Save Smart: Reaching financial goals

THIS SHOULD BE MULTIPLE ARTICLES

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At Earnr, we’re committed to helping everyday Australians take control of their financial future. Whether you're saving for a first home, planning for retirement, or building a passive income stream, our suite of account options are designed to help you grow wealth, with confidence.

But even with the right tools, getting started and staying on track can be challenging.

Start with a clear measurable goal

Whilst it can be daunting trying to work out exactly how much you need to save, it's an important part of the process and will help you map out your path clearly.

• Saving for a property - A common target is 20% of the property price. If you borrow more than 80% you may incur additional charges such as LMI (lender's mortgage insurance) and while you may be able to borrow up to 95% of the value, this will have a knock-on effect on your monthly interest payments.  
• Saving for retirement - How much you will need for retirement will depend on how comfortably you want to live, as well as what age you want to retire. Association of Superannuation Funds of Australia Limited (AFSA), the peak policy, research and advocacy body for Australia’s superannuation industry currently estimate that a couple saving for retirement will need a lump sum of at least $690,000 to fund a comfortable retirement. This may be your combined superannuation and savings outside of superannuation.
• Generating income - Many Earnr customers use our monthly interest accounts to provide income to fund their lifestyles. They've saved a lump sum which generates monthly interest for them which they spend. If you're wanting to do this, it helps to work out how much you'll need to save to meet those monthly expenses or lifestyle goal.

Break it down and make it achievable

Once you’ve set your goal, determine how long you have to reach it. Divide your total target by the number of months in your timeline to establish a monthly savings amount. This makes your goal feel more manageable and gives you a clear benchmark to work towards.

Set quarterly or annual milestones to track your progress. These checkpoints are a great opportunity to reassess your plan, celebrate achievements, and adjust your savings rate if your income changes.

Build a budget

Budgeting isn’t about restriction, but about clarity. Understanding your spending habits and setting realistic limits allows you to save consistently without sacrificing your lifestyle.

One method is the 50-30-20 rule: 50% of income for essentials, 30% for discretionary spending, 20% for savings and debt repayment.

Save money where you can

Modest spending changes cement the right mindset and significantly boost savings over time.

Be smart - reduce discretionary expenses like dining out on average food, unecessary or unused subscriptions, and spur of the moment non-essential purchases.

Let interest work for you, not against you

If you're carrying any debt - unless that debt is driving capital or revenue growth which exceeds the cost of the interest on the debt...you may wish to pay that debt off fast.

To illustrate this: Consider buying a

Then re-direct money that would have gone on interest payments into your savings.

With Earnr’s market-leading interest rates, your money works harder for you:

• Everyday Account: Earn on balances up to $50,000, with full access to your funds.
• Notice Accounts: Choose from 30 or 90-day notice periods and enjoy higher rates with flexible access.
• Term Accounts: Lock in our best rates and maximise compound interest by aligning your term with your financial goals.

The earlier you start, the more you benefit from interest - and the sooner you reach your goals.