Ways to save for the unexpected.

1. Track your spending.

Keeping track of where your money goes each month can be difficult, but it makes it much easier to see areas you could cut back in. CashNav, our free money management app, automatically groups your spending into categories like bills and entertainment to help you spot opportunities to save.

2. Make a budget and stick to it.

It’s always easier to reach your savings goals if you have a plan, so try tracking your spending over a few months, then use that information to create a budget. Our budget calculator can help you work out how much you could save.

3. Make your money work harder.

When you start saving, the money in your savings account earns interest. If you keep this interest in your savings account, you’ll earn interest on that too. This is what we call Compound Interest, and it’s a great way to make your money work harder for you.

Different savings accounts and term deposits have different terms, benefits and features, so make sure you’re choosing the best one for you and your savings goals. Keeping the interest you earn in your account can also help you achieve your savings goals faster.

4. Automate your savings.

It’s easier to save when you don’t have to think about it. Salary Splitter automatically divides your salary, wages or income into different accounts as soon as you’re paid, so you can help keep your savings plan on track.

5. Set yourself a savings challenge.

Challenge yourself for a month and see how much you save. Once you see how your savings stack up, you may want to keep it going – or even make the change permanent.

6. Take a look at your subscriptions.

Things like apps and streaming services can add up, and it’s easy to forget about the ones you don’t use, especially as most payments are automatic. To see what you’re being billed for, check your bank statement, your Apple Subscriptions if you use an iPhone, or Google’s Files app if you’re on an Android. If there’s any you think you don’t need, consider cancelling them – if you don’t miss them after a month, chances are you could do without them.

7. Save any unexpected income.

Got a tax refund, a bonus or even a birthday gift? No matter how big or small, don’t splurge – and consider saving it. You never know when the extra cash may come in handy.

8. Save your change.

You can’t go wrong with the classics, like the spare change jar. You could take out the cash you need for spending money rather than using your cards, then when you spend it, pocket the coins you get back and pop them in your jar. When it gets full, you could drop by a branch and put it in your savings account. It all adds up when it comes to saving for a rainy day.

9. Stay informed to avoid fees.

Staying on top of what's happening with your money can be key to avoiding unnecessary fees and charges. You can set up alerts on your accounts to let you know when your balance goes below a certain amount, and get notified when payments are made or a credit card bill is due.

10. Make the most of rewards programmes.

Think about where you spend your money often like the supermarket or petrol station and consider signing up to their loyalty programmes to enjoy potential discounts and rewards.

Read more:

• Building a rainy day fund
• The SMART way to save
• Top saving tips from Westpac staff