How to save for anything

Learn how to cash-crunch effectively and you could soon have….

…A $400 BAG "First things first, do not put it on your credit card," says Katrina Pulbrook, senior financial planner with ANZ. "Putting it on lay-by is a good option as you can pay it off weekly."CASH CRUNCH: "If you’re not on a huge salary, you have to replace one luxury with another to avoid racking up debt. Work out how you could free up $50 a week in order to pay for the bag."

MONEYMAKER: "Withdraw your weekly cash in one go. This will keep your expenses in check and save on ATM fees," recommends Grant Hackett, former Olympian and relationships manager at Westpac.

…A $1500 HOLIDAY "Open a high-interest saving account," suggests Hackett. "Start off by putting your yearly bonus or a chunk of your next pay rise straight into the account. Then set up direct debiting, so as soon as you’re paid, a portion of your salary is immediately moved to the savings account."CASH CRUNCH**:** The Cosmopolitan lifestyle survey revealed most of you earn up to $64,000 a year, which means you could be bringing in around $3500 a month. If you make an initial investment of $500 into a savings account with 5.4 per cent interest, such as UBank USaver, and lodge $100 each month, that’s $1762 in a year.

MONEYMAKER: "Online accounts often offer the best interest rates," says Pullbrook.

"Work out your expenses and how much you can save each month by using a budget planner at," says Hackett. "Each month, put your extra cash into a long-term account. These accounts lock your money aw3ay for about three years so you’re not tempted to dip into it.CASH CRUNCH: Save $250 a month in a term-deposit account with an interest rate of 6.25 per cent, like ING Direct. That’s $10,195 in three years.

MONEYMAKER: If you don’t plan to buy for four years, set up a First Home Savers Account. Save $1000 a year to get a government contribution of 17 per cent. See for more details. SCORE VINO VALUE!
A glass of bubbles in a bar costs about $7 a glass, so six glasses cashes in at $42. Instead, buy six bottles online for $29.95, plus $9.95 delivery, and save $2! See for details. Your saving stats:

  • 1 in 5 Australian women spend their whole pay packet every month.

  • 58% have less than $5000 in savings.

  • 33% have less than $1000 in savings.