Setting yourself up
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From little acorns
Even if you can only afford to put aside a few dollars a month, do it. Not only will those few dollars eventually add up to something substantial, you’ll also start forming good savings habits.
The first step to saving is adopting a saving mindset. Look after the little numbers and they'll grow.
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Choose the right accounts
We’ve got a bunch of savings or investment options. Choose what's best for you - do you want a higher interest rate, access to your money, or a bit of both?
If you can put some money aside, a Notice Saver or a Term Deposit might suit you. If you want to keep instant access, an Online Call account might suit more.
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Mind the fees
One of the easiest ways to save money can be to understand what banking fees you’re paying every month and figure out what you can do to avoid them.
Check out our tips on how to reduce bank fees.
Planning for success
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Pay yourself first
Rather than save whatever’s left at the end of the month, do things the other way around. Set your savings aside as soon as you’re paid.
Work out a budget to see how much you can afford to save - just make sure you’re being realistic, otherwise you won’t stick to it.
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Set goals
Having concrete goals, like saving for a holiday, a car, or a house deposit, tends to be more motivating than just simply saving for the sake of saving.
Our Goal Tracker can help you visualise your savings. You can enter your savings target and your deadline and link it to an account. You can then track your progress every time you log into that account.
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Automate your savings
Once you've set up your accounts and you've got goals, automate everything. Not only does this save you the admin of transferring money yourself, but it also keeps you accountable and consistent.
Line up your automatic payments with your payday, so once your money goes in, you pay yourself first, and the rest of it goes automatically into your savings accounts.
Future proofing yourself
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Be ready for life's hiccups
One of the first things you should think about saving for is an emergency fund. Life doesn’t always go to plan, so aim for enough to cover you for at least three months' expenses. That way if something unexpected comes up, you won’t have to dip into debt to sort it out.
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Get into KiwiSaver early
KiwiSaver is a simple and affordable way to save for your retirement, or even your first home. It’s voluntary but makes saving easier because the money you contribute comes directly out of your pay before you receive it.
Making a decision about joining a KiwiSaver scheme is an important one. As with any investment, it makes sense to do your homework and choose a scheme that best suits your individual needs.
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Insurance
Insurance can help protect you too.
There are different options depending on your needs and circumstances.
Make every dollar count — earn interest on it
If you want to earn some interest on your savings but also keep them readily available, put your money in an Online Call account. You can transfer money out of this whenever you need it.
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This page provides general information and isn't intended as regulated financial advice. To review your specific situation and financial requirements please talk to one of our Kiwibank Representatives or your Financial Adviser.