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Aussies saving $743 a month despite cost of living

Australians haven’t been holding back when it comes to saving their hard-earned cash.

New research from Finder found most Aussies were putting aside $743 a month on average.

A nationally representative survey of 1,057 respondents revealed three in five Australians – equivalent to 12 million people – had good savings habits.

This includes almost half who classify themselves as mostly a saver but splurge from time to time, and 13 per cent who say they are definitely a saver.

Nearly a third said they were mostly a spender but tried to save a little.

However, a worrying 10 per cent admitted their attitude was that they could always make more money tomorrow, so chose to spend instead.

Finder money expert Sarah Megginson said the ability and willingness to save money was critical for short- and long-term financial health.

“The majority of Australians are self-confessed savers, helping them weather emergencies and fast-track future money goals,” Megginson said.

“Whether it’s to buffer themselves from the current cost-of-living crisis or to create long-term wealth, building a healthy savings account balance is the key to being financially resilient.”

How to get saving

Australians save $743 on average per month – totalling more than $8 billion per month nationwide.

But a concerning 2.4 million Aussies don’t have any savings to fall back on in an emergency.

Megginson urged spenders to bite the bullet and look at their finances so they could get into a regular savings habit.

“Having savings to dip into during an emergency or even to help cover basic living costs can take so much stress out of your life,” she said.

“It may not seem like a lot of fun to take a deep dive into your budget and financial habits, but it can give you peace of mind when you take stock of the situation and look for opportunities to save.”

Megginson said, without savings, households would be forced to fund unexpected expenses with credit, which could see them land in debt.

“The cost-of-living crisis hits harder for those without emergency savings,” Megginson said.

 

Article from: au.finance.yahoo.com