Budgeting and saving tips

Simple steps to save for what counts

Four ways to improve how you budget and save

Budgeting guidelines

  1. Be realistic—Living to a budget is not a ‘crash diet,’ it’s a healthy balance where you shouldn’t deprive yourself or over-indulge in spending.
  2. Spend less than you earn—Live within your means and put any spare money into your savings.
  3. Avoid personal debt—Don’t spend what you haven’t got so cut out or cut back on your credit card spending. This doesn’t mean avoiding ‘good debt’ to buy assets like a home or investments.
  4. Don’t be caught out—Have an emergency fund for unforeseen events and cover yourself with the right insurance.

Savings guidelines

  1. Pay yourself first—Deposit a set dollar amount regularly into your savings much like you would pay any other bill.
  2. Separate your savings from expenses—Do automatic transfers into a savings account to keep your money out of reach of your everyday account.
  3. Consolidate all your income—Deposit extra income like tax returns, bonuses, gifts, even sales of personal goods into your savings.
  4. Record and review your habits—Use shopping lists, online diaries or a budgeting app to log what you spend.
  5. Define short- and long-term goals—Be specific about your saving goals and timeframe. Short term (one or two years) could be a holiday, car or appliances. Long term (five plus years) could be for a home, investments or your retirement.

What do you need to get what you want?

Start by working out a strategy across four key areas to create a positive financial future. Building wealth is all about how you manage your:


If you can’t seem to get ahead, you first need to know where your money is going.

You can start by listing your expenses on our Budget planner calculator—everything from major essentials like home loan repayments or rent, insurance, transport, education and food right down to your daily coffee.

Are you over-paying on bills and banking?

It’s surprising how small amounts add up. Paying fees on accounts, whether late fees on utilities, services and credit cards, or transaction and management fees on bank accounts, is money you could put to better use.

Review your accounts carefully and use as many ‘fee free’ services as you can. For instance, most AMP Bank Internet and phone banking transactions are free so using a service like My AMP to do as many transactions as possible makes sense.

Find out more about our savings accounts.

Saving money doesn't have to be difficult. It's good common sense. For example, ‘paying yourself first’ is one way to take better control of your money.

Another tip to making your money go further is to earn more interest. Watch your savings grow when you pick the right interest-earning account and leave your everyday transactions for another account that gives you freedom of limitless transactions and little or no account-keeping fees. Add a bit more self-discipline like automatic transfers into a savings account each month direct from your pay, and you may be surprised how easy it is to reach your short or long-term goals.

Compare our savings accounts to see what you could be earning and saving each month.

Insurance is all about being prepared. It’s just as important to budget and save to protect yourself against financial adversity as it is to achieve your financial goals.

Having the right insurance cover to support you and your loved ones in the event of illness, injury or even death is an important part of your overall financial strategy. Insurance can provide funds to tide you through trouble spots instead of having to reach into your savings or worse, find yourself in financial hardship.

A financial adviser can help you work out what kind of insurance suits you best.

Apart from your home or property investments, superannuation is likely to be the biggest asset you’ll have in your lifetime. Your super can contribute to your wealth throughout your working life as a tax-effective nest egg with government incentives and the right contribution strategy for your situation.

Start with the basics:

Making smart choices early in your working career in planning your retirement can make a big difference to how and when you make the transition to retirement

Get an idea of what you can afford

Ready to take control of your super?

Find out more

Compare our everyday and savings accounts

It helps to know some basics about insurance

Learn more

Important information

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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.

This information is provided by AMP Bank Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.

All banking products are issued by AMP Bank Limited.