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6 tips to meet your savings goals faster in 2024


From high interest accounts to shopping around, there are all sorts of ways that you can give your savings a boost.

Achieving your savings goals isn't just about setting aside money. It's also about having the right knowledge and tools to grow your funds.

👋 Hey there! ING has sponsored this article, so we'll be using some examples of its products throughout. However, you should always do your own research. Make sure to carefully read the terms and conditions before signing up for any financial products.

1. Consider a high interest variable savings account

A high-interest variable savings account could be an effective way to grow wealth, rather than simply "storing" your money.

Let's take a look at ING Savings Maximiser as an example. You could earn up to 5.50%p.a.*, which for eligible customers is one of the highest rates in the market at the time of writing. T&Cs apply.

You can get an estimate of how much this can grow your savings over time via the ING Savings Calculator.

Everyone's savings goals are different, but high-interest savings accounts can be an effective way to grow funds depending on your circumstances.

Learn more about ING Savings Maximiser

2. Establish a system for saving

Good saving habits don't develop overnight. Rather, they need to be developed over time.

But you don't need to start from square one. Having a system in place can be helpful to get your finances organised; it could also serve as a springboard for better financial health.

You should always look at a few options to see what suits your particular finances. But to give you some ideas, a common approach is the 50-30-20 method.

  • 50% of your money toward needs e.g. rent/mortgage, bills, petrol, food expenses.
  • 30% toward wants e.g. streaming services, a night out at the movies, going out for dinner, a new car, or clothes for a special occasion.
  • 20% toward savings and debt.

Now, everyone's expenses will look a bit different. And you can definitely have overlap across categories. A new car is listed as a "want" above, but it may be a "need" if you travel a lot for work.
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3. Pay yourself first

"Paying yourself first" basically means that you set aside funds for saving before other expenses.

Many people try to save with whatever funds they have left over once other expenses have been met. But life gets in the way, and expenses can easily add up. So putting savings last can mean that you don't end up saving at all!

So, how could you pay yourself first? A common way people approach it is by automating their savings and bills. This way, you could reduce the temptation to spend what you could be saving.

There are other hacks you can use to keep topping up your savings regularly, too.

For example, the Visa Debit card attached to the ING Orange Everyday account allows you to "round up**" eligible transactions to the nearest $1 or $5 of your money.

These extra funds can then be deposited into your ING Savings Maximiser account. So you can top up on a day-to-day basis to supplement your savings.

4. Shop around before making major purchases

We all need to make big purchases from time to time. Vehicles, appliances, electronics – they're important to have, but they can be quite expensive.

With that said, you don't need to fork out extra funds for no reason!

Shopping around either online or in person to find a better price can be a great way to save on the costs of big-ticket items.

And if you end up saving on your purchase, why not put the difference into your savings account instead?
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5. Invest in your financial literacy

Part of developing good savings habits is investing in your financial literacy and knowledge.

Fortunately, resources are easier than ever to access thanks to the internet.

You can find a range of resources right here on Finder, including regular news about the finance world.

However, everyone's journey will be somewhat different. For some, it'll be starting with the basics, like how to budget; for others, it will be a case of expanding on existing knowledge.

6. Remember that goals need to be realistic – and can be adjusted over time

Part of achieving your goals is making sure that you set realistic ones.

So before you lock in a savings goal, make sure you crunch the numbers and set a realistic timeframe of how long it will take to achieve.

If you find that you're falling short – or overshooting your initial targets – it's worth reassessing that goal. Does the timeframe need to be adjusted? Or could you be using your funds more effectively?

Learn more about ING Savings Maximiser

Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
Standard Variable Rate p.a.
Intro Period
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
Go to siteView details

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