financial safety net

1 in 3 Aussies don’t have more than one month’s salary saved for emergencies

Do you ever worry about being hit with a financial emergency such as job loss, your car breaking down, medical emergencies, or unexpected bills? You’re not alone.

Financial stress is one of the most common forms of stress on Aussies right now. It is a form of stress that can cause intense anxiety, stress and tension for families who fear that one day they will run out of money.

One key solution is creating financial safety to support you in uncertain times. Having this peace of mind will support you in feeling confident in your financial future, and minimise the side effects of money stress.

How much should you save in your safety net? We recommend trying to save enough to cover yourself and your family for three months of expenses. 

It can take a while to get to this point but here are five tips to help you start building your financial safety net now!

Audit your expenses

An easy way to save more is to review your expenses and see where there is room to cut back. You may be surprised at what spending you can pull back on, whether it’s an unused gym membership or a television subscription that you no longer use. These small cutbacks can add up and allow you some extra room to put savings into your emergency fund. 

Additional income streams

Have you ever thought about ways to use your skills to create an additional income stream? Maybe you can take on a side hustle, become a consultant or take on a creative project that will provide you with some extra cash to add to your safety net. Depending on your circumstances, a second job might be challenging with a busy schedule, but it may only need to be a short-term gig until you have saved up enough to cover your safety net.

Earn more interest on your safety net

One of our favourite recommendations for boosting savings is switching your savings account to one that will support you in growing your balance faster. It is always a slow burn with an everyday bank account. Switching to a Term Investment will help you in growing your savings faster and you don’t have to lift a finger!

APS NOW accounts are a popular option for APS members and clients who want the bonus of earning more interest, without being locked into a fixed term. 


It is likely to take quite some time to build your safety net. We encourage you to be patient and keep your future self in mind. It will all be worth it in the long term if you ever need to access your funds.