How exercising can save you money
GOING for a run, uploading an image to Instagram or watching the temperature drop to a certain level are all ways Australians can save themselves cash.
While having the discipline to stash cash can be tough, savers can now set up automatic savings triggers linked to their everyday lives to help build up accounts.
ING has joined forces with technology company IFTTT (if this, then that) to link up apps and devices to save money every time a trigger they have set up is alerted.
Examples of this could include:
- Putting $5 towards activewear every time you run for 30 minutes using your fitness tracker.
- When the temperature drops below 10 degrees you tip in $10.
- Each time your favourite celebrity tweets you save $20.
ING's head of digital and innovation Chris Barwick said "they are external triggers to drive an internal action" and customers can set this up through their banking app.
"It allows customers to save incremental bits without even knowing about it,'' he said.
Mr Barwick said their research found customers wanted help saving money but they didn't want to change their spending behaviour.
Tanya Lanycia, 31, who is on maternity leave, said she has had to become more frugal and this new way to save - which she plans to link to regular exercising - will help her stash cash.
"Once I have a bit of money saved I won't feel guilty spending it on myself because I deserve it, whether it's on a new outfit or going out with the girls for drinks,'' she said.
"It's so easy to tap away and you don't look at the money, so I'm not a great saver."
ING last year rolled out their Everyday Roundup tool, allowing customers to round up transactions to the nearest $1 or $5 and stash the difference in their savings maximiser account accruing interest.
Already customers have saved more than $17 million in unplanned savings using this.
Other popular ways to save incremental amounts include the app Raiz Invest, which invests your spare change in the sharemarket and is designed for the inexperienced investor.
Digital-only bank Ubank also recently rolled out a tool dubbed Free2Spend allowing customers to set goals and monitor whether they are over or under their spending in real-time and see how it's impacting their financial goals.
Rising Tide Financial Services' chief executive officer Chris Browne, "If you're prone to putting savings off until next year, automation can help.
"Any initiative to help Aussies engage with their money more productively is a good thing."