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Creating a savings habit

Creating a savings habit

Following these simple steps can help you save money and commit to saving regularly.

Putting money into a separate savings account is an easy way to build your savings. It creates good financial habits, and can help remove the temptation to spend. Plus, you’ll know exactly how much you’ll have by a certain date if you commit to saving regularly.

Once you've set up your separate account, follow these three simple steps to ensure savings success.

Step 1: Set a savings goal

You can set up a savings goal using Goal Tracker* in the CommBank app and we’ll break it down into weekly targets, so it’s less overwhelming or completely out of reach.

We’ll also help you set up automatic payments to your goal so you never miss your weekly targets and can top up your goal when it suits you.

Step 2: Pay yourself first

Having a separate savings account is key to ensuring you don’t confuse the money you set aside for saving with other money for everyday spending. When you’re paid, make sure you transfer your chosen amount into your savings account immediately or automate the payment. This will help remove the risk of dipping into your savings throughout the month.

Step 3: Set up a regular saving plan

In NetBank, you can schedule automatic payments to ensure you never miss a chance to save. Set this up so it happens automatically when you’re paid – this means you’ll be sure you always pay yourself first.

  • Log on to NetBank and go to Transfers & BPAY
  • Complete your transfer details and add a description about what you're saving for. This can help to keep you motivated.
  • Under When, select Set up regular payments. Choose your schedule frequency and a start and finish date.
  • Select Next and Pay to confirm your regular payments.

You can always adjust the amount if you need to, at any time. 

Up next: Tools and tech to help you manage your money

 

* Requires a GoalSaver or NetBank Saver in your name only.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.