How to start saving

Follow these steps to start saving and reach your money goals sooner.

Know what you want to save for

Saving can feel difficult when money is tight. But small steps make a big difference over time. A simple plan helps you stay on track and feel more in control of your money. This page shows you how to start saving, even if you have never saved before.

Having a clear goal makes it easier to stay motivated. It also helps you decide how much to save and how long it may take.

You might want to save for:

emergency_home an emergency fund

flights_and_hotels a holiday

school school costs

directions_car a car or home deposit

space_bar a buffer for rising living costs

Write your goal down and keep it somewhere you can see it. This helps you stay focused.

Work out what you can save

A budget shows you what money comes in and what goes out. It helps you see what you can save each week or month.

You can use our budget planner to work out:

• your regular income
• your essential costs
• where you might be able to cut back

If your income changes from week to week, see managing on a casual income for tips to plan ahead.
If money is already tight, our managing on a low income page has support options that may free up some room to save.

Our cost of living hub has practical suggestions and links to help you cut expenses, manage your budget and find support.

Once you know how much you may be able to save, you can use our savings calculator to work out how long it will take you to save for your goal.

Make saving automatic

Setting up an automatic transfer makes saving easier. You don’t have to remember to move the money yourself.

You can:

check_box set up a scheduled transfer to a savings account

check_box round up your purchases, if your bank offers this feature

check_box use a separate account so you’re less tempted to spend

Check to see if your bank offers online tools that let you set savings goals and track your progress.

Set up a separate account for your savings. Learn what to look for when you choose a savings account.

Track your progress

Checking your progress helps you stay motivated. You can use:

• your bank’s app
• a simple spreadsheet
• Moneysmart’s budget planner

Celebrate small wins. Every step forward builds your confidence.

And remember that saving is a long-term habit, not a sprint. If you miss a week or need to dip into your savings, start again when you can.

If you need help to get started, reach out to a financial counselling service. Financial counsellors help you manage debts and get your finances back on track. This is a free and confidential service.