Set up saving goals
It's easier to save when you have something to aim towards, and we have the tools to help you smash those goals. Savings goals can be things like a holiday, a car, a new phone or a house deposit.
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Create a new account for every goal
Having a dedicated account for each savings goal can help you avoid dipping into your savings and keep track of progress. Change the account name to the name of the goal and even personalise your account image. -
Set up your goal with Goal Planner
Use Goal Planner to set a savings goal. It'll show you how far you have to reach each goal and motivate you along the way. Set it up in the ASB Mobile Banking app > Dashboard > Financial Wellbeing.
Automate your savings
Set up recurring transfers
Create a recurring transfer so that each payday, money has been put into your savings before you have the chance to spend it.
Hide your savings account
This is a great savings hack! When you can't see the account, you're less likely to be tempted to spend your growing savings.
How to hide accounts
Save the Change
Use Save the Change to round up your transactions and add the difference to your savings account. It helps more than you think!
Celebrate the wins
Don't forget to celebrate along the way! Once you have savings mastered and hit your first goal, reward yourself before setting a new goal to celebrate your hard work.
Maximise your returns
Once you've started building up your savings, you might want to see how you can grow these even further. Depending on when you need to access your savings, there are different options that could work for you:
Term deposits
Term deposits earn a fixed interest rate (often more than savings accounts) for a fixed period of time. Invest from 30 days to 5 years.
ASB Term Fund
Very similar to a term deposit, this PIE alternative can be a better option for people on tax rates of 30% or more.
KiwiSaver savings
If you're saving for retirement, or for your first home, adding savings to a KiwiSaver account could be a great option.
Other actions to build better financial wellbeing
Master your day to day
Organise your money and set a plan.
Get on top of debt
Find new ways to stay on top of debt.
Prepare for the unexpected
Build a safety net for unexpected costs and losses.
Invest in your future
Build towards your retirement.