5 tips for growing your savings in 2025

A new year offers an opportunity to wipe the slate clean and start fresh, and that applies to your finances, too. With cost-of-living pressures rising, there’s never been a better time to prioritise your financial health.

Saving for a rainy day isn’t just a cliché – it’s an important part of smart money management. Having access to funds when the unexpected happens can make difficult situations so much easier to navigate. If you want to increase your savings buffer in 2025, here are 5 top tips to get you started.

1. Set goals

Goal setting isn’t just a self-development fad. Having clear, actionable targets to work towards can actually increase your motivation and get you taking action faster. Whether you’re paying off debt or stacking cash in your savings, setting short, medium and long term goals – and tracking your progress – can create impactful results.

Consider how much you’d like to save or pay off your debt balance and set goals by working backwards. If you want to have an emergency fund of 3-6 months’ worth of living expenses by the end of the year, break that down into manageable chunks and get started. Set yourself your first monthly target, and don’t forget to track your progress. You can use charts or tracking tools to monitor your progress to your goal. Seeing yourself moving forward creates momentum in your behaviour and prompts you to keep going.

2. Seek out savings opportunities

Increasing your savings means tackling some degree of behaviour change. We can’t just pull money out of thin air – we need to find that money in our existing budget, or by earning extra income. By adopting an ‘opportunity mindset’, you can start seeking out opportunities to save money, rather than focusing on limitations.

Review your current budget and bank statements and highlight anything that you could cut out or cut back on. Consider your total non-essential spend per month as your ‘opportunity number’, and work on diverting some of this spending to your savings. You can also look at ways to bring in extra money, for example starting a side hustle.

3. Structure for success

If your banking setup lacks structure, you might find it harder to save money. Consider having separate accounts for spending and saving and even break down different savings categories into their own buckets to set yourself up for success. This allows you to keep your bills money separate from your fun money, making it easier to stick to your goals. You can also name your accounts in e-banking, to help you feel more connected to the goals you are working towards.

4. Don’t miss out on interest

Make sure you’re earning interest on your savings account to maximise the money you have available. A high interest savings account like the Bendigo Bank Reward Saver, an offset account (if you have a mortgage), or a term deposit, can provide opportunities to grow your balance. Savings accounts and term deposits pay you a rate of interest on your savings, and an offset account can save you interest on your mortgage.

5. Make saving a habit

Consistency is key when it comes to growing your savings, so it’s important to make it a habit. You can do this by setting up automatic transfers to your savings when you get paid, so you’re not tempted to spend it. This is known as ‘paying yourself first’. By prioritising saving as soon as you get paid, you’re more likely to follow through on your savings goals, rather than waiting to see if there’s any money left to save at the end of the month.

Get help choosing the right account to grow your savings with the Bendigo Bank account selector.

Any advice provided in this article is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the relevant product disclosure statement(s) available on our website before acquiring any product.