Tips for saving money

Being a good saver has plenty of advantages beyond your short-term financial goals. It can be the difference between keeping your head above water during difficult financial times and being in financial hardship.

Here are our tips to help you become a better saver.

1. Set a savings goal

Saving is easier when you have a goal in mind. It might be a holiday, a house deposit, or just a rainy-day fund.

To work out the amount you’ll need, be realistic about what you can afford to save each week, fortnight or month. You can use My Goals in the NAB app to create a savings goal and track your progress.

2. Make a budget

A well-planned budget will get you started on your savings path. A budget is a plan that shows how much money you earn, spend and save. It makes it easier for you to plan ahead for bills and groceries, see where you’re overspending, and find ways to save more money. 

Check out our budgeting tips to learn more about creating a budget.

3. Pay off debt

Getting on top of debt will help you feel more in control of your financial situation. Make sure you factor debt repayments into your budget, and look into whether debt consolidation is an option for you.

Learn more about how to pay off your debt, and reach out to us if you’re struggling with debt and need financial assistance.

4. Automate your savings

If you get your phone or power bill direct debited from your account, why not apply the same concept to your savings account? Simply set up a regular payments to go into your savings account every day, week, fortnight or month.

Learn about setting up a regular deposit. You may also be interested in learning how to bucket your money, which is a great way to automate your savings.

5. Keep track of your expenses

Keeping track of what you spend will help you budget and save. It makes is easier to see where you can cut back on costs and put extra money into your savings account. You can easily track your expenses using the Spending tool in the NAB app.

6. Search for discounts and rewards programs


Make sure you’re getting the best price by shopping around for deals, specials and rewards.

  • Browse online to quickly compare prices on both everyday purchases and big spends.

  • Get multiple quotes to compare the price of insurance premiums or electricity plans.

  • Look for credit cards with rewards points that you can redeem for gift cards, cashback and more.

7. Open a savings account

Open a savings account to earn interest on your money. Different savings accounts have different benefits, like bonus interest or flexible withdrawals, so compare multiple accounts to choose the best savings account for you.

Another option is an ‘untouchable’ account like a term deposit. A term deposit is a type of savings account where you lock the money into the account for a certain time and interest rate. It’s possible to earn higher interest if you lock the money away for longer, and it’s a little harder to access your money and spend it.

Learn more about how savings accounts work.

8. Earn bonus interest

Good savings habits can reward you with extra interest on some accounts. Be disciplined and it will pay off in the long run by helping you save a little faster.

How it works

Bonus interest varies with different accounts—some accounts need a minimum monthly deposit, some no withdrawals, and some have no conditions (check the account details before you open the account).

With accounts like NAB Reward Saver, you get bonus interest each month if you make no withdrawals and at least one deposit before the second last banking day of each month.

9. Cancel subscriptions

When you put together your budget, make sure you include all the services you subscribe to. This might include TV and music streaming services, news subscriptions or app subscriptions. Some of these services might only be a few dollars a month, but over time you might be paying more than you realise. If you don’t use these services often (or you’ve forgotten you even paid for them), cancel your subscription and move that money into your savings.

10. Automate your bills

If you struggle to remember to pay your bills on time, set up regular payments so the money is transferred out of your account on time. This way the bill is paid even if you forget about the due date. You’ll just need to make sure there’s enough in your account to cover the outgoing payments.

What to do if you have trouble saving

Sometimes having quick access to your savings can make it tempting to spend money. If you’re finding it too tempting, consider locking or hiding your savings account.

Hide your savings account

You can hide your savings account by changing your settings in NAB Internet Banking. This means you won’t see the balance when you log in.

Please note, you can’t hide an account if it has periodic or future-dated payments set up.

Block your savings account

Having a blocked savings account means you can’t withdraw money from that account. With this block in place, you can make your savings account untouchable but still deposit money to your account and watch your balance grow, if your account isn’t hidden in NAB Internet Banking.

You can request a block through the chat feature in NAB Internet Banking or the NAB app. We can remove your block at any time – just let us know.

Related products and services

Explore other life moments

Get in touch

Customer Support Tool

Solve problems quickly online with our easy-to-follow guides. Simply select a topic and we’ll direct you to the information you need.

Contact us

Visit our personal banking contact page for FAQ’s and how-to-guides, help from our virtual assistant and contact numbers.

Visit a NAB branch

Visit us in person at your nearest NAB branch or business banking centre.

Terms and Conditions

The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial and taxation advice before acting on any information in this article.

Target Market Determinations for these products are available at nab.com.au/TMD.