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My Finance Agent App: Set a saving goal

Updated: May 17

What would you like to save for? A home deposit, a new car, a holiday, or perhaps all of the above? Your financial goals are as unique as you, and getting clear about what you want to achieve with your money can pave the way for a financially secure and fulfilling future. In this article, you will learn how to set, track and visualise your progress towards a saving goal using the My Finance Agent App in just five minutes.


Goals keep you pointed in the right direction

Imagine for a moment that you're planning a long road trip. Would you get in your car and just start driving? Probably not! Even if you didn't know your final destination, you would at least have an idea of your first few stops. Based on driving time, budget, and wish list of things to see along the way, you would consult a map and make a plan.

Setting financial goals for your future is similar to taking a road trip. Your final destination might be far off in the future, but there will be milestones to enjoy along the way. How fast you achieve them will be based on various factors, such as your income, expenses, commitments, and priorities.

Technology can accelerate goal progress

Another similarity between financial goal setting and planning a road trip is that technology makes it easier than ever to reach your destination. There is no more wrangling with a paper map or street directory. The map app on your phone can calculate the fastest route to your destination and give you a live update on your progress.

Likewise, digital banking has revolutionised personal finance. Think of it like Google Maps for your money - the My Finance Agent App can track and visualise your savings progress. You can easily see how your financial journey is progressing and gain a clear understanding of how close you are to reaching your saving goal.

On that note, you are assured that the app will never store your bank account login details. No transactions are ever allowed through our app and every part of it is fully encrypted to ensure your protection and security.

Did you know... You may be closer to the goal of buying a home than you think. First home buyers need as little as a 5% deposit. Talk with us to find out more!

Personalised support comes free of charge

As your trusted loan expert, we can work with you to help smooth the path to your financial goals. If your goal, for example, is to save for a house deposit, we can be alerted through the app that you are getting close to your savings target. We can check in with you and start preparing the next phase of your game plan.

My Finance Agent can help you develop a financial game plan

Saving tips and best practices


Before we jump into the app, let's quickly explore a few saving 'best practices' that may enhance your saving journey and potentially accelerate your progress:

1. Keep your savings in a separate account

Ideally, your savings should be set aside from your everyday money so that you can clearly tell savings from spending money. As your savings accumulate, you may like to move them into a term deposit or other product that earns higher interest.

2. Your savings account should be difficult to access

The ideal savings account has zero fees and is online-only, meaning no ATM access, which makes it hard to accidentally spend from the account. Most banks offer their customers the option to open new online savings accounts without going into a branch.

3. Automate your savings

Another way to avoid spending your savings is for the money to go straight from your pay into your savings. You can either request a pay disbursement from your work payroll department or set up your own automatic transfer between your own accounts.

4. It's ok to start small

Assuming you are debt-free, the "gold standard" is to save 20% of your income. But in times of high living costs that may not be possible. If so, start out small. Most people can set aside $20 a week without missing it. If you find that workable, gradually increase the amount until you reach your savings limit. (We're going to talk about budgeting in the next article.)

By the way, lenders have a preference for borrowers who have a consistent savings history. It can demonstrate that you have financial discipline and the ability to manage your finances effectively. A reliable saving history can bolster your creditworthiness and make you an attractive applicant to a wider range of banks.

Ready to watch your savings grow? Let's go!



Set a saving goal

Estimated time: 5 minutes 

Note: If you haven't already, it is recommended that you setup a unique bank account for this saving goal.

  1. Select 'Tools' from the footer navigation

  2. Select 'Save For A Major Purchase'

  3. You can make several saving goals. Simply select the one you want to start with (first home, investment property, home improvement, motor vehicle, holiday, boat, electronic device, or other).

  4. Answer the five questions (purpose; amount; instalment frequency; instalment amount; account) + click 'Set Goal'

5. Once set, you will see your progress visualised on the screen

6. To adjust your goal at any time, click on the 'Edit Saving Goal' button or 'Cancel Goal' to delete it


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Got a question?

You can open a tech support ticket or call our tech support team at 1300-143-456 during business hours. 


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