Saving for a goal

Setting a goal and having a savings plan is easier than it seems. Try these basic ideas to get motivated and stay on track:

Identify your goal and make a savings plan. Our budget planner calculator will show you how much you can save each week. Consider linking a high interest savings account to your transaction account and set up automatic deposits.

Write down your goal or make it visual. Set an image of your dream holiday destination as your computer screensaver, or post up a reminder that says, "I will save $100 a week".

Know yourself and your motivations. Some people can stay on track by checking account balances and watching their savings grow. Others really need a reward – if they save $50 a week for a month, for example, then they've earned a treat like dinner with friends.

Small steps are perfect. If you're young, you may be able to get help from family by asking them to match your savings. If you're paid a bonus at work, get a tax refund or receive a cash gift, deposit the lump sum straight away to make saving painless. Small, regular automatic deposits also have the power to help you save over time.

What about saving your coffee money each week (= $800 a year), packing lunch instead of buying it (= $2,000 to $5,000+ a year), or renting a DVD instead of going to the movies every month (= $120 a year)?

We have banking ideas that can really help. Save automatically with Bank of Melbourne SENSE, where many card purchases are rounded up to the nearest dollar and the rounded amount is deposited into your SENSE Savings account. Try Term Deposits to invest your money so you don't spend it, a high interest online accounts with an Automatic Savings Plan, or a savings account that rewards you with bonus interest every month you make at least 1 deposit and no withdrawals. If you're ready to start saving, we can make it easy.

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Suggested savings accounts

• Incentive Saver

  Earn bonus interest each month you make at least 1 deposit and no withdrawals, and pay with no monthly account service fee.

  Apply online

• Maxi Saver

  New Maxi Saver customers who have not held a Maxi Saver before and , can earn up to p.a. including a bonus  p.a. which is fixed for the first 4 months and no monthly account service fee.

  Apply online

• Bank of Melbourne SENSE

  Two great accounts working together to help you manage your money with detailed 'charts and graphs' reporting and a rounding feature that helps you save.

  Apply online