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Most of us have set ourselves a goal at least once in our life. Whether it was to learn another language, get a promotion at work or even stop smoking - some goals are easier to reach than others.

When it comes to your finances, setting a goal is a good way to increase your motivation and focus your attention, so you can make the changes you want (or need). If you want to achieve financial success, setting a savings goal is a great place to start.


If you’re thinking about setting a savings goal, make sure it’s SMART. By following the five criteria that make up a SMART goal, you’ll be giving yourself the best chance of success. So, what makes a goal, SMART? Let’s take a look…


Knowing exactly what you want to save money for will help you along the way. For example, instead of saying “I’m saving for a holiday”, your goal could be “I’m saving for an all-inclusive, luxury safari holiday in Tanzania and Kenya”.


You need to be able to track how you’re doing on the journey to reaching your goal. If you decide to save $10 every week, you will be able to easily measure your success at reaching that target.


There is no benefit in setting a goal that is unattainable. You will only end up feeling disappointed, unmotivated, and discouraged when you don’t reach it. If your annual salary is $75,000 it’s highly unlikely you’ll be able to save $80,000 in a year!


This ties in with achievable above. Make sure you review your budget and expenses to know what you can afford to save and remember that life happens, and you may need to be able to pivot without any notice!


Always set yourself a timeframe for reaching your goal. A deadline can help you focus and prioritise your saving efforts over spending.

Tools to help

Saving money can be hard enough, and that’s why there are plenty of different tools available to help you achieve your SMART goal. Our budget planner calculator can help you make your goal achievable and realistic, while our savings and term deposits calculator can show you how soon you can reach your goal and how much interest you might earn.

Meet our budgeting app, mymo

If you want to get super savvy, and become a saving superstar you may find that our mymo app is the perfect partner for you. mymo by P&N Bank is designed to be your personal financial assistant, and you can pull all your accounts from all your banks and financial institutes into the one place. Here’s how it can help you on your goal kicking journey:

- Customised savings goals

With mymo, you can create savings goals based on your aspirations and priorities. Whether it's a short-term goal like saving for a drum kit or the longer-term goal of a home deposit, you can set it up in mymo.

- Progress tracking

Keep an eye on your savings with mymo’s visual representation of your progress. You’ll be able to see how much you've saved, how much more you need to save to you reach your goal, and all the transactions that are crediting or debiting your savings account. This real-time overview helps keep you motivated and accountable.

- Automated contributions

mymo makes it easy to save by automating your contributions to your savings goals. You can set up regular transfers to the account you are using as your ‘goal’ account, which can help you save consistently and keep working towards your goals.

- Flexibility

Like we said earlier, life can be unpredictable. If your finances change at any point, mymo can help you adjust your goals as needed. Whether you receive a lump sum payout or face unexpected expenses, you can easily adapt your savings strategy.

- Financial insights

As your savings grow, mymo provides you with handy insights into your financial situation. It can show you how your savings goals affect your overall financial health and help you make informed decisions.

Setting and reaching savings goals has never been easier, thanks to mymo by P&N Bank. It's a powerful tool for turning your dreams into reality and ensuring that you have the financial means to make your goals a part of your future. Say goodbye to financial uncertainty and hello to a brighter financial future with mymo.

If you’re all ready to get started saving for a new goal, check out our different savings accounts that could help you on your way. We also have some competitive term deposits that could help you grow your savings even more.


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.