Australians’ top 5 money goals for 2020, and how you can achieve them

2020 isn’t just a new year, it’s the start of a new decade, and what better time to set some fresh financial goals?

Here are the top five money resolutions for Australians in 2020 – as discovered by industry super fund-owned bank ME research – plus tips to beat the barriers that could stop you turning these goals into reality.

1. Save for a big-ticket buy

Australians’ number one money goal for 2020 is saving for a big-ticket item like a holiday or car. The main stumbling block is high living costs – so be sure to review regular expenses, including phone and energy plans, to see if you could get a better deal.

2. Build rainy day savings

Two out of five (42%) Australians want to grow emergency savings, but 21% say they lack financial discipline. Make it easy by setting up a regular transfer of cash into a separate savings account.

3. Save to buy a home

One in five Australians would like to buy a home this year. The problem is, 52% of people say their income is too low.

Try speaking to the boss about a pay rise. A ME study found only 12% of workers do this, but of the ones that do, 75% scored an increase.  Look into joining your industry union too, and benefit from the power of collective bargaining.

4. Cut spending on expensive habits

One in five of us want to kick costly habits in 2020. Here’s a strategy to consider – give the habit a miss for a week or two, and tuck what you’d normally spend into a savings account. Seeing how much habits can cost could be the incentive that sees you quit for good.

5. Keep lid on debt

ME found 19% of Australians want to get the better of personal debt in 2020, though 13% say they’re held back by a lack of financial knowledge.

Head to ME’s free online school of money, Ed, to get up to speed fast, and to start getting on top of debt.

This article is brought to you by ME. For more information, please visit mebank.com.au. Members Equity Bank Limited ABN 56 070 887 679.

First Super does not recommend, endorse or accept responsibility for any products or services provided by any third party. Terms and conditions may apply, which should be obtained from ME Bank. First Super does not accept liability for any direct or indirect loss or damage caused by the products and services provided by ME Bank. First Super may invest in this third party but does not receive any commissions as a result of members using their products and services.