Saving & investing

Before you can start saving, take stock of what money’s coming in and what’s going out. Once you’ve done this, you can create a budget and work out how much spare cash you could be saving. Make sure you're realistic and allow some spending money for fun things, otherwise you might not stick to it.

Rather than just aimlessly popping money aside, set yourself a goal and a deadline to reach it. Get an idea of what your goal will cost and work backwards from there, working out how much you can afford to save each pay and how long it'll take to reach your target. Goal Tracker can help you track your progress.

As the saying goes, it won’t happen overnight, but it will happen. Write down your plan and spell out the steps you'll need to take. For example, if you want to go on holiday, it might be: clear your debt, build up an emergency fund, set a savings goal, go on holiday.

Rather than save what’s left at the end of the month, set your savings aside as soon as you’re paid. Treat your savings as a bill that has to be paid, so you’re not tempted to skip it. Set up a direct debit or automatic payment to divert money to a savings account straight after pay day.

Don’t be put off if you can only afford to save a few dollars a month. Set up a separate savings account, consider one that doesn't allow instant access to your money or no minimum balance required to open an account or earn interest.

It’s worth reviewing how you’re going every few months. If you’re slipping off the wagon, take a look at why, you might need to take a fresh look at your budget and adjust how much you're spending or saving. It's better to tweak things than give up completely.

Three months’ worth of expenses is considered a good rule of thumb, but the size of your emergency fund will depend on your circumstances.

Consider setting up a separate bank account that isn’t linked to your EFTPOS or debit card so it’s harder to dip into. You could also set up a direct debit or automatic payment from your pay into a savings account.

It might sound like a big number, but don’t be put off. You don't need to build up your rainy day fund overnight, you just need to get started. It’s easy to fritter away money on small things that don’t seem like a big deal, but quick daily treats can add up to fairly decent sums of money.

You need to be clear about what constitutes a financial emergency for you – that way you’ll be less tempted to dip into your emergency savings to pay for a holiday, a new gadget or an outfit. It might be job loss, car repairs, replacing a broken fridge or washing machine or facing a larger than normal power bill.

Find a savings account, term deposit or a Managed Fund that suits your needs and circumstances. Online Call gives interest for no minimum balance. Notice Saver doesn’t give you instant access to your money – removing easy access and temptation to spend.

The kind of insurances you have will also impact how much you need in a rainy-day account. Take a look at our insurance cover options if you don't already have it. If you're already insured, review your policies to make sure they're still enough for your circumstances.

A concrete goal, like a trip and a deadline of when you want to go can be great motivation when it comes to saving. Once you know how much a trip is likely to cost and when you want to go, set up Goal Tracker to help you visualise your progress.

Whether you’re backpacking or going five-star, it could add up to more than you expect, so make sure you’re being realistic about how much things will cost. Work out a budget, make sure you include as many costs as you can think of – flights, insurance, accommodation, food, drinks, entertainment, public transport, shopping, or taxis.

If your trip is coming up soon, then instant access to your money might be most important to you, so take a look at our Online Call account. If you don’t need to withdraw your money instantly, Notice Saver or a Term Deposit might work for you. Compare our savings accounts.

It’s important that we know when and where you’ll be travelling, so we can keep an eye on your cards and accounts. If we don’t know you’re overseas, we might think your card has been stolen and block it when international transactions start showing up.

Stay safe and check out travel advisories for the countries you’re travelling to. Make sure you have the right travel insurance for your trip. If you have a Platinum Visa or Air New Zealand Airpoints™ Platinum Visa credit card, you may be eligible for built-in travel insurance.

Manage your accounts while you're away with internet banking or our mobile app. Keep an eye on your balances and transactions, transfer money if you need to and make sure that any payments you've set up have gone through.