Your Money: April’s Story – How To Stop Dipping Into Your Savings

Your Money: April’s Story – How To Stop Dipping Into Your Savings

Sarah Riegelhuth

Finance Expert

18/02/2014

The Carousel’s Finance Expert Sarah Riegelhuth hits the streets to find out how you’re managing your money…

April Conde from Caulfield Victoria, Wealth Enhancers, 28

What’s your worst money habit?
Hmm, (giggles) my worst habit is that when I dip into my savings from time to time if I overspend that week! I’m so naughty!

What’s your best habit then?
Well everyday I put all my coins into my money jar, and then at the end of the month I have about $70 in there. I then transfer that amount into my savings and live off the cash for a little bit, it works when I don’t dip into the savings!

The biggest thing your parents taught you?
My mum told me to always carry a few coins on me so that I could make a phone call at a pay phone! Obviously, I don’t really need to do that now with mobile phones, but it taught me the concept of always having a stash for an emergency. Not being caught out, that kind of thing.

If you could talk to your younger self?
Save more, definitely! My mum setup a direct debit for me a long time ago into my savings, but I have always had a habit of dipping into it – I’d tell myself to stick to it, because I’d be rolling in it by now!

My tips: April sounds like a pretty good saver, it’s just about breaking that habit of dipping into the savings account. There’s heaps of apps out there that can help track your weekly spending so something like this could work to create discipline for at least a few weeks in order to break the cycle. You basically enter in your budget for the week (the amount you’re able to spend) and then each time you spend money you enter the item and cost into the app. It just creates a whole lot of awareness around what you’re actually spending on.