How to set up a savings system that works
Written and accurate as at: Dec 11, 2025 Current Stats & Facts
A good savings plan is key to getting ahead with your finances, but it won’t be worth its salt if you can’t stick to it. Here’s how to build a sustainable savings system that’s simple, realistic and easy to follow.
Choose a good home for your savings
Not all savings accounts are created equal. Some come with multiple conditions, while others offer paltry interest rates that don’t stand a chance keeping up with inflation.
To help you reach your savings goals faster, look for an account with a high interest rate and minimal conditions required to unlock it. Do plenty of research and don’t be afraid to cast a wide net. You might find that the banks you’re most familiar with don't always have the best offers.
Create your buckets
A bucket approach helps you compartmentalise your money for different purposes. As your salary comes in, direct portions into separate buckets earmarked for things like expenses, short term savings (like a new TV or holiday) and longer term savings (like study or starting a family). Some banks let you name your accounts, which can make it easier to stay focused and avoid dipping into savings that are meant for something else.
Automate your savings
One of the best ways to save consistently is to transform it from a habit that requires willpower to something that happens in the background while you go about your day. Try setting up recurring payment to your savings bucket(s), and consider using apps that round up everyday purchases and deposit the difference into a dedicated savings or investment account.
Visualise your progress
Few things are as motivating as actually seeing your progress over time. It helps you stay focused on your goals and can serve as a much-needed reminder that your hard work is paying off.
Be on the lookout for tools that let you visualise just how much your savings have grown or track how close you are to hitting a specific target. Many bank apps offer this feature, but you can create your own visual tracker using a spreadsheet or even a chart that you display on the fridge.
Your 'life happens' fund
It’s a bit of a cliche but having an emergency fund can be a real lifesaver. Aim to have at least three to six months’ worth of living expenses saved up, ideally in a separate account that you won’t be tempted to dip into. This should be enough to ride out any difficult periods, not to mention spare you from turning to debt to get by.
Your savings plan doesn’t have to be complicated, but it does require a bit of discipline. With a few smart strategies, you can take control of your money and start laying the groundwork for future financial success.
