SmartyPig

When I got my first job – my Dad gave me a piece of advice that no matter how much I earn, I should always save 5% of my pay. Not for anything – just to save.

At the time I remember thinking how ridiculous it sounded – I was about to get my first weekly paycheck, and it was already burning a hole in my pocket. But after a few weeks of getting to the end of a paycheck and getting cash out at the supermarket so that I could get to the last $8 in my account, I decided that perhaps this savings caper had merit.

Since then, I’ve always tried to save a little of my pay. Some weeks that might mean the bare minimum, but other weeks that may mean more than normal. But I’ve always tried to make sure I save some of it. I’ve been reasonably successful at achieving this part, but this whole ‘saving for savings sake’ thing still doesn’t quite fit with me.

I like to have a tangible outcome for my goals. Be it a holiday, a new pair of shoes or a splurge on an extra special cheese (that’s right – shoes & cheese, my weaknesses). I then like to see a physical product of that goal – be it my holiday photos, the cute outfit I’ve planned, or the actual wheel of cheese (OK, alright, I’m sorry, I just really love cheese!).

However, in deference to my ever-wise Dad, I’m going to have a go at doing something that’s a little more challenging for me. I’m going to set up a brand new SmartyPig goal. And I’m going to call it ‘Saving’. I’m going to set the goal amount to the maximum ($100,000 – for those playing at home) and I’m going to put 5% of my salary in it. And I’m going to try really really really hard, to not mentally put that amount towards my house deposit – and just save.

As your new resident blogger I’ll keep letting you know how this brand new venture goes. And while I step away to set up my new goal, I’ll ask you to help me and each other out: What was the first piece of advice about saving you ever got?

Any advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you. ANZ recommends you read the Terms and Conditions and the Financial Services Guide before acquiring the product.

The SmartyPig account is a deposit product offered by Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. ANZ is trading as “SmartyPig”. “SmartyPig is a Trademark of SmartyPig LLC, which is licensed to ANZ.