Micro Habits that Won’t Hurt Your Bank Account

Unfortunately, no one can become a millionaire overnight 😿

This article is presented in partnership with Spaceship.

Saving can be hard and we’d all love to win the lotto, but did you know there are small things we can do to help our bank accounts even when we’re students?

It’s not about giving up going out with your friends or not spending any money at all.

It’s more about having a plan. Hint: it’s all about consistency. Tiny habits, repeated often, can help.

Here are a few low-effort, high-impact habits to develop so your bank account will thank you later.

Think before you splurge.

It’s easy to just hit pay and spend $150 on a jacket you love. But you should always think twice, or even thrice, before spending. Especially if it’s a large sum of money.

That goes for investing too. You should think about how much money you want to invest and your investment goals.

Rather than splurging a big amount of money, consider investing a smaller amount so you’ll enjoy the potential payoff later.

With a platform like Spaceship, you can set up investment goals, plans, and round-ups in the app and gain exposure to companies with long-term growth potential that are set to fulfill long-term trends.

A Spaceship Voyager portfolio, which is a collection of stocks or assets that follows a strategy, which the Spaceship team then manage for you, to help you achieve your goals and get a head start on your financial future.

It's like having your own investment team in the palm of your hand!

Of course investing comes with risk, so you should make sure to consider your circumstances before deciding if it's right for you. 

Auto-transfer money when you get paid.

The myth about putting money in a savings account when you get paid, is that you have to transfer a huge amount of money.

But that’s not true. Even if it’s just $5 or $10, you’re still contributing some money to future you’s savings. Don’t let yourself forget and consider setting up an auto-transfer when you get paid, that way you could rest assured there’s always money going in your savings.

Round up your purchases and think about investing the difference.

Bought an iced latte for $5.50? Round it up to $6 and chuck that extra 50c into an investment app. You won’t miss the spare change. But if you invest it, future you will thank you.

Rounding up your spending is also an easy, hands-off way to start investing without overthinking it. The Spaceship app has a ‘boosts’ function that lets you round up your purchase to the next whole dollar and invest the spare change.

You can choose to invest in one of their professionally managed portfolios. There are different portfolios depending on what you’re after. For example, if you’re interested in investing in companies which have a positive impact, or world-changing companies, lower-risk investments, or even a mixture of both.

Check your bank account once a week.

No one likes a surprise when it comes to money. That’s why it’s important to check your bank balance every week.

Getting a few coffees or paying to go watch a movie can feel like nothing when you’re tapping your card, but in the long run these things all add up.

By checking your bank balance at least once a week, this way you won’t be surprised when you see how much is coming in and going out of all your accounts.

Name your savings goals.

Rather than leaving the standard name on your savings goal, give it an intentional name.

By giving it a name like ‘travel fund’ or ‘car emergency’ it can skyrocket your motivation so you’re more likely to keep up with your goals.

Now you don’t just feel like you’re dumping money into a random account. This mindset trick will help you stay focused and actually motivate you to save for something!

If all this talk of investing is motivating you to start investing for your future self, download the Spaceship app.

This could be your big leap forward on your financial journey.

This article does not constitute personal financial advice. Before acting on any information in this article, you should consider your money goals and financial situation to ensure it’s appropriate to you.

Spaceship Capital Ltd (ABN 67 621 011 649, AFSL 501605) is the issuer of the Spaceship Origin Portfolio, Spaceship Universe Portfolio, and Spaceship Earth Portfolio, as well as the Spaceship Master Fund (of which the Spaceship Galaxy Portfolio and Spaceship Explorer Portfolio are investment options) (collectively, Spaceship Voyager).

This information is general in nature. We haven't taken into account your objectives, financial situation, or needs. 

Investing comes with risk. As the markets go up and down so too can your investment. Consider the PDS, TMD, and FSG at spaceship.com.au and consider obtaining personal financial and taxation advice before deciding whether Spaceship is right for you.