How to save a $2k cash cushion

We all know the importance of a financial reserve, but creating one can be the hard part – so read on for some ideas to kick-off or build your buffer.

Why you need a cash cushion

Tough times can’t always be predicted, so it’s a good idea to set some money aside that could help soften the blow. 

So how much should you save? Well, that all depends on your goals – but our past research shows that having at least $1,000 saved up can make a huge difference to your financial wellbeing. However, the 2018 ANZ Financial Wellbeing survey found that approximately 23% of New Zealanders have no savings.

The good news? There are some simple ways to build your savings, no matter where you’re at right now.

Zero to $2k

Let’s say your goal is to save $2,000. Start by doing a rough spending and saving plan, so you can see where your money is going. You can use our ‘plan your spend’ tool to help you do this.

Getting to $2k isn’t going to happen overnight, but you can start saving with these simple tips.

Set it aside

Out of sight, out of mind. Once you’ve got an idea of how much you can realistically afford to save each month, set it aside the day your pay lands in your account – like it was never there. Setting up an automatic transfer could be a good idea.

Sweat the small stuff

Payday tomorrow? Check your spending account to see if there’s anything left over. The little bits add up – so consider popping the extra straight into your savings. You won’t just be adding to the balance, but you’ll be increasing the amount of interest you earn, too. Double win.

Do this consistently before every payday and you might be surprised at how the small stuff adds up.

Swap it out

Ditching your favourite coffee brand might be a step too far. But for day-to-day grocery purchases, consider switching to a home brand or budget option. Then, pop the difference straight into your savings. What might seem like a ‘downgrade’ in the short term could be an upgrade to your savings in the long term.

Find an account that could suit you

How long will it take to save $2,000?*

Ready to make your goal a reality? We’ve calculated how long it could take you to build that $2k buffer using the ANZ Savings Goal Calculator.

*We’ve calculated these results using the ANZ Savings Goal Calculator as an approximate guide and provided for illustrative purposes only. The result above does not include interest, withdrawals, deductions of withholding tax, levies, or any other fees or charges that apply. We accept no responsibility or liability if you rely on the ANZ Savings Goal Calculator or this information. 

Don’t forget to treat yourself

Saving can be surprisingly addictive once you’re into the rhythm – and it’s a lot easier to enjoy yourself when you know you’ve got a cash cushion to land on. But while saving is obviously important, you need a life, too.

So here’s what we suggest. Once you’ve got your saving habits humming – whether by using one of our tips or another way that works for you – then use any leftover money to spoil yourself from time to time. You’ve earned it.

Get the best out of your savings

To make the most of your hard-earned savings, look for accounts with no monthly account or transaction fees. Every little bit helps – so check out accounts with the best interest rates or those that reward for regular deposits and no withdrawals. 

How to save the best you can

When it comes to saving, it’s different strokes for different folks. $2,000 might seem like a huge sum, but don’t let that put you off – any amount you can build could really make a difference to your financial wellbeing. It’s all about finding your rhythm. 

Once you make saving a habit, you’ll be moving towards your savings goal without even thinking about it. If you need a little inspiration finding your savings groove, try these tools and resources for setting a savings goal.

Important information

This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 269 296, or for more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see