Whether you’re gathering funds for your first house, a holiday destination, or simply looking to build a substantial nest egg, boosting your savings could often be a challenge. In fact, 48% of Australians admit to having a bank account balance that “could be better”1, according to survey results by Finder.

However, the right financial habits, planning, and preparation could not only help you reach your savings goals faster – but could also make the experience a more rewarding, rather than stressful one.

How to boost your savings balance

Set yourself a budget

One of the best ways to kick off a successful savings plan is to set yourself a sustainable budget appropriate to your lifestyle. To start, consider giving yourself a clear breakdown of your income streams, and the exact financial amount you have coming in on a daily, weekly, or monthly basis. You could then take stock of all your essential expenses (i.e. rent, groceries, insurance, petrol, memberships, etc.) to ensure you have enough money set aside for each area. It’s a good idea to also account for your lifestyle expenses like going to the hairdresser, occasionally eating out or buying a new pair of shoes!

This could provide a more accurate overview of where your money is going, and how much additional savings you may have left for other investments. From here, you could then begin planning for your future savings goals, such as for a dream holiday, a wedding fund, or your first home deposit.

With a solid budget in place, you could have a clearer idea of how much you’ll need to save to meet your goals.

Track your expenses

Budgets are only as effective as how one manages them, however. It could help to make a habit of checking your spending on a regular basis, ensuring you’re on the right track towards your savings goals. This could also help you keep a close eye on unnecessary expenses, such as subscriptions or memberships you no longer use, or daily indulgences that may have less costly alternatives – such as eating regular takeaway where cheaper, home-cooked meals would suffice.

To help you better track and budget your income, you could consider implementing the 50/30/20 rule2. This involves dividing your pay into three critical areas: 50% for essentials, 30% for non-essentials, and 20% for your savings.

Not only could this be a helpful way of setting up your budget, but it could also provide you with  clear “guidelines” to follow when monitoring your expenses.

Consolidate your debt

If you’re currently paying off more than one debt, you could consider debt consolidation to make your repayments easier. Generally speaking, this involves combining your debts (such as credit cards) under one personal loan, resulting in a single recurring repayment and interest rate rather than multiple payments and fees at a time.

For example, if you’re currently paying off two credit card debts of $2,000 and $5,000 each, these two payments likely have their own interest rates, payment due dates, and recurring payment amount. By taking out a debt consolidation loan of $7,000 to pay these off, you could then combine both debts under a single interest rate and a single recurring payment plan. This could remove the complications of managing various payments with their own requirements and schedule. Additionally, MoneySmart3 advises shopping for loans with lower interest rates compared to your current loans, as this could ensure your ability to afford the new repayments.

Debt consolidation can provide you with greater control over your financial situation, helping you reach your savings goals with confidence.

Choose a competitive savings account

Savings accounts are not only useful for keeping your money safe and easily accessible – they could also help propel you towards your savings goals faster. Depending on the bank, a good savings account could help you earn a high level of interest on your savings, helping you meet your financial needs in a shorter time.

Our Qantas Points Saver, for example, offers a savings account at a competitive interest rate with the additional feature of earning Qantas Points* for your next domestic or international trip. 400 Qantas Points* are accrued per annum for every $1,000 of your savings balance, credited monthly – and can be earned on balances of up to $1,000,000 AUD. Savers also earn a complimentary Qantas Frequent Flyer membership*.

Additionally, there are $0 application or account keeping fees, which could make it a low-risk and easy-to-set-up savings option for you.

Automate your finances

Digital banking may offer you the convenient option of automating your expenses and financial transactions for more efficient money management. Consider automating both your essential payments and money transfers to your savings account, which could cover all crucial expenses while enough money is put away towards your savings goals.

Automating your savings could remove the indecision and stress out of saving money by simply just doing it on a consistent, regular basis. By helping alleviate delayed or diverted saving decisions, it could help in making saving a habit, rather than a choice.

Additionally, automatic bank transfers could help minimise the risk of forgotten payments and helps ensure all important expenses are covered before any extra personal spending.

Boost your savings with proper planning and preparation 

With the right financial habits, not only could you minimise the common stresses of saving – but you may even be able to meet your savings goals faster.

Consider opening our Qantas Points Saver as it could help bolster your savings in a shorter span of time. On top of that, you’ll get a chance to earn Qantas Points for your next domestic or international flight. Get in touch with one of our experts today to explore the best options for your financial situation.



  1. Sophie Wallis. 2022. “Savings account statistics 2022”. https://www.finder.com.au/savings-account-statistics
  2. Alison Banney. 2022. “The 50/30/20 rule”. https://www.finder.com.au/50-30-20-budgeting-rule
  3. gov.au. “Debt consolidation and refinancing”. https://moneysmart.gov.au/managing-debt/debt-consolidation-and-refinancing


* Qantas Points accrue in accordance with and subject to the Qantas Points Banking Terms and Conditions. You must be a member of the Qantas Frequent Flyer program to earn and redeem Qantas Points. A joining fee may apply, however, Qudos Bank has arranged to provide Qantas Frequent Flyer membership with the joining fee waived to Qudos Bank members who are not already a Qantas Frequent Flyer member and who apply at qantas.com/joinffqudos. Membership and the earning and redemption of Qantas Points are subject to the terms and conditions of the Qantas Frequent Flyer program available online at qantas.com/terms. This offer is non transferable and not available in conjunction with any other offer. Qantas Frequent Flyer membership and each application is subject to approval by Qantas. Qudos Bank recommends that you seek independent tax advice in respect of the tax consequences (including fringe benefits tax, and goods and services tax and income tax) arising from the use of this product or from participating in the Qantas Frequent Flyer program or from using any of the rewards or other available program facilities.

Qudos Bank is the issuer, offeror and administrator of the Qantas Points Banking Products and is a credit provider and credit licensee under National Consumer Credit laws.

As the information on this page is of a general nature and has been prepared without considering your objectives, financial situation or needs, before acting on the information, consider its appropriateness to your circumstances.

Before opening an account with us, you should read our Terms and Conditions for Savings Accounts and Payment Services and Financial Services Guide.

 Published January 2023