Characteristics of habitual savers

A ‘money mindset’ is a way of thinking about personal finance. Your money mindset can change over time, and it may help explain your spending and savings habits. Understanding this can help you build habits and strategies to better manage your money.

If the following applies to you, you might be a habitual saver:

  • Saving money is easy. You transfer money into your savings every payday.
  • Even if you don’t have a specific savings goal, you continue saving consistently because you know you might need the money one day.
  • If you won $1,000, you’d save or invest it.
  • If you needed $2,000 for unexpected car repairs, you could use your savings to cover the cost. It wouldn’t cause you any financial strain.

Read about other money mindsets.

About habitual savers

Habitual savers love saving money. They get satisfaction from watching their savings grow, and saving is an easy, routine habit for them. Habitual savers aren’t necessarily high-income earners. They’re driven by a desire for security and control over their lives.

Habitual savers tend to save at the start of each pay cycle, and they’re big fans of bucketing their money. They don’t necessarily have a savings goal, or a timeframe - the point is to save for the future, whatever that might involve. When they do have a savings goal in mind, it tends to be long term, like buying property or investing.  

Habitual savers spend frugally and hunt for bargains. They actively educate themselves about finance though books, podcasts and YouTube. They tend to avoid consumer debt unless it’s part of a strategy, like collecting reward points on a credit card.

People in this category can be too hard on themselves. Habitual savers often feel regret when they withdraw money from their savings, even if it’s for a necessary expense and won’t cause them any financial hardship. They can also fall into the trap of saving too much, and not leaving themselves enough money for everyday expenses.

Make your money work for you

As a habitual saver, you already have healthy spending and savings habits. Review your finances and make sure your money is always working hard for you, by avoiding credit card interest and unnecessary account fees, consolidating your super, and exploring opportunities to invest. It’s still a good idea to set aside time each month to talk about your financial situation either with yourself, with your partner or with other family members. Use our handy guide to help you start a conversation about money.

You can also explore the benefits of salary sacrifice, and talk to a financial advisor about setting up a financial plan.

Home and property

If you already own property, make sure you’re making the most of features like redraw facilities and offset accounts. If you’re close to paying off your home loan, weigh up the benefits of becoming debt free versus investing in more assets.  

You can also look into property investment to help you build your wealth. Learn about different property investment strategies and make sure you understand positive cashflow versus negative gearing.

Make an appointment so we can help you explore your home loan options.  

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Set yourself and your family up for the future.

Explore other money mindsets

Understanding your money mindset can help you better manage your money. Read our guides to learn more.

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Important information

The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial and taxation advice before acting on any information in this article.