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I want to start saving money in 2024 (step-by-step guide)

Ready to start saving in 2024? Kate Campbell and Owen Rask share their tips and tricks to help you set and achieve your financial goals this year.

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Ready to start saving in 2024?

Kate Campbell and Owen Rask share their tips and tricks to help you set and achieve your financial goals this year.

Imagine you’ve just gone on a holiday overseas that you’ve spent the last year saving and planning for.

You spent your money intentionally, didn’t go into debt, built great financial habits and have memories for years to come.

Saving is an essential skill to build and forms part of your financial foundation.

While investing gets a lot of attention, saving is super important, so let’s give it the attention it deserves.

In this episode, we’re going to give you a step by step guide to setting savings goals that get you excited and share some helpful tools and strategies to get you there faster.

Research by Melbourne University found that ‘most Australians (77%) have regrets with regards to their finances, with the top three of these regrets being related to behaviours (e.g. not saving, investing or budgeting), while the fourth most common regret was ‘not learning more about finances and money’.

‘The study found, in line with other research, that unexpected life events often negatively impact finances and that most Australians are not prepared to weather such shocks.

Indeed, 1 in 5 Australians have less than $1,000 in savings and 1 in 2 have less than $10,000.’

Life events that set people back financially:

  • Separation/divorce 16.1%
  • Personal physical health concerns 18.0%
  • Caretaking a family member with high-needs
  • health concerns 8.3%
  • Mental health concerns 9.7%
  • Job loss (e.g. redundancy, sudden termination) 23.5%
  • Domestic violence 3.5%
  • Unexpected expenses not related to health (e.g. property damage) 15.5%
  • Financial abuse by a partner or family member 7.0%
  • Inability to secure employment 13.0%
  • Death of a family member 9.0%

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