Is your next goal to go on holiday, buy a car, or buy a home? Have you considered how you will afford to pay for this expense? Whatever goal you have coming up, and however far away it seems now, it’s a good idea to start saving for it.
Here are some of the ways you can start saving:
Research what you want to buy
Looking for a new home can be an exciting time, but realising your dream is out of reach can lead to disappointment. Doing your research will help you work out what you need (eg 3 bedrooms) and what you can exchange (eg location) for a cheaper price. Workout the price range you’re looking at paying, so you can figure out how much you’ll need to save up.
Add your savings goals to your budget
Adjust your budget so that you can save up over time for a big expense. Knowing what your commitments are now and in the future will help you to work out how much you’ll be able to save over time.
Haven’t started a budget before?  Learn about starting a budget, or do the Budget Test to see how much you might expect to spend on the various areas of your life.
Start a savings account
If you don’t already have a savings account, look into setting up a standard, special purpose or term deposit account, to save faster. Direct a portion of your salary to this savings account, and make a commitment to yourself that you won't withdraw money from the account. This can help ensure you stay on track.
Boost your income
Asking for a pay increase or doing overtime at work is just one of the ways to boost your income.
A high interest savings account can count towards extra income, or consider selling some of your pre-loved items. Your friends and family may even be happy to off-load unwanted clothing, toys or furniture that you can then sell at a garage sale, markets (try Gepps Cross Markets or Gilles St Markets in SA), or on online such as ebay.
Save on your expenses
Cut back on your expenses by looking at each area of your life and consider taking the cheaper option or cutting an expense out altogether. For example cutting back on a daily $4 coffee would result in a saving of $1,460 over the year.

Have you considered the different ways to pay for purchases and bills? You may just discover a way to pay for the same thing that will reduce the amount of fees and charges you’re currently paying.
For more tips and tools to help you save, try Moneysmart, or our tips on saving for a home deposit.

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