Many people often discount the differences that small money moves make, but we know just how big a difference they can make over time. 

That’s the power of consistency in action! 

For many people saving an extra $10,000 can feel like a challenge, particularly with rising living costs such as food, electricity and fuel expenses. 

And $10,000 as a big goal is a lot – especially when looking at it from a starting place of $0 saved. 

But there is a trick to making these bigger goals easier to achieve, which is to break them down into much smaller steps that act as milestones and actions that you can take towards achieving this larger goal. 

We know it sounds simple, and to be honest, it is. Let us show you how.

 

Let’s take the example of savings of an additional $10,000 this year:

$10,000 broken down to a monthly amount is $833.33 a month. 

$10,000 broken down to a weekly amount is $192.31 per week

$10,000 broken down to a daily amount is just $27.40 per day!

For most people, finding savings of $27.40 a day in their budget can feel much more achievable than $833.33 a month, even though it is the same. 

That’s because it comes down to mindset; if we approach a goal that feels more achievable, we are more likely to stick with it. And on those days where we don’t quite reach the target, we can just reset again tomorrow. 

And the beautiful thing about a savings amount like $27.40 a day is that it can be achieved in many different ways, including reviewing your expenses and seeing where you might be able to cut back. Or looking for ways that you could increase your income, or it may also be a combination of both spending less and earning more. 

So whether it’s raising your prices, asking for a pay rise, taking on a side hustle, selling unwanted items, cutting back on one expense in your budget, being mindful of your daily spending habits, taking a no spend challenge, or completely overhauling your spending plan. There are many options. 

 

If you shift your mindset to “how can I find savings of $27.40 today”, it can turn your focus to one of more resourcefulness and proactivity. 

Another way to support yourself to make a savings habit stick is to make savings an expense, not an after-thought. Rather than “saving what is left over”, if you make savings a cost like your other expenses, it helps to make it a priority. 

 

Another trick can be to automate the savings habit

You could make sure you take the money out each day in cash, transfer it to a separate account, or set up a regular direct deposit to your savings account for that amount. Some savings apps and super funds will also allow you to make regular deposits into your accounts, so it may pay to check their minimum investment amounts to see if you can set up a system that works with and supports your new savings habit. 

It can also help to keep track of your regular savings habit, in the same way, you might track weight loss or fitness goals such as training for a five or 10-km run. By keeping a visual track of your progress, you’re more likely to maintain momentum and stay on track towards your goals. And if you do get off track or miss a few days, don’t give up. Just restart the next day or as soon as you can after. The benefit of daily goals is that you don’t have to wait a whole month to try again! You can just reset and restart straight away! 

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This blog is published by Verve Superannuation Pty Ltd (ABN 65 628 675 169, AFS Representative No. 001268903), which is a Corporate Authorised Representative of True Oak Investments Ltd (ABN 81 002 558 956, AFSL 238184), as the Sub-Promoter of Verve Super. 

Verve Superannuation Pty Ltd and True Oak Investments Ltd are not licensed to provide personal financial advice. The information contained in this blog, including any financial guidance, is general in nature. You should consider seeking independent legal, financial, taxation or other advice to ensure that your financial decisions are suited to your unique circumstances.

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