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.

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.

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?

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. 5.50%	Standard Variable Rate p.a. 0.55%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance	Go to siteView details Compare	loading Fetching your data...

loading

Compare other high-interest savings options here

• Extra info about ING

  *Savings Maximiser

  The additional variable rate (that is added to the Savings Maximiser standard variable rate) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:

  • deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super and Orange One);

  • also make at least 5 card purchases that are settled (and not at a 'pending status') using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions); and

  • ensure that the balance of your nominated Savings Maximiser account at the end of the month (excluding interest) is higher than it was at the end of the previous month. When we assess whether you've met this balance growth requirement, we do not take into account any interest earned on your account in the month.

  Each customer can nominate a maximum of one Savings Maximiser account (either single or joint) to receive the additional variable rate (where eligible). You can check and change your nominated Savings Maximiser account via online banking. If no nomination is made, the additional variable rate (where eligible) will be applied to an account nominated by ING at its sole discretion.

  Any amounts above $100,000 are subject to the Savings Maximiser standard variable rate applicable at the time. If you do not satisfy the conditions to receive the additional variable rate, the standard variable rate applies. ING can change or withdraw the additional variable rate or the additional variable rate offer at any time with notice. The additional variable rate is not payable in conjunction with any other promotional rate.

  Information and interest rates are current as at the date of publication and are subject to change.

  **Everyday Round Up

  Everyday Round Up applies to card purchases using your Orange Everyday bank account. You must opt in to Everyday Round Up and select the round up amount (nearest $1 or $5). When you spend with your Orange Everyday card, we'll transfer the extra amount from your Orange Everyday to your eligible home loan (e.g. Mortgage Simplifier or Orange Advantage) or Savings Maximiser account. A round up will not be debited if doing so would reduce your Orange Everyday balance below $20. Full details at ing.com.au.

  This does not consider your objectives, financial situation or needs. You should read the product terms and conditions available at ing.com.au before deciding if the product is right for you. Products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.