It’s been a few weeks since we said goodbye to 2021 and hello to 2022. As is tradition, some people make new year resolutions, with the common intention to focus on better health and saving money. New year resolutions can be exciting goals that keep you motivated or bring thoughts of dread or anxiety. However, they don’t need to be hard or require drastic changes to your lifestyle. Even the smallest of changes is a great start!
But as we’ve experienced so far, these past few weeks may have caused various disruptions to holidays, family gatherings, or return-to-work plans, particularly with the ongoing Covid pandemic. You may have had to delay or alter your new year resolution goals, but that doesn’t mean you need to give up on your goals. Remember, there’s still eleven months left to achieve your goals. Here are some helpful banking tools and services that might help to keep your financial new year resolutions on track.
If you are looking to earn additional or bonus interest on your funds, a savings account might be suitable. Keep in mind that these accounts often have conditions that need to be met to qualify, such as a minimum monthly deposit and/or limited or no withdrawals per month. The ability to earn interest can provide you with that extra motivation to consciously limit your spending or contribute additional funds where you can, to try and achieve your goals.
If you have longer term goals and can resist the temptation of tapping into your funds, a term deposit might be a good option to consider. Your return is fixed, along with your interest rate, but you may be penalised if you withdraw your money before the end of the term.
Setting a budget and developing a savings plan can help you focus on the achievement of your financial goals. Tools like our Budget Planner and Savings Plan Simulator can help you understand the impact that changing a few small spending habits can have on your finances. For longer term goals our Term Deposit calculator can help you see your return.
Need help getting started?
At G&C Mutual Bank we are here to help you with all your banking needs. Talk to one of our Mobile Lenders or contact us directly. Our Mobile Lenders are available to meet you at a time and place that suits you. Together we can help you achieve your financial goals.
Any advice or information provided on this site is general advice only, and does not take into account your personal objectives, financial situation or needs. Before acting on any general advice you should consider its appropriateness given your personal circumstances. You should consider the Terms and Conditions for a product before acting on any advice to acquire it. Please consult with a financial adviser for personal financial advice.