Review or make your budget
Using a budget to help you manage your money is the first step to help you build your savings. You can build savings for smaller items like furniture or big goals like purchasing a car.
When making your budget, it’s important to make sure you include all your income and costs. Keep your budget clear and simple and review it often. A change in your income or costs can affect your budget. You can find more information on how to track your spending on the Moneysmart website.
Once you make or review your budget you can start tracking your spending and look for opportunities to increase your savings.
Find out more about how to review or make your budget.
Set goals
A savings plan will help you reach your savings goals. You don’t need to have a big savings goal. Small goals are just as good. It’s also important to save for emergencies, like an unexpected reduction in work hours or car repairs. Having some savings, big or small, can help you manage your future financial needs.
Short-term goals
Short-term savings can be for things like:
- school shoes or clothes
- electronics and household goods
- furniture.
Example
Valerie was trying to make some small savings so they could buy new school shoes for their daughter. They checked their bank statements and noticed their monthly phone bill was expensive. They found a cheaper deal that met their needs. Valerie changed plans and was able to save $30 a month. They bought the school shoes and put the rest of the money into an online savings account.
Long-term goals
Long-term savings can be for bigger things like:
- a car
- a house
- retirement.
You can use the savings goals calculator on the Moneysmart website to help you. It shows you how long it will take to reach your goal and how much you’ll need to save.
Tips for saving
Check your bank statement
Check your bank statement often to help you better manage and understand how you spend your money.
Do your research
Whether you’re shopping for clothes or a mortgage, or thinking about changing electricity providers, ask for a better deal. It might save you money.
Superannuation
One way to make the most of your money is through your super. You can get a government co-contribution if your income is below a certain amount. Find out how you can benefit from superannuation government co-contributions on the Moneysmart website.
Save on banking fees
Every little bit counts. If you get a Centrelink payment, you may be able to get a savings account that won’t charge fees. Ask your bank or credit union about fee free accounts.
Many companies and banks charge you each time they send you a paper bill or statement. Choose to get these online and you could save money. The way you get bills can change depending on the company. You can get them either:
- by email
- in your online account with that company.
If you can’t get your bills online, you can still choose to get them sent in the mail. You can also ask to be exempt from the fees they charge to send a paper bill.
Find out more about savings accounts on the Moneysmart website before talking to your bank or credit union. Most banks have online accounts that have better interest rates.
Talk to someone
You can talk to one of our Financial Information Service (FIS) Officers for free. Our FIS Officers share tools, resources and information that can help you make more informed financial decisions.
A financial adviser can also be useful. Watch our video to find out how to choose the right financial adviser for you.
You can also talk to a free financial counsellor. You can find information on this on our getting financial help and information page.