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How to actually stick to a savings goal
"I'll start saving next payday."
Sound familiar?
For many of us, the hardest part isn't opening a savings account. It's turning saving into a habit that actually lasts.
Between rent, groceries, petrol and trying to have a social life, it can feel like there's never quite enough left over.
At Bank First, we've been supporting teachers, nurses and their families for more than 50 years. One thing we've learnt is that people who build lasting savings habits don't usually start with big amounts.
They start with a plan that's realistic enough to stick with.
If you're studying, working casual shifts or just starting your career, your income probably isn't the same every fortnight.
One payday feels comfortable.
The next disappears on rent, groceries, fuel, your phone bill and everything else life throws at you.
For nursing and teaching students, placements can also mean fewer paid shifts just as expenses are increasing. Even if you've started your career, the rising cost of living means many Australians are finding it harder to put money aside than they expected.
If you've ever thought, "I'll save when I'm earning more," you're not alone.
The reality is, there's rarely a perfect time to start.
That's why building a simple habit now can make a bigger difference than waiting for life to become less expensive.
77% of Gen Z Australians planned to set a financial goal for 2025, but 89% expected to face challenges achieving their financial goals.
Source: ASIC Moneysmart research, January 2025.
Renters are more likely to experience financial stress than homeowners, with essential expenses taking up a larger share of their disposable income and typically smaller savings buffers.
Source: Reserve Bank of Australia, Financial Stability Review, April 2025.
One of the biggest mistakes people make is trying to save too much, too soon.
Instead of asking yourself:
"How much should I save?"
Try asking:
"What's an amount I could comfortably save every payday?"
Maybe that's:
$20 every payday
Part of an extra weekend shift
Whatever is left in your account before your next payday
It might not seem like much.
But saving isn't about making one big deposit.
It's about building a habit you can repeat over and over again.
After supporting teachers and nurses for more than 50 years, we've seen that the people who save consistently rarely have perfect budgets.
They simply make saving part of their routine.
It's much easier to save when your money has somewhere to go.
For you, that might be:
Placement costs
An emergency fund
Your first overseas trip
Moving out of home
A first car
A house deposit
Instead of calling your account "Savings", give it a name that reminds you why you're doing it.
"Japan 2027."
"First Home."
"For the next rainy day."
When your goal feels real, it's much easier to stay motivated.
Make saving easy
Don't rely on motivation. Make saving automatic.
Setting up an automatic transfer on payday means you're putting money aside before you're tempted to spend it elsewhere.
Keeping your savings in a separate account from your everyday spending can also make it easier to stay on track.
ASIC's MoneySmart recommends automating your savings as one way to build consistent money habits over time.
Try this today
Take two minutes to check whether your automatic transfer is still working.
If you don't have one, set one up, even if it's only $20 a fortnight.
Future you won't notice the effort. But you'll notice the habit.
Automate your savings
The less you have to think about it, the easier it becomes.
Give your savings a purpose
Whether it's your first home, a holiday or an emergency fund, knowing what you're working towards helps keep you motivated.
Celebrate the small wins
Your first $100 saved deserves just as much recognition as your first $1,000. Every milestone is proof you're building a habit that lasts.
Ready for a strong start?
Building a savings habit is one thing. Finding an account that works with real life is another.
Strong Start Saver lets you earn interest with no monthly saving conditions and no monthly account keeping fees. That means you can save your way, with the flexibility to access your money when you need it, without sacrificing your variable interest rate.
Whatever you're saving for, start strong.
Saving built for 15 to 35 year olds, without monthly saving conditions or account keeping fees.
This article combines Bank First’s experience supporting Members with research and insights from trusted Australian sources: