It probably won’t surprise you that 83% of us set a financial New Year’s resolution, with over 50% setting the specific goal of saving more money1. However, nearly half of us fail to achieve that goal—so where are we going wrong, and how can we stay resilient when times get tough?
How to build financial resilience
ARTICLE
01 January 2025
3 min read
3 min read
Why we struggle to save
- We set impractical goals. 3 in 4 Aussies find it hard to budget2 and when that budgeting goal is too high or difficult to achieve, maintaining it feels impossible — because it usually is.
- Life is expensive. Cost of living pressures are high and felt by all. And with more than half of us struggling to pay for regular expenses like rent and food, making our money stretch even further can be tough.
- We all get stressed from time to time but sometimes our thoughts can exacerbate into more complex feelings and behavioursi like low motivation, loss of sleep, bingeing habits and poor mental health.
- Unexpected expenses. When we need to spend money on things we didn’t plan for, getting back in the savings saddle be hard.
Small ways to kick your savings goals
- Be specific. Setting a specific goal and breaking down the steps you need to achieve it can help you create a plan you can realistically work towards. The Financial Wellbeing Assessment in the AIA Vitality app is a resource that can help get you started.
- Be consistent. Building a habit takes practise. The How, When and Where approach is a great way to build a savings system where you move money into a savings account at the same time and place, until you reach your goal. For more tips and tricks: Learn more.
- Be realistic. Remind yourself that there will be times when things don’t go to plan and that’s ok. The goal isn’t to give up but to keep going.
- Be adaptive. Saving for something shouldn’t rob you of the things you love. In fact, enjoying your money can help you stay positive and motivated on your savings journey, if you’re pragmatic about it. While you might not be able to go to the cinema this month, you can still have a great movie night at home.
How to stay positive while you save
- Put things into perspective. Like most things in life, saving for something isn’t always easy. In times like this, reframing what you do have rather than what you don’t, can help you to feel positive in the moment and motivated in the long-term. So, while you might be missing your usual Friday night takeaway pizza, your homemade slice is still pretty tasty and it’s helping you get one step closer to that European holiday.
- Enjoy yourself. When we don’t allow ourselves to spend a cent, we risk missing the things that make life rich which can lead splurge. Balancing your budget so you can save and enjoy your life is key to having a healthy relationship with money and a full life.
- Practise gratitude. It’s easy to get stuck in a comparison trap when you seem so far from your savings goal. If you find yourself stuck in a negative thought pattern of where you should or could be, meditation can help bring you back to the present moment by steering your thoughts to a place of gratitude and self-compassion.
- Get support. If you’re struggling to meet your financial goals speaking to your bank or financial adviser can give you the insight you might be missing, and it’s generally free. But if you start to experience more stress and anxiety than normal, talking to a friend, counsellor or professional can help relieve some of the mental load to help you feel your best again.
Book a complimentary consultation with an AIA financial planner
It’s never too late to take charge of your financial wellbeing, and it shouldn’t cost the earth. If you’ve ever wanted reliable financial advice from a professional, now’s your chance. Plus, your first meeting is free.
Savings might seem like a big deal but it’s a lot easier than you think, when you approach it in small steps.
Being patient with yourself, doing your best and getting back into your savings habits is what makes the difference. It might not always look perfect but when you get there, it sure feels worth it.
Being patient with yourself, doing your best and getting back into your savings habits is what makes the difference. It might not always look perfect but when you get there, it sure feels worth it.
Footnotes
Staff Writer
Staff writers come from a range of backgrounds including health, wellbeing, music, tech, culture and the arts. They spend their time researching the latest data and trends in the health market to deliver up-to-date information, helping everyday Australians live healthier lives. This is general information only and is not intended as medical, health, nutritional or other advice. You should obtain professional advice from a medical or health practitioner in relation to your own personal circumstances.
Disclaimer:
Copyright © 2025 AIA Australia Limited (ABN 79 004 837 861 AFSL 230043). This is general information only, without taking into account factors like the objectives, financial situation, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, medical, nutritional, health, fitness or other advice. The source information of the articles is current as of the date of publication and may be subject to change. While the information contained herein is believed to be accurate, AIA Australia expressly disclaims any and all liability for representations or warranties, expressed or implied, contained in, or for omissions from, the information.
Copyright © 2025 AIA Australia Limited (ABN 79 004 837 861 AFSL 230043). This is general information only, without taking into account factors like the objectives, financial situation, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, medical, nutritional, health, fitness or other advice. The source information of the articles is current as of the date of publication and may be subject to change. While the information contained herein is believed to be accurate, AIA Australia expressly disclaims any and all liability for representations or warranties, expressed or implied, contained in, or for omissions from, the information.
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offers ways to improve it and motivates you with rewards along the way.
