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Ways to save

No matter what you’re saving for – a holiday, a car, or a home loan deposit – we can help you get there sooner.

Step one of any savings plan is to create a budget. It shows you how much you earn, how much you spend and how much you have left over each month.

Our comprehensive budget planning calculator can help you organise your finances. It breaks down your income and expenses, letting you identify where you may able to make savings.

Be flexible with your budget. If it’s too tight, you may struggle to stick to it. If it’s too loose, you may lose control of your spending.

Once you have a budget in place you can set a realistic savings goal. Choose an effective savings account for your goal. Use it only for deposits and avoid linking it to a keycard so you can’t access the money quickly.

Our account selector tool can help you find the best savings account for you. See our account comparison table for a quick guide to rates, fees and features.

Get into the habit of saving money each month. Setting up a direct credit from your everyday transaction account to your savings account on pay day means you won’t be tempted to spend more than necessary. Starting saving early also increases the amount of compound interest you’ll earn.

Our savings term calculator lets you know how long it will take to reach your savings goal if you make regular monthly savings. 

Short-term debt, like a personal loan or credit card, can be useful. But if you don’t stay in control of repayments you risk being unable to meet them, making saving impossible.

Creating a budget can help you manage debt by identifying savings you can make to pay off debt sooner.

A Commonwealth Financial Planner can help you develop a budget, show you how to save, assist with insurance and investments and offer advice on how to achieve your goals. Make an appointment for a complimentary, no-obligation initial consultation. 

Keep reading

Tips to control spending

We have some tips so you can take control of your finances, reduce or wipe out your debt altogether and maximise your savings by keeping your spending in check. 

Learn more

Have a back-up plan

Despite our efforts to plan for everything, there will be times when you need access to extra funds to pay for emergencies or unexpected bills. 

Learn more

How to create a budget

A budget is a detailed monthly plan showing where your money is coming from, how much is there and where it goes.

Learn more

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