Living life to the fullest and creating a nest egg for the future. These two goals often feel like they’re on opposite sides of the financial spectrum. But there is a way to put aside money without compromising on the little indulgences that make your week. Enter “soft saving”—a way to financially have your cake and eat it, too. Here’s what you need to know.
What is soft saving?
Forget extreme budgeting or cutting all the fun stuff. Soft saving is all about finding balance. It’s the gentle art of putting aside small, manageable amounts of money regularly, without overhauling your lifestyle. “The idea is to start small and stay consistent,” says Andrew Woodward of The Investor’s Way. Even $10 per week adds up over time, especially with the power of compounding.
Focus on what money means to you
Saving is about more than simply building a bank balance; it’s also about supporting a life that feels good. “Financial wellbeing isn’t just about the numbers,” says psychologist Emma Peterson. “It’s about how money enhances your life.” The goal of soft saving is to enjoy your money and your future. So go ahead, book that weekend getaway or buy the concert ticket—just balance it with some regular savings, too.
Consider where your money lives
Once you’ve got the habit down, it’s time to make your money work harder. Look for a high-interest savings account, ideally with no fees. With a CommBank GoalSaver account, you’ll earn bonus interest when you grow your savings each calendar month, which is a great little nudge to help you stay on track.
Make room for bigger stuff
Saving doesn’t mean saying no to every splurge. If there’s a bigger purchase on the horizon—like a new phone or sofa—consider spacing out payments so you don’t derail your savings. CommBank StepPay can help you spread the cost so you can still enjoy life’s bigger moments without sacrificing long-term goals.1
Automate what you can
“Saving is like building muscle—you start small to achieve bigger gains,” says Woodward. The trick is to stay consistent and have a goal. CommBank’s Goal Tracker tool breaks down your number into weekly steps and also helps set up automatic payments so you stay on track. And if you need to extend the timeline (because life happens), the tool shows you how to top up or adjust your goal.
Soft saving in a nutshell
It’s more beneficial to save a smaller percentage of your income than over-commit and find yourself abandoning the entire plan after a few months. Little by little you’ll see those savings grow—all while you continue to prioritise your mental wellbeing and life’s little joys.
