How to Save Money for Big Goals: A Step-by-Step Plan

Big goals often come with big price tags, whether it’s a house deposit, a dream holiday, a wedding or launching your own business. Reaching those goals takes more than just good intentions. It takes a plan you can actually stick to.

The good news? You don’t need to cut out everything fun or live off instant noodles. With a few smart habits and the right mindset, you can save steadily and still enjoy life along the way. Read on to learn how to save money for big goals that really matters to you.

Steps to Save Money For Big Goals

Step 1: Set a Clear Goal

Start by defining exactly what you’re saving for. Make it specific, measurable and time-bound. For example, 'Save $50,000 for a home deposit within 3 years' is clearer than just 'Save for a house.

Knowing your exact goal gives you a sense of direction and purpose. It also helps you determine how much you need to save and by when.

Step 2: Work Out the Total Cost

Do your research and figure out how much your goal will cost in full. This could include:

• A property deposit and associated fees for a house
• Flights, accommodation and spending money for a holiday
• Equipment, stock and legal costs for starting a business



Once you know the total, divide it by your timeframe. This gives you a weekly or monthly savings target.

Example:
Goal: $24,000 in 2 years
Savings target: $1,000 per month or ~$230 per week

Step 3: Review Your Budget

Review your current income and expenses. Identify how much you can realistically put aside each month without sacrificing essentials. This may mean adjusting your spending in some areas to prioritise your goal.

Look for opportunities to:

• Cut unnecessary subscriptions
• Reduce takeaway meals or entertainment spending
• Switch to better deals on utilities and insurance
• Pay down high-interest debts to free up cash

Use a budgeting tool or app to keep track of where your money is going.

Step 4: Open a Dedicated Savings Account

Keep your goal money separate from your everyday accounts. Open a dedicated high-interest savings account so your money grows while you save. Choose an account with:

• No monthly fees
• A competitive interest rate
• Limited access to reduce spending temptation

Naming the account after your goal (e.g., 'First Home Deposit') can also help you stay focused.

Step 5: Set Up Automatic Transfers

Automate your savings so you don’t have to think about it. Set up a direct transfer from your everyday account to your savings account each payday. This creates consistency and turns saving into a habit.

Even if it’s a small amount to start with, regular deposits add up over time. Increase the transfer amount when your income grows or expenses drop.

Step 6: Find Extra Money to Boost Savings

Look for ways to speed up your savings:

• Sell unused items online
• Take on extra freelance or side work
• Direct work bonuses or tax refunds into savings
• Cut back on one luxury each week and save the difference

Every extra dollar brings you closer to your goal.

Step 7: Track Your Progress

Regularly check in with your savings progress. Monitoring your balance can keep you motivated and help you stay accountable. Use a spreadsheet, budgeting app or savings tracker to stay on course.

Celebrating small milestones can help too. For example, mark every $5,000 saved with a low-cost reward like a nice dinner at home or a day out.

Step 8: Adjust As You Go

Life changes, and so should your savings plan. If your income changes, expenses increase or your timeline shifts, adjust your plan accordingly. Reassess your goal every 3 to 6 months to make sure you’re still on track.

Being flexible helps you keep moving forward, even when things don’t go perfectly.

Bonus Tip: Consider Your Financing Options

If your goal involves a larger financial commitment, like buying a property or starting a business, saving alone may not be enough. That’s where professional guidance can help.

At ALCHEMYFIN, we’re a trusted mortgage and finance brokerage, working with a wide network of banks and lenders. We help individuals and businesses explore tailored loan solutions that support their goals, without unnecessary complexity or delays.

If you're buying your first home or funding a long-term investment, a strategic loan can complement your savings plan and bring your goals within reach sooner.

Why It Matters

Saving for big goals takes commitment, but it also gives you financial confidence and clarity. Instead of relying on debt or reacting last-minute, you’re planning ahead and building something meaningful. Whether it’s for a property, a milestone event or long-term freedom, your savings plan puts you in control of your future.

Ready to start saving for your big goals? Contact ALCHEMYFIN for expert advice and tailored strategies that align with your financial goals and lifestyle.