One in three Qlders have no savings: RACQ Bank
RACQ Bank spokesperson Lucinda Ross said the biggest concerns people with no savings had were cost of living and paying bills.
“We know many Queenslanders are still feeling the financial impacts of COVID-19, so it’s not surprising they’re struggling with saving and everyday expenses,” Ms Ross said.
“When we asked what Queenslanders most wanted to achieve in 2021, the overwhelming answer was to increase their savings and reduce debt.”
Ms Ross said the best way to increase your savings was to set clear goals and start small.
“When setting a longer-term savings goal, it can take a while to learn how to stay motivated and diligently put money away for a rainy day, but the first step is to start,” she said.
“If you know your registration and car insurance costs $1,000 a year then break it down to monthly, weekly or even a daily expense and put it in an account you can’t see or touch. Have different accounts for the bigger expenses. You can make separate accounts for school fees, bills, travel, coffee or takeaway and everyday expenses.
“To become a good saver, you need to create a new habit which will take time – don’t be put off if it doesn’t happen overnight. Start with any amount you can, and as you get better at putting this away, increase the amount.
“Becoming a better saver can also help you clear debt and reduce financial pressures. One way to tackle smaller amounts of debt could be to build up your savings to the point where you can pay off your debt in a lump sum.”
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Fees, charges, terms and conditions apply. Contact us for a copy. This is general advice only and may not be right for you.
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Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
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RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.