Guest post by Constanza Perez, ANZ Plus – Financial Wellbeing Coach
In a time where everything is available at the tip of our fingers, it can be hard to define our
needs and wants. As an ANZ Plus Financial Wellbeing Coach, I like to remind people that
those needs and wants are different for everyone – there’s no one-size-fits-all model when it
comes to spending and saving.
A few questions that I encourage people to ask themselves are: What exactly constitutes a
need or a want? And, How can I be more aware of my spending habits without being too
strict with myself?
Once you can answer those, it’s easier to develop a system that works for you. If you need a
little extra guidance, the ANZ Plus coaches are available for free financial wellbeing
workshops, or online chats.
Here are a few ways to get started and go next level with your finances:
Set a budget
A lot of people associate budgeting and saving with being restricted, but it doesn’t have to be
that way. Try to change your mindset and think of managing your money as being financially
Budgeting doesn’t have to be scary or boring. Setting a realistic budget that aligns with your
wants and needs is a great way to take hold of your finances. Try to build in a budget buffer
that takes care of the essentials like rent, bills, groceries and petrol, and leaves some room
for spending on that take-away coffee, or mid-week treat.
Save for a rainy day, and long-term goals
It’s important to have goals to strive for, such as that first home or big overseas trip. Recent
research from ANZ Plus shows the most common saving goals for Aussies are holidays
(43%) followed by a house (40%), a rainy-day fund (38%) and a car (27%). Other saving
goals are towards children (22%), retirement (17%) and a wedding/engagement (8%).
Setting up a multi-goal savings account with ANZ Plus means you can specify your goals,
and contribute different amounts to them along the way.
Give yourself permission to spend on things that make you happy
Saving for those big ticket items or budgeting to get ahead shouldn’t take away from the fun
and enjoyment of life. Australians admit to overspending on eating out/takeaway food (53%),
followed closely by online shopping (35%), streaming services (19%) and socialising (19%).
That said, you shouldn’t feel guilty if you do occasionally spend on these items. Splashing
out within reason on experiences with loved ones, great food and a nice gift for yourself can
be a great mood booster!
One of my best tricks for staying within my budget…
Online shopping is absolutely where a lot of people spend without thinking. My best tip is to
load up your cart with all the things you love, want and feel like you need in that moment.
Then, log out. Revisit the cart after 24-48 hours when you’ve had a chance to really think
about whether you need that item. If it’s just a want, does it fit in your budget?
You’re on your way to financial wellbeing.
Building up your financial wellbeing doesn’t have to be a restrictive journey. Set realistic
goals, celebrate when you reach them and continue to save in a way that suits you. Overall,
focus on creating healthy money habits that allow you to enjoy the little and the big things in
life and feel satisfied.