How And Why Aussies Save Money (Or Fail To) [Infographic]

Image: iStock

Frequent Lifehacker readers already know that I need all the help I can get when it comes to saving money, so it should come as no surprise that I am interested in the ways people attempt to save money. Is it as simple as putting a few dollars into a different account every month? Or do I need to take a more concerned effort?

The Australian Securities and Investments Commission (ASIC) put together this handy inforgraphic that explains the reasons we might want to save - over half of us are putting cash away so we can get out on holiday - and other money goals that we might have.

For me, the most interesting part is the reasons why people break their financial resolutions. You see, I have this huge, tangled, messy Excel spreadsheet that details where all my money comes in and out from and most of the time, I see a lot more OUT than IN. Usually, that's because I just don't see expenses coming - and it's nice to know that I am in the same boat as 41% of other Aussies.

Over a quarter of us lack the willpower to keep their financial resolutions and save money - here's a handy guide that might help you stick to your savings goals.

Other tricks that the below infographic mentions using is putting money into different savings accounts or putting them into accounts they can't access. That second point is probably the only way it'll work for me.

Take a look at ASIC's infographic below and if you want to use their Savings Calculator, you can do so here.

Image: ASIC MoneySmart

Comments

    The correct answer to the headline is, of course, OzBargain.

      A very helpful way to save, I definitely agree.

        You're clearly not a regular OzBargainer! The amount of extra money I've spent/almost spent simply because of the deal is astounding!

        Highly recommend the site though!

          Wait, what? I said I agree!! I ... use it daily !!!!!

    Or better yet, don’t buy shit you don’t need.

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