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Money Hacks

How to fill your ‘pot of gold’

Financial Wellbeing Coach

2022-03-08 00:00

Estimated reading time
10 min

In this article

  • Maximise your income
  • Set yourself up with a savings strategy
  • Build wealth for the future

The Irish might swear by four-leaf clovers, but rather than relying on luck to manage your money, we’ve got some tried and tested tips to help you build your very own pot of gold.

Start by maximising your income

Building your wealth by earning more money might sound obvious, but whether you get more for what you’re doing, start something on the side or just make a better plan there are plenty of ways to make the most of what you’re getting.

1. Negotiate your salary

It might surprise you to learn that almost 40% of Australians' pay is determined by negotiation. So, if you’ve been in your job for a while and you’ve been nailing it, or you’re looking for a new one, negotiating your salary is essential to increasing your income. 

For existing employees, it’s important to highlight the contribution you make in your role. Take the time to think it through and make notes about your achievements or business growth and use this as a way to ask for a pay rise. If you’re negotiating for a new role or promotion, it’s generally safe to ask for a salary that’s 10-20 percent higher than what you’re earning now, but don’t be afraid to do your own research and refer to the Fair Work pay guides to support these discussions.

2. Divide up your paycheck

Not sure where your money is going every month? Then consider whether the 50/30/20 rule might work for you! It’s a simple budgeting method based on percentages and not how much you earn, so you can adapt it to your own circumstances. The idea is that you divide your income into three parts: 50% of your salary is for needs like housing, loan repayments, food, power bills... basically anything you need to live. 30% is for your wants, like restaurants, streaming sites and a gym membership and finally 20% is for your savings fund.

3. Take on a side hustle 

If you picked up a new skill during the pandemic or had more time to hone in on a current one, why not use it to top up your pot and turn it into a side hustle? Side hustles are a great way to bring in extra cash at the weekend or in the evenings and can help you to reach your financial goals sooner. 

Focus on your savings

Wealth-building tip number two is to set yourself up with a savings strategy that works for you.

1. Build a buffer

Research shows that even having $1,000 as a buffer can make a huge difference to your financial wellbeing. And if you put just $20 a week into a savings account, you'll have over $1,040 by the end of the year, so it’s easier than you think!

2. Set a savings goal

A good way to stay on course and accountable with your savings is to set a goal to guide your spending decisions and keep you on track. In fact, the simple act of setting a goal can help you save twice as quickly. Seriously! That means more money, in less time. The first step is to identify what you’re saving for: whether it’s a holiday, a deposit on a house or a new car, have a clear end goal in mind rather than a vague idea of just saving more. Next, set a timeline for accomplishing your goal. Some might be shorter term, such as that new car, but others, like saving for a child’s education, will take longer and require more ongoing planning. Download our free goal setter worksheet to make a visual plan of your goals and how to get there.

Make a start in investing

The tale of the Leprechauns says that they guard their pot of gold, and really you should be doing the same. Investing can allow you to set some long-term goals and build wealth for the future.

If you’ve managed to save up some money, investing it can be another great way to build up your pot of gold. And you can do this by following the golden rules of investing:

  • Work out your financial goals
  • Decide how much risk is best for you
  • Check your investment is licensed, for example, you can check basic facts about companies, schemes or personal property at ASIC
  • Get to know your investment
  • Use diversification to spread your risk
  • Watch out for get rich schemes and investment schemes.

There are various ways to invest, including property, growing your superannuation or purchasing stocks on the share market. Make sure you research any investment thoroughly, invest at your comfort level and have a plan in place for a rainy day.

Remember to check the fees and charges associated with any investment, as well as the terms and conditions. Seek independent advice. Do your research and work out what suits you!

How to fill your ‘pot of gold’
Financial Wellbeing Coach

Get ready to build your pot of gold!

Leprechauns and pots of gold may not exist outside of folk tales, but the reality is just as good. You can build your own pot of gold that will make your financial future bright.

Invest in your future



The information set out above is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. By providing this information ANZ does not intend to provide any financial advice or other advice or recommendations. You should seek independent financial, legal, tax and other relevant advice having regard to your particular circumstances.