Top 3 Savings Goals for 2024: What Aussies are Actually Prioritising
Image Credit: William Pickard, Unsplash.
Recent research shows we’re getting smarter about our finances, with over half of Australians putting money goals at the top of their 2024 resolutions list.
But here's the interesting bit – we're not just thinking about our bank balances, we're thinking about our wellbeing too. These days, savings money doesn’t have to equate to living on 2-minute noodles or skipping a night out with friends - rather it’s about being realistic about where we are at and making plans to achieve our goals in a more holistic manner.
Let's dive into the three most popular financial goals Aussies are setting, and how to actually achieve them (without sacrificing eggs bene and a flat white).
1. Growing Your Savings (Without the Sacrifice)
This goal isn't just about squirrelling away every last penny – it's about being clever with what you've got.
Smart Ways to Make It Happen:
Set up an automatic transfer the day after payday (and before you head to the pub)
Save your money in a high-interest savings account – check out the best rates, updated in realtime at: www.infochoice.com.au
Make it fun! Take on the '$5 challenge' – save every spare five bucks that comes your way (you'd be surprised how quickly it adds up), spend that money on a guilt-free treat or experience.
2. Tackling Debt with Confidence
More of us are prioritising debt repayment than ever. With interest rates doing their best impression of a kangaroo, it can feel overwhelming and leave you wondering if you are doing things the best way. The good news is that there are all kinds of ways get there, and you can start now.
Practical Steps Forward:
Try the snowball method – start with your smallest debt to build momentum
Look into debt consolidation if you're juggling multiple payments
Set up automatic minimum payments (because life's too short to remember due dates)
Consider a balance transfer card with 0% interest (but check the pros and cons first!)
We have more great tips for getting rid of debt here (link to ‘6 Tips’ blog)
3. Budgeting That Actually Works
Here's a revelation: budgeting doesn't have to mean counting every cent. Our goal is to help you make it realistic, manageable and doable by showing you how.
Making It Stick:
Get the full picture: track your spending for two weeks (yes, including your coffee run)
Use the 70/20/10 rule: 70% needs, 220% wants, 10% savings (link to ‘70/20/10 post)
Find a budgeting app that speaks your language (we’ve made this part easy and built Obie for you)
Do weekly check-ins until it becomes second nature
The Reality Check
Let's be honest – achieving these goals isn't always Instagram-worthy. Some weeks you'll smash it, others you'll wonder where all your money went. That's normal. The key is finding a balance between your financial goals and actually enjoying life.
Remember:
Small contributions add up in the long run (saving $20 a week adds up to $1,040 a year)
It's okay to have a treat (just make it a conscious choice)
Your financial journey is unique (what works for your friend might not work for you)
The Bottom Line
The best financial plan is one that works with your life, not against it. So whether you're saving for a house deposit, trying to clear your credit card, or just want to stop living in your overdraft, the key is finding an approach that suits you.