Are you a goal-driven saver?

Characteristics of goal-driven savers

A ‘money mindset’ is a way of thinking about personal finance. Your money mindset can change over time, and it may help explain your spending and savings habits. Understanding this can help you build habits and strategies to better manage your money.

If the following applies to you, you might be a goal-driven saver:

  • You focus on growing your savings until you reach a specific savings goal, then relax your savings habits.

  • It’s easy to save money when you have a clear goal in mind.

  • If you won $1,000, you’d put it towards your savings goal.

  • If you needed $2,000 for unexpected car repairs, you wouldn’t need to borrow money or use a credit card – you could take the money out of your savings account. However, this would cause you mild financial strain. 

Read about other money mindsets.

Are you a goal driven saver

About goal-driven savers

If you’re a goal-driven saver, you’re good at saving money as long as you have a clear goal in mind. Once you achieve this goal, you tend to slow down your saving.

You may switch from being an impulsive spender to a goal-driven saver when you’re saving for something in particular. This is usually a mid-term goal you can achieve in around six months, like a holiday. Goal-driven savers can be reluctant to commit to longer-term goals like a house deposit.

When you feel motivated, you work hard to reduce your expenses and increase your income. You also use financial windfalls like tax returns and bonuses to boost your savings.

Build consistent savings habits

Goal-driven savers are already strong savers. You can benefit from creating sustainable savings habits that you can stick to long-term, even when you’re not saving for anything in particular.

You can build consistent savings habits by:

  • Creating a savings goal using apps so you can watch your savings grow.

  • Setting up automated transfers so money goes straight into your savings each payday. People who save first, rather than saving what’s left over at the end of their pay cycle, have more savings success.

  • Asking your employer to deposit part of your pay directly into a separate savings account.

  • Opening different savings accounts for different savings goals. Some savings accounts are fee-free, so it doesn’t cost you anything to separate your savings.

  • Building an emergency fund so you don’t have to withdraw from your savings when faced with an unexpected expense.

If you’re ready to start saving for a longer-term goal, look into ways you can improve your chances of being approved for a home loan. You can also read this useful guide to saving for a home deposit.

Manage your money

As a goal-driven saver, you need to find ways to stay in control of your money, even when you don’t have a savings goal in mind. Goal-driven savers sometimes turn into impulsive spenders without a goal to work towards, and you may find yourself taking money out of your savings to pay for unplanned purchases.

Can you look at creative ways to boost your savings? Take on an extra shift at work, sell some items you don’t use anymore, or start a side hustle.

Looks at strategies like tracking your spending and bucketing your money to build consistent saving and spending habits. You can also consider hiding your savings account in internet banking so you’re not tempted to dip into it.

Contact us on 03 9553 0271 today if you would like some budgeting tips that can assist you to reach your goals sooner. 

Source: NAB

Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at

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Authorised Representative 298494
Interprac Financial Planning Pty Ltd 

Darryl Jopling

Senior Adviser

I have worked in the financial services industry since 1982 and as a Financial Adviser since 1999.

I have worked for large Financial Planning businesses, Membership based organisations and looked after the financial planning needs of clients within an Accounting Practice before starting my own business.

I am married, have 4 older children and a grandson and I am keen golfer with mixed results like many .

I have been through many of the strategies I talk with clients about myself and with my family.

I have been through the journey of seeing my parents move into Aged care and negotiated the difficulties and pitfalls of understanding the system for them and this gives me an excellent insight into what is required to assist families at this difficult time.

In a previous roll I used to run retirement seminars looking at Centrelink and Retirement Incomes and how to make these work for you. I have helped many of my clients with Aged Care advice when their parents needed to move into Nursing Homes. For many clients I assist them with superannuation, building wealth and protecting their loved ones with insurance.

I am supported by his, Licensee, Interprac Financial Planning’s in-house resources and ongoing technical, systems and training.

I am committed to understanding your needs and identifying strategies and products to help you achieve your goals.

My guiding principle as an Adviser is to design plans which help to provide my clients with clarity of purpose and the opportunity to build a solid financial foundation.
I will take the time to listen, explain things clearly and keep you informed throughout the advice process.

My experience is complemented by professional qualifications including:

  • Certified Financial PlannerTM Professional
  • Diploma of Financial Planning

At Choice Financial Advice we work with you along the way on life’s journey.

Whether you are getting married, starting a family, embarking on the trip of a lifetime, planning to enjoy your years after work or assisting elderly parents with Aged Care and Nursing Home placements, we can help.