Saving money is a goal many aspire to, but achieving it can be an uphill battle. From inconsistent habits to unclear goals and mounting economic hurdles, it’s easy to feel defeated before even starting. At Debut, we understand these challenges and have developed smart services to help Kiwis save more effectively while navigating today’s economic pressures.
The Challenges of Saving Money
Inconsistency
One of the biggest barriers to saving is consistency. It turns out that making large, ambitious deposits at random isn’t the best way to save. Instead, research shows that small, regular actions are more likely to form lasting habits and see long-term results. (Clear, 2018)
Vague Savings Goals
POV: You opened a savings account with your bank years ago, but there’s much less in there than you’d hoped, and you regularly dip into it just to cover day-to-day expenses. According to the New Zealand Retirement Commission, more than half of Kiwis struggle to save money. The struggle is real, and it’s been attributed to setting vague goals, like “saving for the future.” These goals lack clarity and simply don’t motivate us to stay on track.
Feeling Deprived
When you’re not fighting an onslaught of marketing messages, you still have your own inner voice to contend with. Unfortunately, saving also comes with its very own psychological hurdle. For many, saving can sometimes feel like deprivation, leading to impulsive purchases that derail your progress (Shefrin & Thaler, 1988).
Asking ourselves, “do I need this” is a common way that people try to convince themselves to avoid impulse purchases, but it doesn’t always work. Your brain is very good at finding reasons you might need something. A better question is, “can I get by without this?” More often than not, the answer is yes.
It can be helpful to reinforce saving with a reward. No, this isn’t carte blanche to blow it all, but a small reward is helpful; and it doesn’t have to be a purchase. Do something you enjoy, whether it’s art or baking or playing a game or calling a friend and tell yourself it’s your own reward for staying strong.
Macroeconomics
External pressures layer on top of these individual struggles. While inflation in New Zealand has started to ease, the fallout from years of rising prices is still felt in terms of cost of living pressure. On top of that, the New Zealand dollar currently hovers at a two-year low, impacting the cost of both local and imported goods (RNZ, 2025). Many families have already cut back on dining out, entertainment, and discretionary spending, but even essential purchases stretch budgets to their limits.
How Debut Helps Kiwis Save More
At Debut, we’re not just building yet another bank – we want to be a partner in your financial success. Here’s how some of the game-changing in Debut make saving not just possible, but easier and smarter than ever before
1. Savings Sheds for Goal-Based Saving
Setting clear, achievable goals is crucial. Debut’s Savings Sheds allow you to assign a goal to each shed and automate deposits. You can also turn on Rounding, which adds small amounts to a Savings Shed every time you spend. These incremental contributions build up over time, taking the guesswork out of saving.
2. Earn Universal Interest on Every Dollar in your Account
Most banks reward you only for money sitting in savings accounts. With Debut, every dollar earns the same competitive interest rate of 4.30% – whether it’s in your current account or savings*. It’s an effortless way to grow your money without sacrificing access.
Note: Interest rates are subject to change, so check the Debut app for the current rate.
3. Boost your Savings with a PowerUp for Extra Returns
Heard you should be investing but don’t know where to start? Debut’s PowerUps offer a beginner-friendly way to earn returns that keep pace with the Official Cash Rate. Activate a PowerUp on a Savings Shed and let your money work harder for you, without needing advanced investment knowledge. PowerUps are based on cash and bond investments and are considered low-risk. There are also additional measures in place to further mitigate risk.
4. No Hidden Fees or Lock-Ups
Unlike traditional banking, Debut has no hidden fees or penalties for withdrawing your own money. Access it anytime with the Ora Card or through Apple Pay and Google Pay. Saving should empower you, not restrict you.
5. Budgeting Made Simple
Tracking where your money goes is vital to curbing overspending. Debut’s intuitive budgeting tools categorise your spending and help you stick to limits, ensuring you stay in control of your finances.
Booked a cheap flight to Aussie? Or maybe you’ve ordered something online from overseas. No worries. Debut saves you the usual 2% hit in fees FX fees. This benefit can add up, especially when the New Zealand dollar is weaker.
Where to from here?
The current economic climate has made saving a necessity rather than an option for many Kiwis. While inflationary pressures and a low dollar create significant challenges, Debut offers practical tools to ease the burden. By combining consistent habits, clear goals, and innovative features like Universal Interest and PowerUps, we help you save smarter and reduce unnecessary expenses.
Saving doesn’t have to mean deprivation. With Debut, every dollar works harder for you, helping you achieve financial stability and peace of mind. Want to find out more about saving money? Maybe you're not sure how much you should be saving? Check out our related article, Saving Money with the 70/20/10 Rule.
Try Debut Today
Debut is here to help you get ahead – no gimmicks, no hidden fees, just smart services to make saving simple. Start your journey today and see how far your money can take you.
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References:
Clear, J. (2018). Atomic Habits.
Shefrin, H. M., & Thaler, R. H. (1988). The Behavioral Life-Cycle Hypothesis.
Reserve Bank of New Zealand. (2024). Official Cash Rate data.
RNZ. (2025). More pain at the petrol pump as NZ dollar trades at nearly two year low.
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Please note, Debut is not a registered bank under the Banking (Prudential Supervision) Act. This is about our future intentions. Investments with us are not supervised currently by the Reserve Bank of New Zealand.
