Everyone saves money differently. From setting aside a portion of your paycheck, to choosing the right account, here are some tips on how to be a better saver and reach your financial goals.

Have a savings goal and budget

It's much easier to be a good saver if 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.

A well-planned budget will get you started on your savings path. Check out Budgeting 101 and Budgeting 102 for handy tips.

Earn your bonus interest

Good savings habits can reward you with bonus 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

With accounts like NAB Reward Saver, you get bonus interest each month if you make no withdrawals and at least one deposit each month.

Then, if you follow those simple rules, you’ll receive your regular interest plus your bonus interest at the end of the month.

An example

In your first month, let’s say you’ve saved $4,000 and your interest rate is 2.50% per annum. This means you’ll earn approximately $8 in interest for this month.

Your bonus interest varies from different accounts—some need a minimum monthly deposit, some no withdrawals, and some are clause-free (check the account details before you open the account).

For this example, we’ll assume there are no clauses and your bonus interest is 0.90% per annum. So for month one your bonus interest will be $3.

Every month, you’ll see your interest and bonus interest (if you stick to the conditions) increase along with your savings.

Think of your interest as free money. Eleven dollars might not sound like much, but at the end of 12 months you may have earned an extra $130.

Set up a regular payment

If you get your phone or power bill direct debited from your account, why not apply the same concept to your savings account?

Each payday, simply make a regular automatic payment into your savings account.

It’s best to make your payment early in the month, because transfers could take a few days to reach your account – and you don’t want to risk losing your bonus interest.

Compare our savings accounts

Just like with insurance and mobile phone plans, it’s best to compare which savings accounts are right for you. To get started, think about your needs.

Perhaps an ‘at call’ account will work best. This means you can access your money any time without fees or economic cost – but you might lose bonus interest for any withdrawals you make.

On the other hand, a longer-term plan might be the way to go – such as a term deposit. This means you put your money away for a longer term (months or years) and receive a fixed interest rate.

The interest rate is usually based on the amount and length of time you put the money away for. This is fine if you don’t need access to the money during the fixed term.

If you need to withdraw the money before the fixed term is up, you may be charged economic costs.

Track your savings goal

Our final secret? Keep track of your savings goal.

You can do this with our online budgeting and savings tool, NAB Money Tracker, which you can find through NAB Internet Banking.

This handy tool will help you set up your savings plan and keep focused by tracking how your savings are growing.

Important information

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.

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