Figuring out your rainy day fund.

Aim for three months of expenses.

You might like to aim to have enough savings to cover three months of living expenses for you and your dependents. That way, if life throws a curveball at you, you’ve got some protection while you work out how to handle it. Our budget calculator can help you figure out how much you can put aside each payday, and Salary Splitter can automatically divide your salary, wages or income into different accounts so your savings stay separate.

Or start with $1,000 and go from there.

We know that saving up enough for three months of living expenses isn’t easy. A good starting point to aim for could be getting $1,000 in your rainy day fund, just in case. You can start working towards it by reducing your spending on the things you can do without, or even selling things you don’t need anymore.

As your savings start adding up, you could pop them into a savings account so you’re not tempted to touch them but you can access them easily in an emergency.

Take a look at your non-negotiable payments.

There are some expenses in life that are unavoidable, like rent, bills and food. It’s a good idea to work out exactly what your fixed costs are, so you can separate them from areas where you could save.

You can use CashNav, our free money management app, that automatically groups your spending into areas like bills and entertainment, so you can help spot opportunities for savings.

Plan for unexpected costs.

Try to anticipate where unexpected expenses could come from. If you’ve got a pet, think about potential vet bills. Keep in mind that car maintenance and repair costs can come up anytime. And factor in your insurance excesses if you ever need to make a claim.

Pay yourself first.

Putting saving at the top of your list can make a huge difference. You can make it easier to save with Salary Splitter, which automatically splits up your salary, wages or income into different accounts as soon as you get paid so you don’t have to think about it.

The three buckets approach.

Think of your income being split across three buckets with a dedicated account for each. The first bucket covers everyday expenses such as food and bills, with any leftover money flowing into the second bucket. This is the account that holds your savings in case of an emergency.

Once your second account balance is at a comfortable level for your financial buffer, you can put any additional money into your third bucket for bigger goals, like investing in your future.  

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We can help.

Budget calculator

An easy way to work out your expenses, and create a personal budget.

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Salary Splitter

Automatically divvy up your salary, wages or income into multiple accounts, as soon as you get paid. 

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Savings accounts

Discover our range of savings account options to find the one that’s right for you. 

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Tracks your spending and organises it into categories like bills and groceries to make budgeting easier. 

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