skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus
Article related to:

Save Smarter

How to save $10K for a rainy day

Financial Wellbeing Coach

2022-08-11 00:00

Estimated reading time
 7 min

In this article

  • Some scenarios on how long it could take to save $10k
  • Learn what SMART finance goals are
  • How to choose the right kind of savings account

Rainy days can’t always be predicted. But smart savings goals are like an umbrella that can’t flip inside out, sheltering you from unexpected financial squalls until sunny days appear again.

Researchdisclaimer shows that having even $1,000 as a buffer can make a huge difference to your financial wellbeing. But the ANZ Financial Wellbeing survey found that approximately 22% of Australians have no savings. Zero.

Ready to take your savings into overdrive? Start with these quick tips to reach your savings goal – whether that’s $1000 or the big $10k.







What are SMART finance goals?

We often hear people ask, “How much do I need to put into savings?” The truth is, that depends on how much you can realistically manage. It’s great to aim high but your saving plan will be much more achievable if your goals are SMART: Specific, Measurable, Achievable, Realistic and Timely:

Specific: Spell it out, write it down.

Measurable: Keep your eye on the target.

Achievable: Don’t try change the world, just challenge yourself.

Realistic: Is it realistic based on your current situation?

Timely: Set a deadline.

Knowing how much you’ve got coming in, and where you're currently spending your money (including servicing any debts) can help you come to a realistic figure. Then, follow these tips:

 Hot tip: Set it aside 

Once you’ve got an idea of how much you want to save each month, you could put it away the day your salary lands in your account. Don’t wait, just remove it and forget it. Like it was never there. You could set up automatic transfers so you don’t even need to remember to do it, and anything left over at the end of the month can be put away too. Just remember to do what's right for you.

Choose the right kind of savings account

The kind of savings account you have can make a real difference to your long-term goals.  An account with a high compound interest rate might be right for you.  Alternatively, term deposits are locked accounts that you can’t withdraw from for a set period of time, making them great interest earners in the long-term.

Be sure to check for:

  • Minimum monthly deposits that need to be met
  • Monthly or annual account fees
  • Offers of bonus interest if you don’t make any withdrawals

Don’t forget to treat yo’self

There’s nothing like the promise of a new gadget or a culinary splurge to help motivate your daily decisions. Saying no to superfluous wants can feel like a restriction, but not if you’ve put money aside for the good things in life - just don’t go over the amount you’ve allocated. You deserve it.

Do your best

Not everyone can save $10,000 but working towards a cushion of $1,000 in the bank will give you a solid base. You never know, you might find your saving rhythm sooner than expected and be on your way to $10k before you know it. Do your best, and if you need more help, know that you have tools and resources available.

How to save $10K for a rainy day
Financial Wellbeing Coach

Ready to save that $10K?

The first step towards saving more is to set a solid, smart target. Head over to the ANZ Financial Wellbeing Program to Set a Savings Goal (that you’ll actually reach) today.

Start saving



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.

ANZ Financial Wellbeing report, April 2018
The information contained in the infographic can be found at:
2. ANZ Roy Morgan Financial Wellbeing Indicator Report 2019, Page 17
3. These results were calculated using the ANZ Savings Calculator which provides an approximate guide only. It is provided for illustrative purposes only. It does not constitute a quote. Indicative total amount at the end of the period assumes no withdrawals, debits, fees or charges are processed from the account.