Each week across the ACM network Ali and Gaby Rosenberg offer quick tips for big wins in understanding your money. The sisters are co-founders of the Blossom micro-investing app.
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With the pressures on household budgets at the moment, the idea that you can build a savings pot will make some people uncomfortable, even annoyed. How can you save when there's no money to spare? Where do the savings come from?
Your money beliefs and behaviours run deep, so it's no wonder that if you don't save already, it feels like a huge challenge. And not a very exciting one, given the payoff (getting the thing you've saved for) is a tiny speck in the distance.
But anyone on any budget can save if it's important enough. At Blossom we try to set people up to achieve their savings goals by making it as easy as possible.
Here's what really good savers do for themselves:
Be 100% clear on what you're saving for
We all know that goals need to be clear and specific. You wouldn't get in your car without an idea of where you want to go. But, for many of us, that's exactly how we treat our biggest hopes and dreams. We start the engine and cross our fingers we'll make it there.
Regular savers know what they're aiming for - an exact figure for a house deposit, the family holiday destination, the car they want. It's in their sights and they don't lose focus.
Ignore obstacles
Regular savers do not see saving as an optional thing, it's just something they do - like getting up in the morning. When a big unexpected expense comes up, they might adjust their saving habits but the challenges don't stop their focus on the goal.
They don't need friends and family to tell them they're doing a good job. Their conviction comes from inside.
Believe you already have it
This is perhaps the most interesting one, and something that you may forget when setting a target.
Regular savers get so much satisfaction from the sense of progress towards their goal that they already feel happier. Put simply, that sense of achievement from doing the thing they said they would do starts to rub off early.
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Think of it like going on a big holiday - you get excited on the plane, long before you arrive at your destination.
If you're curious about saving, just start doing it! You will begin to see and feel the benefits sooner than you think.
- Sisters Ali & Gaby Rosenberg are the co-founders of Blossom App.
- Nothing in this article should be construed as being personal financial advice. It is general in nature only and has not taken into account your particular circumstances, objectives, financial situation or needs. You should consider whether the information, strategies and investments are appropriate and suitable for you or seek personal advice from a licensed financial planner before making an investment decision. Past performance does not indicate future performance. BlossomApp Pty Ltd (ABN 74 644 216 151) is a C.A.R. (No. 001284228) of Gleneagle Asset Management Ltd (AFSL 226199). Consider the PDS and TMD at blossomapp.com to ensure the product suits your needs.
- ACM co-owner Alex Waislitz has a stake in a company that provides services to Blossom. ACM is the publisher of this masthead.