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Most people have at least one financial goal, whether it’s a small one like purchasing a new pair of sneakers, or a big one like a wedding or purchasing property. Reaching financial goals is great, but it’s not always as easy for some people as others.

If you don’t find saving easy, or just need some motivation to get started, our handy tips can help.

Goal setting

Be specific when you set your goal. Determine exactly how much you want to save and by when but remember to make it achievable. The best way to stick to a goal is to make it ‘official’, and you can do this a few ways.

Tell someone

Whether it’s your mum, your straight-talking best friend, or your partner, just telling someone about your goal can help you reach it. You’ll be accountable for the goal.By verbalising what you want to achieve and telling someone else about it, the possibility becomes more real. Plus, it’s nice to share the key milestones with another person and celebrate them – even if it’s just a hug from your mum for saving your first $100!

Write it down

Jot it down in your journal, stick a post-it to your fridge door, write it on your bathroom mirror… However you choose to do it, just get it down somewhere. You’ll want to keep it somewhere that you can see it regularly, or at least when you feel you’re getting off track. Take it out, look at it, visualise what it will be like when you reach your goal, and then keep going!

Use technology

This option is almost like a combination of the first two points. Many banking apps have features that help you budget, set goals and save money, and by utilising the technology in your pocket you’re much more likely to succeed. A great thing about using an app is you’ll have a visual representation of how well you’re doing on your journey.

If you haven’t already, download our mymo by P&N Bank app. Not only can you set-up budgets and get bill reminders, but you can also set goals and track how you’re getting along with them. Plus, if you have multiple bank accounts with different financial institutions mymo can display them all in one place (thanks to Open Banking), so you can get a true view of your finances.

Plan, plan, plan

It’s always best to have a plan for how you’re going to reach your goal, and it’s good to start off by making a budget. A budget can help you see where your money is currently going so you can identify the areas where you can cut back your spending and save more.

If you’re not sure where to start with making a budget, our online budget planner calculator can help. We also have a step-by-step guide available for creating a budget.

When making your plan it’s important to think about what might stop you from achieving your goals, how you’ll handle setbacks or what you’ll do if your goal timeline needs to be extended. What if there is a month where you can’t save as much because your car breaks down? Or your rent payments increase so you have less money available to save?

Planning for these situations might mean that you need to allow for extra slack in your budget or making a trade-off on your timeline.

Make it easy

Digital banking makes saving money, easy! Although having physical cash and hiding it away may work for some people, nowadays everyone can do it all online or through a banking app – and there’s no risk of anyone finding your ‘car fund’ and taking it.

Setting up automatic transfers from your everyday account to your savings account, will not only take away some of the mental load of remembering to save, but if you’re savvy you can do it so that you almost don’t even notice the money moving. Set the transfer up to happen on pay day, and you’ll be less likely to spend your allocated amount.

With P&N Bank, you can save every time you spend, thanks to Pay&Save. It's automatic, convenient, and you’re even likely to forget about it until you see the difference it has made to your savings account balance.

Get your savings growing

It’s not just about the money you put into your savings. It’s also about how that money can grow, thanks to interest.

Your money will work harder for you in a higher interest-earning savings account or a term deposit. Some savings accounts offer bonus interest, like our SwiftSaver account (which rewards you with a variable bonus interest when you deposit at least $10 a month and make no withdrawals) and Hi Saver account (which is a higher interest savings account for balances of $5,000 or more).

Of course, if you’ve already saved a larger amount putting it away to earn interest in a term deposit could be a great way to help you reach your goal. Term deposits ensure you receive a guaranteed return based on the amount you deposit and interest rate applicable for the term you choose.

Top tips

If you follow the above, you’ll most likely be well on your way to achieving your financial goal sooner rather than later, but just in case you need some extra motivation, here are some more tips to use in conjunction with the suggestions.

  • Pay off your debt as this can help reduce your monthly expenses and free up more money for saving.
  • Consider ways to increase your income, such as by taking on a part-time job or starting a side hustle.
  • Seek professional advice from a financial advisor - they can help you create a plan that is tailored to your unique needs and goals.
  • Try saving in buckets – or multiple accounts – for different goals. This can also help with your budget.
  • Regularly check in on your accounts and your spending, and make adjustments when it will help you reach your goal sooner.

Remember to be patient and consistent in your efforts to save money. It may take some time to reach your savings goals, but the rewards will be worth it in the long run. And, if you need someone to get you back on track, your straight-talking best friend will be there to keep you accountable – right?


Banking and Credit products issued by Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701. Any advice does not take into account your objectives, financial situation or needs. Read the relevant T&Cs, before downloading apps or acquiring any product, in considering and deciding whether it is right for you. The Target Market Determinations (TMDs) are available here or upon request.