Tools to help you save effectively

An important part of saving is having a target to aim for. Whether you want to buy something special, go on a holiday or have money set aside for a rainy day, it helps to have a figure in mind and a date to reach it by.

Now it’s time to crunch the numbers and break down how much you need to save each week, fortnight or month.

A good starting point is to look over your bank statements and see how much is coming in and going out. You can then work out what your fixed expenses are (like rent and bills) and what expenses fluctuate (like groceries and going out). You might be surprised at how much you’re spending on certain things, like takeaway coffee – so you can start to set some ground rules for your everyday expenses.

Make sure to set a savings goal that’s manageable. That way, you’ll protect the money you’re saving for the future and still be able to live in the now.

Use our budget planner calculator

It’s important to choose an account that suits the way you save. It pays to research different accounts, as some reward you with bonus interest if you make the minimum monthly deposit or don’t make any withdrawals over a month.

Don’t forget that you can have multiple savings accounts for different savings goals. You can even nickname them in the Bankwest App or online banking - like ‘wedding’ or ‘new car’.

Find out how to choose the right savings account for you

After you’ve organised the savings account you’re going to use, you can set it up to help you stay on track.

If you prefer for your account to be out of sight and out of mind, then why not make saving automatic? You could set up scheduled transfers from your transaction account to your savings account every payday before you even know the money is there.

Learn more about setting up regular payments

Bankwest Easy Alerts can help you keep track of your account activity. Depending on the accounts you have, you could receive a notification before a scheduled payment is due, if your account balance drops below or reaches a nominated amount, and more.

Learn more about Bankwest Easy Alerts

Seeing your account balance going up can be motivating, so it’s important to be mindful of how your budget is going. After a few weeks or months, we recommend you review your budget and savings to see if anything needs to be tweaked.

There may be times where the unexpected happens in your life, like car problems or medical bills. This is why it’s important to put extra into your savings if you’ve had a quiet week or you find yourself with some extra cash. All those little additional payments add up and you could reach your goal sooner.

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• Tips to save money on your mortgage