Money & Living
When it comes to saving money to pay for big dreams, big breweries, and big debts, our Wild Savers know how to knuckle down.
If you’ve got a big goal in mind, there are lessons to be learnt from how they made great things happen.
In short, how successful you are boils down to a) how bad you want it, and b) whether you can do the hard stuff for long enough.
Some call it a sacrifice, but it’s just prioritising what’s important to you.
We’d all like to eat, buy, and do what we want without consequence. But that’s not real life.
This is real life…
A family with a crippling $73,000 debt. A mum and dad “sick and tired of being sick and tired”. So, they decided to think differently about money.
They halved their grocery bill without sacrificing nutrition. They sold household stuff they didn’t use.
Now, debt free, their family is focussed on using their newfound savings habits to buy a new home – in cash!
And this is real life…
A young skateboarder putting her ambition ahead of her social life.
“Sacrifice for reward,” as she puts it. With the biggest ever international skateboarding competition her goal, it’s a choice she’s happy to make.
Working part-time as a high-rise window cleaner her hours are as variable as the weather she’s exposed to.
She uses savings buckets like the EasySaver account to save for the mundane (her rent and bills) and the mercurial (her competitions).
And this is real life…
Two computer geeks-cum-craft beer brewers learning to “live lean” while growing their business.
Long hours and raising families on their partners’ wage alone are what’s required to keep the beer flowing.
Where to start
Persistence is one thing. Knowledge is another.
To discover ways to save you need to understand where you spend.
Take as long as you need. Check your statements. Keep a diary of your spending. The more detailed you can be the more you’ll find ways to save. Use our free online budget planner to help you.
Once you know how you can save, set smaller goals and remember to celebrate when you achieve them (not by blowing your savings, obviously).
The progress you make will motivate you to achieve bigger things.
Focus on what's important
There are dozens of different savings accounts out there.
Some have monthly fees while others don’t.
Some offer special introductory rates to draw you in, but drop substantially after a few months. Others offer higher rates but penalise you for making a withdrawal.
In today’s low interest environment, the reality is that if you’re starting your savings journey it won’t be a fraction of a percent which will get you to your goal. It will be you.
Concentrate on what you can control. Understand your finances and your spending habits. Open as many zero or low fee savings accounts as you need to put money aside for your mundane expenses and your mercurial goal.
And remember: To get the good stuff you must do the hard stuff.
Note: The information in this blog is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
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