Don’t forget your Easter nest egg
While many young ones will be searching for chocolate eggs this Easter, Suncorp Bank urges Aussies of all generations to focus on finding the best way to grow their own nest eggs.
Suncorp Bank Executive Manager for Deposits and Transactions Bruce Rush said while Easter was a great time for relaxing and seeing loved ones, it was also a good opportunity for people of all ages to rethink their spending behaviours and savings goals.
“Whether you’re saving for a car, holiday, school fees, home deposit, small business idea, investment, or retirement, creating a nest egg is one of the best things you can do to improve your financial future,” Mr Rush said.
“Use your free time this Easter long weekend to sit down with your partner, family or friends over a cup of tea and a hot cross bun and have a good look at your current financial position, starting with a frank assessment of your budget,” he said.
“It sounds simple but it’s amazing how many people don’t actually know where their money is going and where savings can be made.
“Despite ongoing living cost pressures, dreams can still become a reality if people tighten their belts and get their savings working harder for them. Having a realistic plan and sticking to it is the key,” Mr Rush said.
Suncorp Bank has developed a list of ways to boost your savings whatever your age or stage of life:
|Life Stage||Finding your nest egg|
|Generation Z |
At this age, children and teenagers should be learning the value of money and may be saving for toys, games, gadgets, and sports gear.
- Start early: It is never too soon to start saving. Suncorp Bank offers a Kids Savings Account (KSA) with no account keeping fees.
- Learn responsibility: The teenage years are a great time
to build adult skills and start putting money aside from an after school or holiday job for the latest and greatest gadget or a first car.
- Lead by example: Parents should act as positive role models and encourage children to regularly save pocket money.
- Reap the rewards: Reward kids when they achieve their goals by contributing a bonus to their savings.
Now is the time to set long- and short-term goals and start saving seriously, perhaps for a new car, wedding, holiday, a first home deposit, or all of the above!
- Take note: Keep all receipts, bills, payslips and any other information that affects your financial position for a month. Like kids looking for Easter chocolates, you might find surprises.
- Minimise expenses and cut the cards: Find easy ways to save like packing lunches for work and catching public transport. Don’t rely on credit cards and pay off the full balance each month.
- Make a budget: Set a budget and stick to it, aiming to
save at least 10% of your earnings. Online budgeting tools can help you to find your nest egg faster.
|Generation X |
Many people are trying to balance careers, families, friends and mortgages.
- Count your eggs: Managing finances and reducing debt is crucial so re-evaluate your financial position before good plans hop out of control faster than the Easter Bunny.
- Shake it up: You may wish to diversify your savings with shares, managed funds or other investments. A Suncorp Bank flexi-rate option, similar to a term deposit, but no minimum deposit to get started.
- Just in case: Consider life and income protection insurance that can protect your family if the unexpected occurs.
|Baby Boomers |
At this stage, people are focused on supporting their
children, building investments and accumulating retirement savings.
- Have a retirement plan: Evaluate your lifestyle and retirement goals to determine how big of a nest egg you need. A financial planner can help with this.
- Hop to it: Consider investments or a new property if the family home has been paid off. Revise your strategies: Take time to revise all financial strategies and ensure you have the right home loan as well as home, contents, car, income and life insurance cover.
For more tips on boosting your nest egg in 2014, visit www.suncorp.com.au
for handy tools and guides like the Kids Savings Account, Suncorp Budget Planning Calculator and the Everyday Options account that allows customers to link up to nine high interest savings accounts.