Tips to save

If you’re saving for something or want to reduce your debts, the best place to start is with a budget. It shows you how much you earn and how much you spend, and will calculate what you have left over each month to play with.

Plan a budget

Our comprehensive budget planner calculator will help you work out the money you have coming in and where it goes each month.

When you know how you’re spending your money, you may be able to find areas where you can cut back a little. Try to be realistic about this. A budget is there to help you save money and it needs to be flexible. If you’re too hard on yourself, the chances of sticking to your budget will decrease. However, it is important to make savings a permanent item in your personal and household budget. View our tips to control spending.

Set some goals

Once you’ve worked out where your money is going each month and how much you have left over to save, you can then set yourself a savings goal. By understanding your short, medium and long term savings needs you’ll have a clear idea of what you need to do to achieve your goals. You should also choose the most effective savings account for each of your savings goals.

The savings term calculator will help you work out how long it will take you to reach your savings goal if you make regular monthly savings.

Start a regular savings plan

If you can get into the routine of a regular savings plan, you’ll soon get used to not having that extra money to spend each month. Tip: Think about setting up a direct credit from your account to coincide with pay day. That way, your money ends up in a savings account before it reaches your wallet. And remember, the earlier you start saving the greater the benefit of compound interest.

Set up a separate savings account

Avoid the temptation of dipping into your savings for those one-off expenditures by setting up a separate savings account. Use it only for making deposits and avoid linking it to a keycard so you can’t access the money quickly.

Our account selector tool can help you find the best savings account for you.  You can also view our account comparison table for a quick guide to rates, fees and features.

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Managing your debt

Short-term debt, like a personal loan or credit card, can be convenient and useful. But it’s vital that you stay in control of repayments to ensure your debt doesn’t become a burden you can no longer service.

Clearing your debts, no matter how big or small, puts you in control of your finances and provides a greater degree of freedom.

Creating a budget can help you manage your debt repayments by highlighting where you spend your money and where you can make possible savings to help you pay off your debt faster.

Get some advice

Getting financial advice from a qualified professional can go a long way to helping you reach your goals. Our team of financial advisers can help you develop a budget, show you how to save, help you with insurance and investments, and offer you advice on how best to reach your goals.

It’s never too late to start saving. Every cent will count when you need it.

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• Important information
  
  The advice on this website has been prepared without considering your objectives, financial situation or needs.  Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide.