Our five-point plans for saving money

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Whatever you’re saving for, we have a five-point plan that could work for you.

Whether you’re saving for a home deposit or holiday, want to reduce your mortgage payments or simply budget better – our five-point plans could help set you on the right path.

5 ways to help you save money

Set a goal. If you know what you’re saving for, you’re more likely to stick to it.
Make a budget. Use our budget planner to help stay on top of your finances.
Do the math. Figure out what you can afford to live on. We recommend 60% of your income, which leaves you 40% for savings and emergencies.
Keep track. Just to make sure you’re not living beyond your set goal.
Bank it. Choose a high interest savings account and you could watch your money grow.

5 ways you could save on a mortgage

Whilst every situation is different, here are some common ways you could save on your mortgage.

Set up an offset account. The amount in this account is deducted from the amount you own on your mortgage – so you end up paying interest on a smaller amount. Use our offset calculator to see how much time and interest you could save on your home loan.
Make fortnightly payments. You’ll pay off slightly more than what’s needed each month, which will equate to an extra payment per year. Our extra repayments calculator can help you understand how much you could reduce the time it takes to pay off your loan by making extra repayments.
Round up your payments. Let’s look at an example. If you have a $300,000 mortgage with a 4.00% p.a. interest rate and 30-year term, your monthly payments will be $1,432.251. If you round each payment up to $1,440 – just $7.75 more a month – you’ll save over $2,500 in interest and reduce your term by three months.
Get a redraw facility. You can make extra payments but still withdraw money (in advance extra payments) if you need quick access to it.
Refinance. If there’s a better deal out there, it’s worth looking into. Just make sure you get a breakdown of all the costs and associated fees.

5 ways to budget better in the house

Change one habit. Whether it’s fewer takeout meals a week or cutting down on online shopping – changing one aspect of your spending could make a big impact.
Shop around. See if there’s a better deal out there on your gas, electricity, phone or internet – then either change providers or ask your current provider to match it.
Find a different path. Personal insurances, such as life insurance and income protection insurance, can be paid through your super fund – so it doesn’t impact your cash flow.
Start a lunch club. You’ll save big bucks by making your own lunch, instead of buying it out. Get your colleagues on board and set up a regular lunch club day.
Don’t pay high interest on credit cards. Consider a low interest credit card to reduce your monthly payments – just keep an eye on the rate when interest rates change.

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Any advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditions (including Terms of Use), any Product Disclosure Statement (if applicable) and Financial Services Guide before acquiring any product.

This information is available at australianunity.com.au/banking or by calling 1300 790 740.

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Our five-point plans for saving money

Discover all the tips, hacks and tools you need Request a call back Call 1800 288 300

Whatever you’re saving for, we have a five-point plan that could work for you.

5 ways to help you save money

5 ways you could save on a mortgage

5 ways to budget better in the house

Chat with us

Whether it’s understanding terminology, you’re looking to apply or you have a question about your account we can help you with all your banking questions.

Call on 1300 790 740

Request a call back

Important information

Discover all the tips, hacks and tools you need

Request a call back Call 1800 288 300