How Smart People Save Money

The super savvy team at MoneySmart have surveyed over a thousand dreamers to find out what makes the best savers so successful.

The first thing is actually saving, clearly. The poll found 43 per cent of people don’t actually save anything. Peanuts.

Of those that do save, a healthy 65 per cent of people are confident they’ll achieve their goals. Great news. These are the guys we should be taking a lesson from.

So, what techniques do confident savers use to keep on track?

  • 78%  Know how much money is needed
  • 75%  Have a clear savings plan
  • 73%  Regularly review their progress
  • 72%  Have a specific saving time frame
  • 43%  Tell their family and friends

Pretty smart moves, and good leads to follow. So if you suck at saving, set yourself a goal and tick off a few of the techniques above to ensure you stay on the straight and narrow.

If you’re lacking a goal, here’s what the rest of Australia is saving for. Well, maybe not the rest of Australia, but the 1500 odd people that MoneySmart surveyed.

  • 48% For a home
  • 36% To buy a home
  • 14% To renovate a home
  • 47% For a holiday
  • 47% For the future
  • 33% For an emergency fund
  • 13% For a car
  • 10% For education
  • 8% For furniture/appliances
  • 5% For a wedding
  • 4% For new computer/technology

There you go. Now get cracking.

Image courtesy Kevin Morris, via Flickr