Saving for teens
If you’re a teenager and you’re reading this, we applaud you. Clearly you’re switched on enough to know that getting into a savings habit now could help get you the things you want in life.
Teens with savings dreams
Having your own money and account(s) is a good feeling. Whether you’re saving for tertiary study, your first flat, or you just want an emergency fund, it’s important to get a routine underway.
That’s because the sooner you start, the sooner your savings could grow through earning interest. Savings account interest rates are per annum, however we pay interest monthly, with the interest rate applied to the previous month’s balance.
Top Tip: One good way to keep your hands off your savings is to have an everyday spending account and a separate savings account.
Serious Saver, seriously good
The ANZ Serious Saver account earns you interest on your savings. If you’re under 18 you won’t get charged any withdrawal fees. Plus, tracking your savings is easy via the ANZ goMoney app or ANZ Internet Banking.
Eligibility criteria apply.
Hatch a plan
If you have a part-time job, you might want to set-up an automatic payment into your savings account. Or, if you’ve been lucky enough to score some cash for your birthday, Lunar New Year etc, pop some — or all of it — into your savings account, before you’re tempted to blow the lot.
If you have a specific goal, like a car, put a realistic dollar value on it. It’s a lot easier to save when you have a target.
Top Tip: Set yourself a SMART — Specific, Measurable, Achievable, Realistic and Timely — savings goal.
Finally, remember that every little bit counts. Some weeks you mightn’t be able to save at all. Don’t beat yourself up, just get back into your savings groove as soon as you can.
Check out the savings accounts we have on offer.
Important information
This material is information only and you should seek professional advice about your circumstances. We’ve taken care to ensure the information is reliable, we don’t warrant its accuracy, completeness, or suitability for your intended use. To the extent the law allows, we don’t accept any responsibility or liability arising from your use or reliance on this information.
Please talk to us if you need financial advice about our products or services. See our financial advice provider disclosure at anz.co.nz/fapdisclosure