Blog post

6 Tips to Create a Savings Mindset

29th April 2022

Did you know that in the English language there isn’t an actual word that describes a person who is both a spender and a saver? It’s no wonder we tend to label ourselves as either one or the other.

But you don’t have to be one at the sacrifice of the other. You can be someone who both spends and saves money. Someone who has a healthy balance between enjoying money today, and putting aside money for things of importance in the future.

A savings plan requires you to get into the habit of regularly putting money aside. Saving is an important, but often difficult, skill to master. It requires patience, willpower and discipline.

The art of saving money has a lot to do with having the right mindset! Without a positive mindset to support your actions, you’re likely to procrastinate, find excuses, self-sabotage or give up on your savings goals. So if you're going to stick to a savings plan, you’re going to need a mindset that supports you.

If you’ve struggled in the past to create a savings habit. Then we’ve put together a list of simple tips to help you create a mindset that supports saving money.

  1. Ditch saving for that rainy day.

Let’s face it, saving for a rainy day isn’t particularly appealing when the sun is shining today and you could be having fun! Consider ditching the savings for a rainy day strategy and try to find your real motivation or “why” instead. Ask yourself what is the reason you want to save? Is there a feeling that saving will provide for you (like security, safety, freedom, pride)? If you can connect to this, you’ll be more motivated to stick with your savings goal when other options to spend arise.

  1. Focus on what you’ll gain.

Saving often comes down to a decision between having now, or having later. But feeling like you’re sacrificing or depriving yourself is not exactly a motivating factor. If you’re constantly thinking about what you’re giving up rather than what you’re gaining it’s going to be difficult to stick to your habit. Focus on what you’re working towards.

  1. Make saving a priority.

To achieve any goal in life, we need to make that goal a priority. If it’s not a priority, then when other options present we’re likely to put our goal on the back burner. Savings is no different! In order to make savings a priority we need to consider it a non-negotiable expense and put it into our budget.

  1. Make it automatic.

If you don’t have to think about saving, it’s going to be easier to keep the habit and you’ll be less likely to forget or find excuses and reasons not to stick with it. The trick with automating your savings goal is to make it small and regular. Did you know you can create a daily savings direct debit for as little as $1 with Blossom App? Check out this feature here. It’s all about peace of mind - you won’t have to even think about it.

  1. Find a savings buddy.

Saving with someone else can be a great way to support your savings mindset, particularly on those days you’re feeling less committed to your goal. Choose a friend or partner to hold you accountable, who can offer support and encouragement and keep you focused on your goal.

  1. Keep track of the progress you make.

Most of us focus on how far we have to go, rather than the progress we are making towards a goal. Focusing on the positive steps you are making can help to create momentum and keep you motivated. A useful tip is to keep track of your progress visually using a goal achievement chart or momentum tracker. Blossom's savings goals feature can help you do just that - you can set your goal, input how much you want to save and watch your flower grow as your savings blossom.

Blossom strives to make saving simple and affordable for all. There is a minimum application and balance amount of $1, a minimum withdrawal of $0.01, no sign-up fees and no transfer or  withdrawal fees. Blossom is here to help you do more with your savings!

It’s easy to get started:

  1. Sign up in minutes – through the IOS or Android App
  2. Fund your account – you can automate your top-ups
  3. Set a savings goal – or save it for later
  4. See your savings Blossom every day – enjoy 3% p.a. targeted returns posted daily!