Wanna win a $50 Airbnb voucher?! Read this article...then play our savings quiz.

There'll be a quiz every Wednesday and Friday. Whoever tops the leader board at the end of each week will take home the weekly prize!

Let’s be honest - spending money is a LOT more fun than saving money. 

But, here’s the thing: unfortunately, spending cash on clothes is unlikely to help your financial goals in the long term (unless you bought a vintage Chanel coat that’s gone up in price...unlikely).

We’re all about that short-term pain for long-term gain, Flux fam.

What’s even the point in saving?

We don’t need to tell you that life can throw some pretty crazy things at you (helloooo global pandemic) - so having a financial safety net can help you prepare for whatever comes your way. 

But the thing is, around 46% of Aussies live paycheque to paycheque, which means nearly half of us aren’t equipped to deal with a financial emergency.

In a way, you can think of your savings account like your own insurance policy. 

Car gets dinged? Don’t worry, you can pay the excess. A big energy bill after a cold winter? Prepped for that. Get asked to be in the bridal party of your mate’s wedding? Yep, financially ready (even if ya not mentally ready).

Some fast facts about saving

The average Aussie has $29,091 in savings, according to data from Finder.com.au. But depending on what age and gender you are, that can change. 

Now, everyone’s sitch is a lil different - but sometimes, it’s good to get a little sense of how others are tracking.

‍

Men on average have around $37,380 in their savings, while women have $27,061. 

The average savings account is serving interest rates of around 0.1%, which is the same as the official cash rate set by the Reserve Bank of Australia. 

What does that mean though? That means on a balance of $10,000, you’ll earn a measly 10 bucks each year.

‍

How can savings help me achieve my financial goals?

Having savings means you can tick off more things from your financial to-do list without borrowing money from the bank (or the bank of mum and dad!).

It could be smaller goals, like a new laptop to help you with your side hustle...saving for a vacay...or just feeling financially secure.

Alternatively, your savings could help you achieve larger goals. 

For example, a bank or lender will generally require around 20% of the purchase price of a home as a deposit. This is likely where a big chunk of your savings will go if buying a home is your financial goal.

If your financial goal is to pay off a big portion of debt, then you could use your savings to pay it off... Alternatively, you could use your savings to make more money via investing.