{"id":7765,"date":"2022-12-12T12:03:40","date_gmt":"2022-12-12T01:33:40","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/money-saving-tips\/"},"modified":"2022-12-12T12:03:40","modified_gmt":"2022-12-12T01:33:40","slug":"money-saving-tips","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/money-saving-tips\/","title":{"rendered":"Money saving tips"},"content":{"rendered":"
\n

Everyone saves money differently. From setting aside a portion of your pay, to choosing the right account, here are some tips on how to be a better saver and reach your financial goals.<\/p>\n

Have a savings goal and budget<\/h3>\n

It\u2019s much easier to be a good saver if you have a goal in mind. It might be a holiday, a house deposit, or just a rainy day fund.<\/p>\n

To work out the amount you\u2019ll need, be realistic about what you can afford to save each week, fortnight or month.<\/p>\n

A well-planned budget will get you started on your savings path. You may also be interested in learning\u00a0how to bucket your money, which is a great way to automate your savings.<\/p>\n

\"\"<\/h3>\n

Earn your bonus interest<\/h3>\n

Good savings habits can reward you with bonus interest on some accounts. Be disciplined and it will pay off in the long run by helping you save a little faster.<\/p>\n

How it works<\/strong><\/p>\n

In some accounts,\u00a0you may get bonus interest each month if you make no withdrawals and at least one deposit.<\/p>\n

Then, if you follow those simple rules, you\u2019ll receive your regular interest plus bonus interest at the end of the month. Learn more about\u00a0how interest rates work\u00a0and how they can help you save below.<\/p>\n

An example<\/strong><\/p>\n

In your first month, let\u2019s say you\u2019ve saved $4,000 and your interest rate is 2.50% per annum. This means you\u2019ll earn approximately $8 in interest for this month.<\/p>\n

Your bonus interest varies from different accounts\u2014some need a minimum monthly deposit, some no withdrawals, and some have no conditions (check the account details before you open the account).<\/p>\n

For this example, we\u2019ll assume there are no conditions and your bonus interest is 0.90% per annum. So, for month one your bonus interest will be $3.<\/p>\n

Every month, you\u2019ll see your interest and bonus interest (if you stick to the conditions) increase along with your savings.<\/p>\n

Think of your interest as extra money you might not otherwise have had. Eleven dollars might not sound like much, but at the end of 12 months you may have earned an extra $130.<\/p>\n

Set up a regular payment<\/h3>\n

If you get your phone or power bill direct debited from your account, why not apply the same concept to your savings account?<\/p>\n

Simply set up a regular automatic payment to go into your savings account every day.<\/p>\n

It\u2019s best to make your payment early in the month, because transfers could take a few days to reach your account \u2013 and you don\u2019t want to risk losing your bonus interest.<\/p>\n

Compare savings accounts<\/h3>\n

Just like with insurance and mobile phone plans, it\u2019s best to compare which\u00a0savings accounts\u00a0are right for you. To get started, think about your needs.<\/p>\n

Perhaps an\u00a0account you can access at any time will work best. This means you can access your money any time without fees.\u00a0Depending on the type of savings account you choose, you may lose bonus interest for any withdrawals you make.<\/p>\n

Another option is a\u00a0term deposit.\u00a0A term deposit is a savings account where you lock the money into the account for a certain time and interest rate. The interest rate is usually based on the amount and length of time you put the money away for. This is fine if you don\u2019t need access to the money during the fixed term. If you need to withdraw the money before the fixed term is up, you may be charged economic costs (not all the original interest you would have received will be paid to you).<\/p>\n

What to do if you have trouble saving<\/h3>\n

Sometimes having quick access to your savings can make it tempting to spend money. If you\u2019re finding it too tempting, we can help.<\/p>\n

Hide your savings account<\/strong><\/p>\n

You can hide your savings account by\u00a0changing your settings in internet banking. This means you won\u2019t see the balance when you log in.<\/p>\n

Please note, you can\u2019t hide an account if it has periodic or future-dated payments set up.<\/p>\n

Lock your savings account<\/strong><\/p>\n

Having a locked savings account means you can\u2019t withdraw money from that account. With this lock in place, you can still deposit money to your account and watch your balance grow, if your account isn\u2019t hidden from internet banking.<\/p>\n

If you need help with your savings goals, call us on [phone].<\/p>\n

Source: NAB<\/a><\/span><\/p>\n

Reproduced with permission of National Australia Bank (\u2018NAB\u2019). This article was originally published at\u00a0https:\/\/www.nab.com.au\/personal\/life-moments\/manage-money\/budget-saving\/successful-saving-secrets<\/span><\/p>\n

National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.<\/p>\n

\u00a9 2022 National Australia Bank Limited (\u201cNAB\u201d). All rights reserved.<\/p>\n

Important:
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents\/information contained within the linked site(s) accessible from this page.<\/p>\n

The post Money saving tips<\/a> appeared first on MLC Contemporary<\/a>.<\/p>\n<\/div>\n

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