Setting a savings goal

Ever opened a savings account with no thoughts as to why? Or found yourself saving 'because that's what I'm supposed to be doing' but not really having an end goal? We're here to help.

What are you saving for?

Most of us have a savings account simply because we know we need to have savings. But setting savings goals gives you something to work towards and you’re more likely to build habits that will help you reach them. When considering a savings goal, ask yourself: 

  • What do you want to work towards?
  • How often or soon will you need to access your money?
  • Do you have one big goal or a few different smaller goals?

Give yourself time to really think this over - jotting it down helps too.

Saving for a goal

This could be a holiday, big purchase or a weekend away with friends. Or maybe it's for bigger life plans like buying a home or moving overseas. 

Saving for emergencies

These are your savings for all those unexpected surprises like a blown tyre or medical bill. Saving for a rainy day can also act as your safety net for big emergencies like if you lost your job or became too ill to work for a while.

How do I reach my savings goals?

  • Define your short and long term goals. Start with small, realistic targets.

  • Prioritise. Focus on your top goals and break them down into chunks.

  • Track your progress and celebrate every milestone. Every little bit counts.

Simple ways to save money

1. Keep your savings separate from your everyday spending.

It might seem small but having a separate savings account for each savings goal can really help. You can also name your saving accounts, to help you remember what each one is for. This is a quick win and you can set it up in the ASB Mobile Banking app or FastNet Classic internet banking. Easy!

2. Use Goal Planner to create a goal to keep you motivated.

Having a visible savings goal can help you stay on track. Goal Planner lets you set a goal for each ASB savings account, and tracks your progress towards your goal.

To set a savings goal:

  1. Log in to the ASB Mobile Banking app and tap 'Dashboard' at the bottom of the screen.
  2. Find 'Financial wellbeing' and tap 'Explore now'.
  3. Next, go to Goal Planner and tap 'Create a goal'

If seeing your savings is too tempting, you can hide your account instead - you can always change this later.

3. Don't let unexpected expenses set you back

Use our calculator online or in the ASB Mobile Banking app to help build your rainy day savings plan.

4. Keep it consistent

Now it's time to get saving. Each week try and transfer some money in. It doesn't matter how big or small. What's important is that you start building a consistent habit that works towards your savings goal.

Try these simple tricks:

  • Set up an automatic payment to transfer money directly into your savings
  • Turn on ASB Save the Change, which automatically rounds up your transactions and pops the difference in your savings

5. Track your progress

Remember to check your savings progress to see how you're tracking against your goals. It could also give you the chance to think about paying more money into your savings account if you can.

The information and tools suggested are intended to provide general information only. It is not financial advice and does not take into consideration your personal needs and financial circumstances. You should consider seeking financial advice before making any decision based on this information.

Financial WellbeingSimple Ways To Save Money - Setting A Savings Goal | ASB