Budgeting strategy

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Budgeting strategy

Your budgeting strategy

If you're trying to save for something (or more than one thing), then setting up a few different bank accounts could help get your finances in order - so you get to your goals faster. Throw in a few automatic payments and alerts, and you're away.

What's the deal?

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Having more than one bank account can be very helpful in budgeting. Many of today's savers divide their spending and savings into separate accounts. Let’s take a look at how it could work

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Everyday spending

You might want one everyday bank account for direct debits, another for all your daily spending, or one that’s shared with your partner. What combo would suit you?

Ongoing savings

What are you saving for? You can have up to 9 Savings Accelerator accounts – Kitchen reno and Thailand trip, here we come.

Scheduled payments

To channel your hard-earned income into the right accounts without having to think about it, you could set up automatic payments on the day after pay day.

Get handy alerts

Then, to keep track of it all, set up alerts or simply ask Siri (on eligible devices) how your savings are tracking.

Why it works

Why it works

Control over where your money goes

After pay day, you can send your income into different accounts, each with separate goals. It's money management made easy.

Put your savings on autopilot

Once it's all set up, you don't have to do a thing. Automated payments and alerts can save you time and money.

A little nudge to stop you over-spending

Set up alerts that tell you when you're running low on cash, so you can rein things in until next pay day

Start now

Start now

  • First up, you'll need to take a good look at your finances. Scrutinise your spending habits. See where your money's going and whether you have any left over each month to save.

    Budget in hand, it’s time to decide how to divvy up your money. You could use the 50/30/20 rule as a guide – that is, 50% for fixed costs, 30% for daily spending and 20% for saving. But everyone's different. Think about what works for you.

    Budget planner strategy

  • Next, work out how many Orange Everyday accounts you want. You can have up to 2 Orange Everyday accounts.

    For example, you might want to split out direct debits from everyday purchases. Or you might want one joint account with your partner, and a second just for you. Think about what would work for you.

    Once you’ve opened your Orange Everyday account/s, it's easy to rename them on the ING app or in online banking. Simply click on the name of the account and you’re away.

    Learn more about Orange Everyday

  • Whether you're saving for something big like a house deposit or something not-so-big like a new bike, a separate savings account for each goal can help.

    Take a moment to list the things you're saving up for. You might want to add an account for emergencies, like when your washing machine breaks down or your car needs a new gearbox.

    You can open individual Savings Accelerator accounts for each thing on your list up to 9 accounts, so it's easier to track each goal's progress.

    Learn more about Savings Accelerator

  • Based on those big budget decisions you made at the start, set up automatic payments to move your money into your various accounts. You can do this by changing the timing from 'Now' to 'Recurring payment' when transferring money in the app or online.

    It's a good idea to schedule these for the day after each pay day, so you know exactly how much you can move.

  • You can get alerts sent to your phone when your balance drops below a certain amount (on any transaction or savings account) or when you reach a savings target.

    To set these up, log in at ing.com.au and head to 'Notifications' > 'Set up & manage notifications'. Note: you can't set up notifications via the ING app.

  • Congratulations. Your budgeting strategy is set.

    But don't forget, if things change, you can easily modify your scheduled payments or add/remove accounts.

Important Information

Information and interest rate is current as at the date of publication and is subject to change.

The combined total deposits in all your Savings Accelerator account(s) shouldn't exceed $5 million, whether account(s) are in individual or joint name(s).

Combined balances up to $250,000 per account holder are guaranteed by the Australian Government.

Information and interest rate is current as at the date of publication and is subject to change.

Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to Savings Accelerator you should read the Savings Accelerator Terms and Conditions booklet. To view these documents you may need Adobe Acrobat. Savings Accelerator is issued by ING. iPhone and Apple are trademarks of Apple Inc., registered in the U.S. and other countries. Google play is a trademark of Google LLC. Windows Phone is a trademark of Microsoft Inc., registered in the U.S. and other countries.

ING is a business name of ING Bank (Australia) Limited ABN 24 000 893 292 AFSL 229823, Australian Credit Licence 229823.

ING acknowledges the Traditional Custodians of Country throughout Australia and their connection to lands, waters and communities. We pay our respect to their Elders past and present and extend that respect to Aboriginal and Torres Strait Islander employees, partners and stakeholders. View our Reconciliation Action Plan.