How to keep saving money

Tips to make saving money a long-term habit.

If you need help getting started

If you’ve already used Moneysmart’s tools and tips to find ways to save and start putting money aside, this page can help you keep going! Saving works best when it becomes a habit. Here, you’ll find practical ways to stay on track, adjust your plan when things change, and start again if you’ve fallen behind.

Not at that stage yet? Maybe take a step back and:

• Learn how to track your spending.
• Use our budget planner to keep a clear record of what you earn and spend.
• Explore cost of living help for ways to reduce expenses.

 

Review your savings goal

Having a clear goal makes it easier to stay motivated to save. It also helps you decide how much to save and how long it may take. Your savings goal helps you stay focused, but it needs to stay relevant.

Make sure your goal fits your current situation, especially if your income or expenses change. Update how much you save or how long it will take to reach your goal if needed.

You might save for more than one thing at the same time, like short-term costs and longer-term goals. Review your goals regularly so they reflect your priorities.

If your goal feels too far away, breaking it into smaller steps can make it easier to stay on track.

Follow a savings plan

A simple savings plan helps you keep saving over time.

Set an amount and a schedule that fit your day-to-day life. Choose an approach you can maintain, even when things change.

Use simple systems to support your plan: 

Separate your savings

Keep your savings in a different account from your spending. This makes it easier to track your money and harder to dip into your savings.

An online savings account also makes it harder to spend money directly, helping leave your savings untouched.

Automate your savings

Set up a regular transfer into your savings account when you get paid. You can do this yourself or ask your employer to split your pay.

This removes the need to decide each time and helps you stay consistent.

Round-up transactions

Some bank accounts let you round-up your daily spending to the nearest $1 or $5 and transfer the difference into your savings. Small amounts can add up over time.

For example, James buys a coffee before work each morning:

• The coffee costs $4.50.
• His transaction account is charged $5.
• 50 cents goes into his online savings account.

This adds $10 a month to his savings.

Track your progress

Check your savings regularly so you can see how you’re going.

Seeing your progress can help you stay motivated and keep the habit going. You might check your balance each payday or set a reminder to review it each month.

Adjust your plan when things change

Your income, expenses and priorities will change over time, so your savings plan should change too.

Check in when things shift, like changes to your pay, rising costs, or new expenses. Update how much you save or how often you save so it still fits your situation.

For example, you might reduce your savings for a period, then increase it again once things settle.

Even small, regular amounts can help you keep the habit going.

Get back on track if you stop saving

There may be times when you need to pause your savings.

If this happens, start again when you can. Choose an amount that fits your situation now, even if it’s smaller than before.

Focus on getting back into the habit rather than catching up all at once.