Set a goal
If you’re on a fixed income or supporting a family, it’s important to set a savings target that’s realistic. Consistency matters more than the amount, so focus on what you can maintain over time.
Even small contributions, like $20 to $50 a fortnight, can add up and help your savings grow.
Once you know what you can contribute on a regular basis, you can use our savings goal calculator to see where you could be in six months, a year, or two years' time.
Find wriggle room where possible
If you feel like your budget is already stretched pretty thin and you’re wondering where an extra $20–$50 a fortnight will come from, don’t worry. Most budgets have small areas where you can cut back.
Take a moment to review your income and expenses and see where you might be able to cut back on non-essentials. Our budget calculator can help you get a clearer picture.
If just the word ‘budget’ makes you a little uneasy, you’re not alone. The good news is that getting on top of your finances can be simpler than you think. Check out our guide to setting up a budget with the 50/30/20 method.
Make saving automatic
An easy way to make sure you’re making regular contributions to your emergency fund and stick to your savings plan is to automate the process.
Setting up an automatic account transfer will remove the temptation for you to skip a payment here and there, and will give you one less thing to worry about during your busy schedule.
Choose the right savings account
If you’re making smaller, regular contributions to your emergency fund, it makes sense to make every dollar work harder.
When choosing a savings account, pay close attention to the interest rate and any conditions required to earn it. Things like minimum deposits or limits on withdrawals can affect how much interest you receive.
There’s no point putting in the effort to save if you’re missing out on interest due to a small technicality.
Do your research and get a better understanding of the different types of savings accounts, find one that suits your saving habits, and let your balance grow over time.