saving:
1. Have a goal: Set a savings goal to keep you motivated, this could be a holiday,
renovations, or a new vehicle.
2. Track your spending for a month: Being aware of where your money is going can help you plug ‘money leaks’ things that you may forget you’re spending on like take away, drinks and other irregular payments.
3. Use the 50-20-30 approach: put 50% of your income towards bills, food, mortgage or rent and transport; 20% towards savings and debt repayments; and 30% towards the things you enjoy!
4. Plan for the unexpected: Set aside small amounts regularly to make sure you have enough saved for the unexpected like medical bills or vehicle repairs.
5. Have separate spending and savings accounts: If you are finding your spending is eating into your savings, consider opening a separate account to avoid the
temptation.
6. Act: Remember, a budget is a strategy for savings, the hard work is up to you! You
may want to set reminders or have friends and family check-in to keep you on top of
your goals.
To get your budget in action, explore our different account options to help you save:
Kina Tomorrow Savings Account: kinabank.com.pg/personal-banking/kina-tomorrow-savings/
Kina Cash Management Accounts: kinabank.com.pg/personal-banking/kina-cash-management-account/
Stay tuned for more great financial tips this Financial Literacy Month!
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