Saving for a goal
How do I set up a savings plan?
Of course you know it's a good idea to save for the future, but how do you get started? In every journey there is always a first step - in this case it's making a savings plan.
First you need to get a better picture of where your money goes. Once you’ve done this you can create a budget to work out how much you can save.
Use our budget planner to assess how much you currently spend, and help work out what you can save each month as a regular investment.
Once you know how much you can save, you can set yourself a savings goal - maybe it’s a deposit on a house, a new car, or an education fund for your kids. When you know what your savings goal is, use our financial goal calculator to help work out how long it will take you to reach your goal.
How much do I need to start with?
You can basically start off with any amount. You may already have a lump sum, or you can choose to save small regular amounts when you’re paid.
If you are saving regularly - even small amounts - you can choose a savings account that rewards you for this.
If you have a larger sum, you might want to consider other options like a Term Deposit - where you invest for a fixed period with a fixed rate of return - or Westpac Cash Manager, which rewards you for keeping a large balance in your account.
Use our Term Deposit calculator to calculate how much you could earn from investing in a term deposit.
