14 Jul 2021

At school, it feels like you spend more time learning the Nutbush than you do actually learning how to get your stacks in order. Whether you’re eyeing off a cheeky holiday or just wanna get a bit more out of your paycheck, we’ve got you covered. Here’s a few easy ways you can put some savings away and watch your money grow:

Get your cash out of sight and out of mind

As soon as you see that juicy pay deposit into your account, it’s all too easy to live like royalty for the first week, then live off mi go reng and brown rice until the next deposit comes in. If you’re not the type to do a detailed budget every month, try putting a third of your pay right into an account where it’s hard for the money to come back out again - like one without a card, or that you can’t do online transfers from. It’s not much, but that extra step of transferring the cash across can be enough to make you not want to make that impulse buy.

About to blow out the bank account? Sleep on it

Late-night scrolls through your saved items on Amazon or ASOS can be a dangerous game to play. Boredom shopping is very real, and it’s a sure way to end up with some questionable purchases. If you’re thinking about dropping a stack online or out on the town, try coming back to it tomorrow. Usually once you’ve cooled off a bit those luxe items you had in your cart won’t be so tempting.

Give yourself some money to spend as a treat

Hang on - isn’t this article supposed to be about saving money? OK hear me out: saving money is a bit like trying to quit sugar or cut down on a habit. Going cold turkey is super tough. If you go around saying no to stuff all the time, it really wears ya down, and you’ll find yourself doing so well for a little while, then having a big blowout and undoing all of your hard work. Instead, set a little money aside for the stuff that really makes you happy - that might be a coffee in the morning, or takeout once a week. If you build it into your savings plan and stick to it, you can enjoy all that stuff guilt-free.

Automate it!

One of the oldest tricks in the book is having a jar that you put your spare change into every day to build up a sneaky savings fund. Now that we’re out here living in the future, everyone’s using cards and online transfers, so it’s pretty tough for your occasional silvers from the cash-only shop down the road to really make a dent. If you find yourself forgetting to put money away, why not set up a recurring payment of a couple of bucks a day into your savings account? You won’t miss it, but every month you could be saving an extra 60 bucks, which can really add up over the course of the year. Wouldn’t it be great if you didn’t have to worry about having enough money to get Christmas
prezzies for your fam every December?

Shop around for the best savings account for you

Are you still using the same account your ‘rents set up for you when you were 12? You could be missing out on a little thing called interest, that can make a big difference to your dosh over time. We have a whole set of resources about it over on our FinLit Academy, but the
long and short of it is that you get a percentage of your savings given to you every month, and the higher the percentage, the more that can be added to your account! Westpac’s savings account has an interest rate of up to 2.5% p.a. (variable) on balances up to $30k for ages 18-29, as long as you put some money in every month, and make 5 or more eligible purchases on your Westpac debit card every month. Easy money! Signing up is super simple, and the sooner you get stuck in, the more interest you can start building up. Take a look at what’s available here.


Interest rate is correct as of 15 June 2021 and is subject to change. Fees and charges apply. Read the product Terms and Conditions and consider whether the product is right for you. This information is general in nature and does not take your personal objectives, circumstances or needs into account. Products issued by Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714.