We’ve all got that one friend who seems to be on top of their saving game. Every time you catch up, they’re already working towards their next goal – a trip, a car, a renovation.
Well, here’s the good news. You don’t need a secret formula to keep up because saving isn’t rocket science. It might take a few trade-offs, but with the right approach, building your balance is simpler than you think. Ready to give it a go? Here’s how.
Reward your good habits
Choose an account that rewards good saving habits with interest. Savers under 25 can open a Life Saver~ account and earn interest each month~. All they have to do is make at least one deposit and grow their balance in the calendar month (and no, interest payments don’t count). And for savers of all ages, our Bonus Saver∞ account is available. It earns interest∞ each month where at least one deposit (again, interest payments don’t count!) and no withdrawals are made in the calendar month.
Set up a budget
Understanding your monthly income and expenses will allow you to budget more effectively (and maybe even find areas of spending that you can do without), giving you a better idea of how much you’ll be able to save.
Have a goal, and track it
When you go to the gym, you don’t just start lifting weights – you train with a plan.
Saving works the same way. Having a clear goal makes it easier to stay motivated and build better habits, rather than saving for the sake of it.
Whether it’s a holiday, a summer wardrobe or a new set of wheels, knowing what you’re working towards can make all the difference. Work out how much your goal will cost and track your progress along the way.
Our Savings Goal Calculator can help you get started and keep you moving in the right direction.
Regular payments
Many of us automate everyday payments and subscriptions for convenience, so why not do the same with your savings?
Setting up a scheduled transfer into a savings account means your money is put aside automatically, without you having to think about it or rely on willpower. It only takes moments to set up our app or online banking, or our friendly team can help you in branch or over the phone on 13 13 86.
Stay incentivised with alerts
Saving towards a goal can take time, and small wins along the way can help keep you motivated.
Setting up email or SMS alerts on your savings account for when you reach a target can help you stay on track. Alerts are quick and easy to set up through our app or online banking.