Achieving your financial goals

Save now, spend later

When you’ve got financial goals, either small or large, the best way to achieve them is to have a clear game plan in place. While it’s satisfying to see your savings add up, it can be hard to stick to a savings plan without a clear picture of what you’re trying to achieve.

Set goals

Work out what your financial goal is and how much you’ll need to achieve it. Then figure out how much you need to be saving each month or week.

Work out a budget

When you’re trying to work out a budget a great place to start is simply writing down everything you spend in a week. You’ll quickly see where your money is going and where you can save. Even simple things, like packing a lunch instead of buying food on campus or making coffee at home instead of buying it from a shop, can really add up over the long term.

Start small and be realistic

If you start off trying to save half your money each week you’re going to get discouraged pretty quickly. Small, achievable, regular goals are the key to building up your savings.

Trim the fat

One of the best ways to save is by working out where you can cut costs without noticing the difference. Things like walking instead of taking public transport, returning your DVDs on time to avoid fees or making coffee at home are all pretty pain-free ways to give your savings account a much-needed boost.

Set up a savings plan

The easiest way to ensure regular saving is to make it something you don’t even need to think about. ‘Set and forget’ your savings plan by setting up a Regular Savings Plan.

 

The easiest way to do this is by having two separate accounts – one for your everyday transactions and one that is dedicated to your savings only, such as a high-interest earning NetBank Saver account.

 

Use your transaction account for everyday spending needs and set up an auto-payment to your NetBank Saver. This makes saving an automatic no-brainer and you get the benefit of higher interest on your savings.

Debit MasterCard^®

With a Debit MasterCard you can access your money anywhere MasterCard is accepted. This means you can shop online and access your account at 30 million locations worldwide. It’s perfect for travelling with your own money. You can get a Debit MasterCard with an Everyday Account, where you also get unlimited electronic transactions and access to your account with no withdrawal or monthly account fees if you’re a student.

 

• 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 (PDF 68KB). Full terms and conditions of accounts mentioned or electronic banking are available here or from any branch of the Commonwealth Bank.