TeenPlus saving steps

Step 1 – Set a goal

Know what you want and how much it will cost. Example: PSP = $240

Step 2 – Set a budget

A budget is a way of recording the money you have coming in (income) and the money going out (expenses). Writing everything down will help you see how much you have left over for saving each week. Example: $10

Tip: think about ways to save faster, such as:

• take your lunch from home so you’re not spending at the canteen
• make your own gifts and cards
• do odd jobs: wash cars, mow the lawn, clean windows, sweep leaves, babysit
• don't keep all your money in your wallet. Use your Everyday Account for everyday spending
• open up a term deposit, to earn extra interest.

Step 3 – How long will it take?

Now that you’ve set a goal and know how much you can save, work out how long it will take to save.
Example: $240 ÷ $10 = 24 weeks

Step 4 – Reassess

Is this too long or sooner than you thought? If it’s too long, try and save a little extra each week. Even $2 will make a difference!
Example: $240 ÷ $12 = 20 weeks

Step 5 – Save smarter

If you’ve got a job or get regular pocket money, put some of it away into your savings account. This way you won’t be tempted to spend it and already have money saved to put towards your next goal!