Saving goes hand-in-hand with budgeting. While budgeting enables you understand your capacity to save money, the action of saving is a skillset in itself. Crucially, you should start saving as early as possible – even if you only put a very small amount towards your savings. Once you begin, you should calculate how much and how often you can save. This important first step, coupled with the power of compounding interest, will set you on the right path to take charge of your finances.
65% of Australians think it is important to educate themselves about efficient saving techniques and 88% report having the skills to build savings. Despite this, only 60% of Australians have a defined saving strategy, and many of these are unable to put money into their savings regularly.
*Australian Government Financial Literacy Foundation