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What is a 'saver mindset' and how do I get one?

Financial Wellbeing Coach

2022-11-17 00:00

Estimated reading time
5 min

In this article

  • 'Financial wellbeing' explained
  • How 'active saving' helps financial wellbeing
  • Tips on how to save and get you into the saver mindset

You don't have to make big changes or have lots of money to be a saver – but you do have to have the right saving mindset. If you're ready to take the first step, boost your saver mindset and create a new way of thinking - we've got you covered.

What 'Saver Personality Type' are you?

Are you curious to know what Saver Personality Type you are, before you take steps to become a better saver? Take the 9 question Quiz to find out if you're a 'Spender', 'Striver' or 'All-Rounder'.

Take the Quiz

What does it mean to have a 'saving mindset'?

Having a saving mindset isn't about how much you earn or how big your savings are. And it doesn't mean you have to skimp and scrape or go without. A mindset for saving is about the little, everyday things you do that contribute to your financial stability (and your financial wellbeing). This might include planning out the costs of any upcoming events or bills or putting away a couple of dollars a week for a rainy day. It doesn't have to be much, but these simple habits can help you become more conscious and train your brain to save. 

Hang on, what is 'financial wellbeing'?

Financial wellbeing is the ability to meet your financial commitments and needs comfortably, and keep this stability in the future. You don't have to be a special type of person to be a Financial Wellbeing – just an everyday Aussie who is (mostly) in control of your money. 

From having an emergency fund, to tackling debt and staying on track, Financial Wellbeing's are conscious of their money habits. According to ANZ research, 43% of Australians consider themselves to be "doing ok" in the financial wellbeing department and 29% have "no worries" at all. Find out where you sit by getting your Financial Wellbeing Score. Or discover if you're a financial wellbeing and see how you can improve your financial wellbeing status in just 3 months.

How does 'active saving' help financial wellbeing?

Active saving is the ongoing habit of saving money. Recent ANZ research shows that active saving was the financial behaviour with the strongest influence in 2021, and gave people the "financial resilience to lessen the impact of socio-economic disruptions". And what’s more, financial control and confidence were found to have a big impact on a person's longer-term investment attitude towards things like investing in property and shares. Some common active saving methods include saving a specific portion of your wage each week (or month) or placing spare change into a jar.   

Tips on how to save and get you into the saver mindset 

It takes 66 days to form a habit – and there are plenty of small and achievable changes you can make to become a better saver. Just give yourself the time and patience to learn them. This might include:

  1. Setting a basic budget: Budgeting is a skill for life – and something everyone can do, regardless of your income or savings balance. By planning out your expenses and available funds, you'll ensure you never miss a financial beat.
  2. Saving here and there: It could be as simple as taking public transport (where possible), instead of catching a rideshare. Whatever your action, saving a few dollars where you can (and on a somewhat regular basis) means you'll always have some funds to fall back on, or to treat yourself with. 
  3. Set a savings goal: Having a goal (and writing it down) means saving is front of mind and gives you something to work towards. And it feels really good when you achieve it, too. Make sure it's realistic and decide on a small, achievable amount you can put away often. For more tips, read this article about how to save 2x faster.
  4. Pack your lunch: Catching up with a friend? You'd be surprised how much you can save by simply packing a homemade lunch, instead of buying it. Even cutting down your lunch spend to a couple of times a week can save you some cash. 
  5. Buy home brand: You don't have to buy top-of-the range products for everything - including your groceries. Are their certain items, like condiments, you could buy from the home brand section? 
  6. Asking yourself 'do I really need that?': If the answer is yes, go ahead. But if not, save the extra cash.

So why not put some savings habits into place and see how your money mindset changes? You don’t have to get it right all the time, but if you start by implementing as little as one of the above actions, you’ll be on your way. 

What is a 'saver mindset' and how do I get one?
Financial Wellbeing Coach

How to build a saver mindset

The right mindset can help you become the savvy saver you’ve always wanted to be.

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The information set out above is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.