm
- Saturday 8am - 2pm
This is general advice only and you should consider the terms and conditions before determining whether any of our products are suitable to your situation.