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.

Three simple ways to save money

1. Set up an account for your savings goal

It might seem small but creating and naming a separate savings account for each savings goal you have in mind can really help. This is a quick win and you can set it up in the ASB Mobile Banking app or FastNet Classic internet banking. Easy!

2. 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
  • Hide your savings account to make it easier to resist temptation - you can always change this later

3. Track your progress

Once you've put your savings plan on a timeline, you may want to set a date to check how you're tracking. This can help you to update your goal when you need to. 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