Just because many millennials struggle to break into the property market doesn't mean they're not able to save. In fact, millennials are among some of Australia's best savers, according to Suncorp. On average, Gen Y puts 12.7% – more than $500 – of their personal income away each month. But what for? The Suncorp report says they're saving for one of two things – holidays and investment properties. If you've got big plans but find it difficult to start saving, here are three tips to help you get over that first hurdle. 1. Set your savings goals Setting goals is a great way of motivating yourself and getting your financial future on track. You could have short-term goals, such as saving up for a car, a holiday or your wedding. Or maybe set yourself a longer-term goal such as paying off your student debt or saving to buy a property. An easy way to set this goal is to figure out how much you need overall, then break it down to a monthly target to meet that goal. For example, if you're saving up for an overseas holiday in 12 months and you know the trip will cost $8,000, then you'll need to save $667 a month for the next 12 months. If you're saving for a short-term expense rather than a holiday or a house, have a look at your monthly budget and calculate how much you can realistically put away each week or month. Whether it's $40 each week or 10% of your pay, work out an amount you can stick to. 2. Track your spending Once you have your savings goal, the next step is to look at what you spend your money on. Then you can prioritise where to save. Make a list of all your expenses, even small incidentals like your daily coffee. A $4.50 cup each day can add up to $90 a month. If you had set aside that money at the beginning of the year in a high interest savings account earning 3.0% interest, you could be sitting on as much as $1,112. Remember, when it comes to saving, every little bit counts. 3. Take an interest in saving When you're looking for a safe and secure way of saving, term deposits and savings accounts should be on your list. · A term deposit is a low-risk option offering a guaranteed return. You're committed to locking away a lump sum at a fixed interest rate for a specific time period. If you're someone who tends to spend the cash you have on hand, locking your money in a term deposit will remove the temptation to spend. · A savings account is a simple and flexible way to boost your savings. With low or no monthly fees, you can make regular contributions to a savings account while you still have access to the funds. Some accounts offer the incentive of bonus interest when you meet conditions about deposits, withdrawals and/or the account balance. Like any financial product, the key to finding the right deal is to shop around, compare what's on offer and always read the fine print. Search and compare term deposits and savings accounts now.