How to save money with a savings account
8 January 2019
It pays to be smart with your savings. Whether you’re looking to lock-in interest rates through a term deposit, or open a high interest savings account, there are plenty of ways to save money with a savings account. But it doesn’t end there. Developing lasting and healthy money habits may be the key to success. Here we list some great ways on how to save money with a savings account.
Get friendly with your bank accounts
Your savings account is like a close friend. With trust, compassion and great communication – you’ll reap the benefits of a good, lasting relationship. Finding the best return on your money is important, that’s why it’s good to compare savings accounts. Check out the bank’s interest rates and be confident in knowing which high interest savings account could attract more interest each month.
A high interest savings account is only as good as what you put into it though. So while it’s a chance to get a decent return on your money, you still should be able to access it in case of an emergency or an unexpected event. Also, watch out for any extra account fees and always ask about any bonus interest rates that might apply to your account.
Get a piggy bank – and fill it
The building blocks of any good savings plan is sticking to a budget. While there’s no simple shortcut for how to save money with a savings account, it’s best to start small and go from there.
A great way to start is to factor in your income and expenses which can help you put more money into your savings. Got spare change from that latte or a few lose dollars lying around – put it away in a piggy bank. When your pig is full, take it to the bank and cash it in. The point is to start putting money aside into your savings account, even if it’s a small amount.
Separate your money using sub-accounts
A new way to save money is to open sub-savings accounts. These are virtual accounts that you can set to help you meet each savings goal. Planning a holiday? Create a sub-account called ‘holiday’. Buying a car? Use a different sub-account for that.
One great way to ensure that you’re putting money aside is to set up automatic transfers within your accounts – so when pay day arrives, you could split your money into the different sub-accounts. Check that you’ve worked out a good percentage based on your budget.
Reward yourself for sticking to your plan
Saving money can be fun. We’re serious! Once you’ve created good savings habits, you could start putting money aside for a savings goal, like a new car or a home renovation. But it’s also a good idea to make sure your savings strategy is working and check in every once in a while. A healthy savings is cause for celebration, so don’t be afraid to reward yourself for new savings goals you’ve put into place!
- Find your money profile
- Deciding between Savings Accounts or Term Deposits
- How to save your way to 1 million dollars
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