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The sooner you start, the more you can save. Find out how to make a savings plan that motivates you and use our tips to save money every day.

Set a savings goal
Whether you’re saving for a holiday, home renovations or want a little extra in the bank for a rainy day, having a savings goal will help you get there.

Work out how much money you need and how long it will take you to save.

Have a savings plan
The secret to saving is start early and save often. Create a savings plan so you can manage your money and stick to your goal.

Know where your money is going
Have a clear picture of your regular expenses and spending habits. This helps you see where you can cut back and save. For example, cancel an unused gym membership or bring your lunch to work. It may surprise you how little things add up.

See track your spending for practical ways to get started.

Start a budget
Once you know how you're spending your money, you can set a realistic budget. Your budget will help you to stay on track, review your progress and reach your money goals sooner.

See how to do a budget to get started.

Pay off some debt
If you have some money left over after your regular expenses, use it to make extra repayments towards any credit card debt or loans you have.

Paying off your debts sooner can save you thousands in interest. Pay off the one with the highest interest rate first.

Shop around for the best deal
Do your research before you sign up for a financial product like a credit card or loan. Make sure the product is right for you and that you're getting the best deal. For example, choosing a credit card with a lower interest rate and fewer fees can save you a lot.

Similarly, when it's time to renew your insurance, compare premiums with other providers online. Your current insurer may offer to beat competitors' offers if you stay.

Comparison websites can be useful, but they are businesses and may make money through promoted links. They may not cover all your options. See what to keep in mind when using comparison websites.

Find the best deal on your electricity and gas on the Australian Government's Energy Made Easy website.

Set up a separate savings account
An online savings account is a great way to manage your money. Unlike a transaction account, you can’t spend money directly from a savings account, so it's harder to dip into your savings. Look for an account with the highest interest rate and no fees, to grow your savings faster.

Automate your savings
Transfer part of your pay into your savings account. You can ask your employer to do this for you or you can set up a direct debit. This way, you're saving without even having to think about it.