revive your savings plan

When was the last time you reviewed your savings plan?

Whether you are saving for retirement, a new car or your first home, a savings plan will give you the best opportunity to make your dreams a reality. Spring is the perfect time to check in on your finances and savings to ensure that you are on the best path to success. 

Here are five steps to help you revive your savings plan this Spring!

1. Assess your financial goals

The first step involves revisiting your financial goals. Evaluate your short-term and long-term objectives, such as building an emergency fund, saving for a home deposit, funding a dream holiday, or planning for retirement. Your goals may have changed since you last reviewed your savings plan, but understanding your goals will help to create a more targeted and effective strategy.

2. Review your budget and identify savings opportunities

After you have mapped out your goals, take a closer look at your budget to see that you are on the right track to achieving your goals. If you need more wiggle room in your budget, you may need to identify areas where you can cut back on unnecessary expenses and reallocate funds toward your savings goals. You can do this by trimming discretionary spending, negotiating bills for better deals, and exploring cost-effective alternatives for essential services. Small changes to regular payments will make a big difference in the long run.

3. Build or boost your emergency fund

Every time you review your financial strategy, you should also check on your emergency fund. Ensure you have enough funds set aside to cover three to six months’ worth of living expenses in case of unexpected emergencies or job loss. If you don’t have an emergency fund, we encourage you to add this to your savings plan. An emergency fund will give you peace of mind, knowing that you have a safety net, no matter what surprises may be around the corner.

4. Re-evaluate your saving strategies

Consider the different savings strategies available to help you boost your savings even further. If you are saving for retirement, you may look into longer-term investment options such as property or shares. However, if you are looking at shorter-term goals such as saving for a home deposit to use in the next five years, a Term Investment may be the better choice. Evaluate the returns and liquidity of each option and choose the ones that align best with your financial goals and risk tolerance. 


Setting time aside to revive your savings plan will mean that you are one step closer to achieving your goals. Remember that everyone will have different financial circumstances and unique goals, so your plan will never look the same as someone else. If you are struggling to create a plan that works for you, we recommend speaking with a Financial Planner who will help you with a tailored strategy for achieving your goals and dreams.

Learn more about APS Financial Planning.