Why my little sister doesn't bother saving money

My little sister doesn't save, based on Mayan end-of-world predictions for 2012.

"What's the point? I'll be dead", says Heather. Fair enough, but why not put some aside for an end-of-days blowout?

Apparently 1.6 million young Australians (18 to 34) are presently saving for similarly specific goals, according to Lonergan Research.

If Heather (23) were to save $25 a week in the highest-paying online saver (UBank's USaver currently 6.51%) she'd have $40,903.49 by 40. Not soon enough? Here are three strategies for the impatient:

1. Set high expectations

Assuming you run a weekly budget spreadsheet, you'll have one column for "expected spending" and one for actual expenditure. If you over-estimate "expected" slightly, chances are you'll have a little bit left over each week. $50 a month is $600 a year.

2. Save without thinking

Set up automatic pay-day transfers to your high-interest online saver. You won't even notice it's gone, plus certain accounts reward you with bonus rates. Check ratecity.com.au.

3. Spend cash

Savings are too easily swiped away by cards. Instead, withdraw a week's budget and divide by category - entertainment, food costs etc. Blow your lunch money by Wednesday and it's a packed-lunch until Monday. Hide gold change from yourself in a jar every day. If you can't see it, you can't spend it.

Get stories like this in our newsletters.