Have you set your financial goals for 2023?
What is the top savings goal for Aussies in 2023?
A recent survey has revealed that a third of savers are setting aside money to buy a house in 2023.
More than 10,000 were surveyed what their financial goals are for 2023 to find out what Aussies are saving up for this year … 33% said they are saving up to buy a home.
Source: BOQ Group
The survey showed that 17% are saving up for a holiday, while 14% are setting aside money for a rainy day. A new set of wheels is the top financial goal of the year for 7%, settlement of debt (3%), getting married (2%), and education (2%). The remaining 22% said they are saving up for something else.
In order to achieve these goals finance expert Sophie Tilden shared a couple of tips:
focus on embedding the right behaviours for saving
avoid the temptation of dipping into your savings for unnecessary purchases
“For some ‘live-for-today, plan-for-tomorrow’ types, regular savings habits may not come naturally,” Tilden said. “If you’re one of these people, consider introducing processes such as automatic transfers or round-ups that help you set, forget, and save.”
Tilden observed that a significant number of banking customers had opted for some “behavioural savings” products that either separated the customer’s savings and spending allowance or took away some of the customers’ ability to tap into their savings at all.
“For example, many customers opt for a high-interest ‘behavioural savings account’, or a term deposit account, or used the ‘locked saver’ account feature where customers separate their savings and everyday spending between two accounts,” Tilden said.
Once you have set your financial goal you need to have a specific plan to deliver, so shop around and ensure your money is earning the most competitive interest rate.
Also, it’s a good time now to re-evaluate your mortgage as well if you have one … you may want to refinance your mortgage loan.
Please phone our office if you have any questions … thank you