Is saving one of your New Year's resolutions?
Is saving one of your New Year's resolutions? Contributed

Set and forget your New Year's goals

PERHAPS you decided 2019 was the year you were going to save more?

Queenslanders are encouraged to pre-commit to saving in 2019 by putting strategies in place early to reward their future selves.

RACQ Bank spokesperson Clare Hunter said the best way to harness the New Year motivation was to act on it now.

"Set-and-forget savings tactics are a great way to commit to a financial goal and prevent willpower battles later in the year," she said.

"With any extra money that comes your way, be it through an increase in your wage, a bonus, investment income, or a windfall, you could consider putting a percentage away to save or earn interest."

RACQ said combining long term savings benefits is an instant reward.

"No matter how old you are or how much extra you might earn this year, this behavioural change will help you save without depriving you," Ms Hunter said.

RACQ bank suggests setting up an automatic transfer to take away the willpower decisions out of saving.

"If you're on a pay cycle, where money lands in your bank account on a regular basis, set-up an automatic transfer from your pay account into a savings account," she said.

Ms Hunter recommended people divide their pay into thirds and put one third away to save and lived within their means with the other two-thirds.

"This tactic helps you spend within a budget, while saving for future financial security," she said.

"It's an especially good mantra for people at the beginning of their working career."

South Burnett

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