Good savers don’t procrastinate
Good savers start early, say certified financial planners Janet Stanzak and Kristin Garrett. Many good money savers were taught as children to put away for a rainy day, but even those who weren’t have learned to jump on an opportunity. “Good savers don’t procrastinate financial decisions,” Garrett says.
If your employer is not paying you Superannuation, a good rule of thumb is to put 10 and 15 per cent of your pay each month straight into a retirement or Super account.
Good savers know the difference between wants and needs
One of the biggest lies we’re sold today, Stanzak says, is that wants are actually needs. “I’ve had so many clients try and tell me that travel, new clothing, and eating out are real needs. They’re really not.” Instead, good savers actually write down a list of their basic needs, their wants, and their big wishes.
Good savers don’t rely on autopay
Autopay makes paying bills easier – in fact, it makes it too easy for money to flow out without you really registering what’s happening. Whether you pay by BPay or via another online transaction, intentionally paying your bills makes your brain note the expenditure. If you do set up autopay (no late fees, after all!), make sure you don’t just set it and forget it. Check the transactions at least once a month to make sure the charges are accurate and get a good sense of what you’re spending. Even better, Garrett adds, good savers write all those transactions down in their budget.