Saving
Reach your savings goals
Setting a savings goal for yourself is exciting. Your goal could be as simple as putting some money aside for emergencies or you may want to save for a home deposit, car, holiday or a wedding.
Whatever your circumstances, once you start a regular savings plan you may surprise yourself with how much you can achieve once you put your mind to it
1. How to achieve your savings goals
2. Saving for a short-term goal
3. Saving for a long-term goal
4. Saving money for emergencies

How to achieve your savings goals
When you set yourself a savings goal it's important to get a savings plan together so you can make your dream a reality. After all, a goal without a plan is just a wish.
Here are some techniques used by confident savers:
1. Know how much money is needed
2. Have a clear savings plan
3. Regularly review your progress
4. Have a specific saving time frame
5. Tell your family and friends about your goal
Know how much money you need
The first step to achieving your savings goal is to work out how much money you need to save and how long it will take you to save that amount.
If you have a smartphone, download free savings app TrackMyGOALS. It will help you set up a savings plan and set, track and meet your savings goals.
You can also use saving goals calculator to work out how much you'll earn in interest if your savings are put in a savings account or term deposit.
Make some cut backs
To achieve your savings goal, you may have to cut back on optional expenses like entertainment, dining out and shopping.
To see where your money is going and to identify areas where you can save, dowload our free spending tracker app TrackMySPEND.
You can also use budget planner to see how much money is coming in and going out each week, fortnight or month.
For tips on how to save for different goals, see:
4. Wedding saving and budgeting
5. Saving for your children's education
Saving for a short-term goal
Short-term goals are things you want to achieve within the next couple of years. These goals could be to pay off your credit card debt, buy a new TV, go on a holiday or buy a car. Whatever you have in mind, set yourself a realistic timeframe.
The best way to save for short-term goals is to reduce your spending on non-essential items, like entertainment, dining out, memberships or subscriptions. It is often easier to stay on top of your spending if you use cash, EFTPOS or a debit card when shopping instead of using your credit card.
Make your savings work for you by putting your money into an account where it will grow. Savings accounts are great because you can earn compound interest on your savings.
If you're on a low income, you may qualify for one of the savings programs offered by some charitable organisations.
Saving for a long-term goal
Long-term goals are plans you want to achieve in around 5 years or more. This could include buying a home or paying off your mortgage, paying for your children's education or saving for retirement.
For long-term goals think about investing some of your money. Get some financial advice to work out a good investment strategy to reach your goals.
Saving money for emergencies
Whatever your goals, it's a good idea to put some money aside for emergencies. Keep this 'rainy day' fund separate to your savings and everyday money. As a guide, aim to save up enough money to cover your expenses for 1- 3 months. Remember to keep this money for real emergencies and top it up again after you use it.
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