How to save more money

Save more money, reach your goals sooner and feel more in control of your finances by practising good savings habits.

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Start by reviewing your current situation – perhaps you are already saving money but want to step it up a notch, or you are starting from scratch. Take some time to understand and map out:

  • How much money comes in
  • How much money goes out and where it is spent
  • Your current debts and how much they are costing you
  • Your savings goals

Use your budget as a tool to help you visualise where you are sitting financially. If you don't have a budget now is a great time to consider putting one in place. Check out 7 steps to review your budget and How to create a weekly budget in our Help & Guidance hub.

Save money with a financial health check

Doing a health check on your expenditure is a great way to find savings. Here's a list of financial and service products to check.

Use the right accounts

Achieving your savings goals can be made easier by using the right accounts. While there are many account products around, you need to understand the difference between a transaction account – the one you access for everyday spending, and a savings account – where you add funds to regularly, not make withdrawals, and see your money grow over time.

You will want to consider the fees and features offered by different accounts, based on their purpose. For example, some accounts are designed for saving money over a period of time, such as our Target Bonus which rewards you with bonus interest when you make regular deposits and no withdrawals.

Daily transaction accounts such as our Simply Access, on the other hand, are designed to allow for easy transactions and access to your money for everyday spending. 

Changes you can make now

Here are some changes to consider making to help you save more money:

  • Your current accounts - having a daily transaction account for everyday spending, and a high interest savings account to put your savings into can be a good way to manage both your spending money and the money you want to save
  • Set up regular payments to your savings account. You could have your pay deposited into your daily transaction account, and commit to transferring a certain amount into your savings account each pay cycle 
  • Cut unnecessary spending. Check out our infographic on how to save without trying for simple changes you can start making now
  • Review your current debt and, if suitable, consider whether debt consolidation could help you. Visit our Manage your debt hub for more information
Savings Calculator
Have a play with our savings calculator to see the difference saving even an extra $10 a week could make to your savings balance.
Maintain and improve your habits

It's important to keep up your good savings habits and make alterations as your circumstances change. For example, if you pay off a debt you could consider putting that money into your high interest savings account, rather than spending it because it seems available. 

Things to consider into the future with your savings habits:

  • Keep your budget up-to-date. This will help you consider areas to save money, and can also work as a planning tool should your income drop or increase at any stage
  • Review your savings accounts as part of a yearly financial health check. Consider fees and interest rates for both your transaction and savings account
7 steps to reviewing your budget
Reviewing and setting out a budget can feel overwhelming. Here's 7 steps to help review (or create) your budget from home.
Saving money in Australia

Australian savings behaviour

Find out how you compare when it comes to saving money in Australia.

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