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Reward yourself for saving

Recognising your savings milestones with a well-deserved reward is a great way to stay motivated. Just because you're saving, there’s no reason you can’t enjoy life’s little pleasures. In fact, rewarding yourself can make you a better saver, while nothing is more likely to make you fail than extreme self-denial.

Here are some ideas for treating yourself without breaking your budget or getting off track.

You’ll have more incentive to stay on track if you set small, achievable milestones and reward yourself as you reach each one. The trick is to plan your goals and your rewards in advance, and then be honest with yourself by only enjoying the treat once you’ve hit your target. If you know a reward is coming up, you’ll stay motivated to work towards your goal — and less likely to make impulse purchases that put a dent in your savings.

Instead of giving yourself small treats, you might prefer to save up for a larger reward. So why not reward yourself with a set amount of money when you reach a milestone, putting it into a separate savings account? Then, once you’ve reached your target, you can treat yourself to a bigger-ticket item to celebrate.

When it comes to saving, every little bit counts. It’s worth working out how much your indulgences really cost - you may be surprised at how quickly they add up. This doesn’t mean giving them up completely, but why not try a little compromise with yourself?

So instead of buying a daily coffee, make it a weekly treat. Or if you love dining out, book a restaurant once a month instead of every weekend. This way, you can turn your pleasures into special occasions.

You can often reward yourself without spending anything at all. Some of the best things in life truly are free — it’s just a matter of looking for them. Bush walks, picnics, bike riding are (arguably) fun; how about a visiting a museum or art gallery, checking out a local festival or getting involved with your community through volunteering. 

No matter how you choose to treat yourself, the important thing is not to let your rewards distract you from your goal. And remember, the reward has to match the achievement. If you reach a $1,000 milestone towards saving for a home deposit and treat yourself to a holiday for reaching that milestone, you won’t have any savings left.

Luckily, it’s easy to keep track of your progress through NetBank, the mobile app or the tablet app. The savings tracker on the tablet app can tell you how much you could be saving each month. 

Couple eating ice creams

Things you should know

The advice on this website has been prepared without considering your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness to your circumstances. Please view our Financial Services Guide.

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