How to get your savings ready in time for summer

Piggy bank sitting on a beach with sunglasses on.

For many, the warmer spring days are a great motivation to drink more water and snack on more juicy fruits. Now while we also love a good smoothie, we’d rather talk about whether or not your savings account is getting its five-a-day.

If it’s looking a little peaky, then we have some tips from ANZ to help get it glowing again.

1. Be SMART

Just like nurturing your beloved house plant, saving money takes time and you have to stick with it to make sure it keeps growing. In fact, 77% of Australians think that stashing funds away for a rainy day simply takes too long, that’s according to ANZ.

This is where being smart comes in, or SMART as it were. SMART is ANZ's rule of thumb that you can apply to any new savings goal. It stands for specific, measurable, achievable, realistic and timely. By setting yourself smaller, short term savings goals, you will hopefully be motivated to save even more in the long run.

2. Give your savings goal a name

Speaking of house plants, we know you gave yours a name and we think your savings goal deserves one, too. But seriously, giving your goal a name adds a little personal touch and might even make it easier to get going with your saving plan.

3. Put a face to that name

Next, use a visual reminder to help keep your goal at the forefront of your mind.

As ANZ suggests, this could be anything from a photograph, to a fancy vision board or even the wallpaper on your phone. 

4. Keep track of your progress

Find some way to keep track of all the good stuff you’re doing. This could be by way of a savings app. Or in a calendar, where you write down how much you stash away each week or month. You could even scribble down your achievements in a notebook or create a graph, if that’s how you roll.

5. Phone a friend

Get yourself a money buddy who will not only champion and support your efforts, but also badger you to keep going! You could even support one another.

6. Celebrate!

Finally, don’t forget to celebrate the wins. Recognise when you reach significant milestones, like when you’re a third of the way there or at the halfway point. 

Remember, as ANZ’s lead of savings and deposits Shannon Peachey says, making savings goals doesn’t have to be about sacrifice. “Instead it is about creating a realistic, healthy and sustainable plan that is achievable. We are encouraging everyone that is able to, to work towards positive savings habits to help increase their financial well being,” she said.

Of course what is any great savings plan without a savings account to put it in? Head to Mozo’s compare savings accounts page, or check out the offerings below to see what interest rate your stash could be benefiting from.

Compare savings accounts - last updated 31 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
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    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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^See information about the Mozo Experts Choice Savings Account Awards

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