WisrCredit Bootcamp Week 5
The flip side of the debt coin is a much more attractive position…having savings in the bank! Saving is something that we’d all like to do, and something that we all should do…but sometimes it’s easier said than done.
Admittedly, saving money can be challenging. There’s always more to spend money on than there is money to spend! When we look at it, many of us spend on things we can do without but with a little bit of willpower and a couple of wiser habits, we could be on the path to savings success.
One strategy is the tried and tested habit of goal setting. This requires some diligence and discipline on your part, but can be the first important step to set you on your way.
So, this week we will be looking at setting savings goals, for real.
Step 1 – Test your knowledge of saving smartly
Step 2 – Understand why setting yourself up with a nest egg is important
In the first four weeks of this course, we took care of the financial basics that will impact on your everyday life. So now it’s time to move on to issues that will affect you in the longer term. And nowhere is this truer than in the field of savings.
The rationale for having some money in the bank to fall back on is quite obvious. It really serves two central purposes. Firstly, this money can provide you with some security if you ever need it for a rainy day. And, once you have built up some savings it gives you greater options.
Making savings plans helps manage some of the wider societal issues. All over the world, people are accumulating too much debt, and failing to save enough money, and this pattern is reflected in Australia at the moment.
The Household Financial Comfort report survey discovered that 25% of Australians have less than $1,000 in the bank, while over 50% have less than $10,000 in savings. Considering the large amount of personal debt that exists, many Australians are at risk of being left short, especially if financial circumstances change.
So once your debt is under control, it’s time to focus on creating that savings base for your financial future.
Step 3 – Make the most of our savings goal planner
Our planner may help you achieve your savings goals and may improve your financial position. Start meeting your savings targets today!
Step 4 – Stay up to date
Check out the WisrCredit website, where you can discover your credit score, get personal savings tips, and just generally beef up your financial well-being or follow us Facebook, Instagram and Twitter to keep up to date with everything else!
Disclaimer: This article contains general information only, and is not general advice or personal advice. Wisr Finance Pty Ltd does not recommend any product or service discussed in this article. You must get your own financial, taxation, or legal advice, and understand any risks before considering whether a product or service discussed in this article may be appropriate for you. We have taken reasonable efforts to ensure that the information is accurate at the time of publishing, but the information is subject to change. We may not update the article to reflect any change.