Top 5 reasons they save, when others spend

Why do some of us find saving money easy - almost automatic - whilst others have great intentions but never quite get there? The reality is that it doesn’t have to be complicated, but understanding why we save - or why we don’t - can make all the difference.

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Our Blossom customers are getting pretty good at saving, and we wanted to understand their mindset and motivations. We ran a survey with over a thousand of our incredible savers to determine what gets them excited about saving.

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Whether you’re just getting started on your savings journey or looking for new strategies to build wealth, their insights offer a fresh perspective on the benefits of staying on track with your savings goals:

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1. An opportunity to earn (good) money on your money

The vast majority of our customers joined Blossom because of our competitive targeted returns. Saving is usually all about delayed gratification, but 5.95% p.a. Or 7.00% p.a. targeted returns (depending on which product they chose) means they can reach their goals faster.

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2. Seeing their earnings posted daily

Watching their savings grow every single day without having to lift a finger is incredibly satisfying. Internally, we call it our Blossom “dopamine hit”. It helps them stay on track and feel confident that they’re making progress in the short and long term.

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3. Lack of fees

No one enjoys fees eating into their hard-earned savings, and our customers told us that the fact we don’t charge sign-up, transfer, or withdrawal fees was a huge drawcard for them. It’s just one less thing to worry about.

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4. Power of compounding

Whilst we all love the satisfaction of relaxing after a hard day’s work, the idea of “making money while you sleep” is really the icing on the cake.

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5. Big Hairy Audacious Goal

A brilliant term that originated from the groundbreaking book, Built to Last, by Jim Collins and Jerry Porras, having a “Big Hairy Audacious Goal” (BHAG) is another important motivating factor for our customers. In a world of constant advertising and temptation, with endless opportunities to spend, having an ambitious and bold target to inspire action is a great place to start.

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We are so grateful for the valuable insights into the mindset of a saver, and delighted to be making saving just that little bit more rewarding - and relaxing.

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Online disclaimer:

Nothing in this article should be construed as being personal financial advice. It is general in nature only and has not taken into account your particular circumstances, objectives, financial situation or needs. You should consider whether the information, strategies and investments are appropriate and suitable for you or seek personal advice from a licensed financial planner before making an investment decision. Past performance does not indicate future performance. BlossomApp Pty Ltd (ABN 74 644 216 151) is a C.A.R. (No. 001284228) of Gleneagle Asset Management Limited (AFSL 226199). ACM co-owner Alex Waislitz has a stake in a company that provides services to Blossom. ACM is the publisher of this article. Please consider the PDS and TMD available at www.blossomapp.com to ensure the product suits your needs.

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