Saving for a big-ticket goal means working out what it will cost, when you’ll need the money and how much you can regularly put aside before the deadline.
1. Define the goal and set a deadline
Giving your goal a name, like “Olympics on home turf” or “April holiday to Canada”, creates a connection to it and setting a deadline cements it in your mind. “Most people skip this step and try to just ‘save more’, which rarely works,” warns My Money Circle founder Rebecca Maher. “Once you have both elements decided, reverse-engineer a weekly or fortnightly contribution that fits your cash flow.” Breaking up your goal into smaller chunks helps alleviate the pressure of a large sum and makes big dreams feel within reach.
Tip: Get rewarded for your efforts. CommBank’s GoalSaver account offers bonus interest to those who grow their balance each month.
2. Map your costs and when they land
A major goal is rarely one single invoice – it’s a series of payments. “The biggest mistake is thinking you need the whole sum at once,” says Maher. “Instead, map out exactly what your goal will cost and, more importantly, when those costs will land.”
For big-ticket items like international tournaments or music festivals, the financial pinch points happen early. You might need to secure high-demand tickets 12-18 months out, while the flights and accommodation can be tackled later. By identifying early expenses, you can prioritise your savings for the immediate hurdles first. Once the non-negotiables are locked in, you can pivot your strategy towards the “pay-on-arrival” costs, like meals and spending money.
Tip: Using visual aids, like a chart that you stamp or a tool like Goal Tracker in the CommBank app, can help with motivation to reach your goal. Or keep yourself accountable by finding a friend who’s willing to compete in saving challenges.
3. Connect your goal to your deeper why
The way you think about your goal can also give it more meaning. “Connecting to a deeper ‘why’ matters more than people realise,” explains Maher. “Saving for a house is one thing, saving for stability and security for your family is another. The latter has real staying power when you find your motivation dips.” Similarly, planning for a holiday to another city is exciting but preparing to watch your country compete in a sport you’re passionate about is a once-in-a- lifetime kind of experience.
Tip: Look back, not down. If things are feeling tight, set a monthly money date to interrogate your spending. “Spend about 15 minutes reviewing where the past month went. Not to feel guilty, but to stay aware,” says Maher. “Awareness is what separates people who drift financially from those who make tangible progress.”
4. Automate your savings on payday
Once you have a timeline, you’ll need to get into the habit of consistently setting that amount aside. Slowly chipping away at a large number can be easy to forget so setting up an automatic system is your best way to streamline it. “The most effective habit you can build is automating a transfer on payday before discretionary spending has a chance to happen,” says Maher. It turns your goal into a fixed expense rather than an afterthought.
5. Make your big goal feel smaller
Big-ticket goals can feel daunting when you only focus on the total amount. But naming the goal, mapping the costs and setting up regular transfers can turn one large number into a series of smaller, more manageable steps.
The earlier you start, the more room you have to adjust along the way and enjoy the countdown.
