The top five techniques of successful savers

An online poll conducted by ASIC’s MoneySmart has revealed the top five techniques used by successful savers.Of those who are confident of achieving their savings goals:

  • 78% say they know how much money is needed
  • 75% say they have a clear savings plan
  • 73% say they regularly review progress towards their goal
  • 72% say they have a specific saving timeframe, and
  • 43% tell family and friends.

Piggy bank
Miles Larbey, Senior Executive Leader of ASIC’s MoneySmart said, ‘Savers who regularly review, remind themselves and publicly commit to their savings goals are those more likely to achieve them.’

To coincide with the poll results ASIC today launched a new, free app, TrackMyGOALS, to help Australians set, track and meet their savings goals. TrackMyGOALS can be downloaded from ASIC’s MoneySmart website or through App Store or Google Play.

Mr Larbey said, ‘TrackMyGOALS has been designed to integrate the techniques that we know are associated with successful saving’.

The poll also revealed the top five things respondents were saving for. Of those who said they were saving:

  • 48% are saving to buy or renovate a home
  • 47% are saving for a holiday
  • 47% are saving for the future
  • 33% are saving an emergency fund, and
  • 13% are saving for a car.

Other things people were saving for include: education (10%); furniture or household appliances (8%); a wedding (5%); or a new computer (4%).

‘TrackMyGOALS allows users to add multiple goals, set reminders and to share their goals with friends and family on Twitter and Facebook. There are also daily tips and, to help users stay motivated, they can visualise the outcome by uploading a picture of their savings goals’, said Mr Larbey.

The poll results also suggest that women and men approach saving differently. Women are more likely than men to save for more than one thing at a time. Thirty-six per cent of men who save consider themselves ‘fast and determined’ savers because they are focused on saving as quickly as possible. On the other hand, 39% of women say they are ‘slow and steady’ savers in that they save small amounts regularly to reach their target.

For those who are not currently saving, and would like some assistance to get started, ASIC’s TrackMySPEND app can help. It allows people to see where their money is going, identify areas they can save and take control of their finances. TrackMySPEND can also be downloaded from ASIC’s MoneySmart website.

To find out more about what Australians are saving for, their saving styles and the techniques that confident savers use, take a look at the infographic on ASIC’s MoneySmart website.

Photo Credit: 401(K) 2013 (cc)