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Having a goal in sight and a plan to get there is a great incentive when you are saving up for something. Maybe you want to own your own home, upgrade to a new car, go on a much needed holiday or even just money for a rainy day, setting savings goals can help you get to where you want to be.

Step 2: Assess your situation

The second step is to create a budget. It will show you what’s coming in and going out, so you can work out how much you can realistically save.

Step 3: Optimise your budget

Now you know how much you can regularly save towards your goal. If you don’t quite have enough, look at where you can cut back. If you’re on track to meet your goal, why not think about how you can make your money work harder, so you can get to your goal sooner. 

Step 4: Put your money somewhere safe

Open a savings account so you can regularly deposit your savings. In NetBank, you can even name your savings account – choose something that reminds you of your goal. If you already have money saved you might want to think about a term deposit – you’ll get a fixed rate of return for the nominated term, so you know exactly what your investment's worth.

Step 5: Lock your money away, regularly

Make sure your first spend on pay-day goes straight into your savings account. A Regular Savings Plan lets you transfer between your Everyday Account and your savings account – it’s an easy way to grow your savings and help you reach your goals more quickly. Seeing your balance grow on a regular basis is also a great way to stay motivated.

Step 6: Stay on track

Once you’re on your way to achieving your savings goal, it’s important to regularly check in on your account balance and put extra away when you can.  

Tips to help you save up for something...

  • Write down your goal and check it in NetBank regularly. Imagine yourself enjoying the end result. Place a visual reminder of your goal somewhere prominent – for example stick a picture of your dream car in your wallet. Every time you’re tempted to spend you’ll be reminded of why you’re saving.
  • Set regular savings targets - either weekly or monthly, and force yourself to stick to them. Every plan needs rules. They help keep you in check and guide you when you steer off course.
  • Friends and family can be a great support in helping you achieve your savings goal – and often sharing a goal can give you an important psychological boost. If you are in a relationship you may also want to save together towards a joint goal.
  • If you’re already a CommBank customer, our Savings Goal Tool makes it simple to set up a Regular Savings Plan and track your progress to your savings goal.
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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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