Savings for a goal can be frustrating, but with these five simple but smart strategies, you'll be where you need to be in no time.
Set a clear goal
The first, and probably most important step, is to define what you’re saving for.
Consider what the end goal will mean for you, ie: a car equals freedom, a house equals a place for family, a holiday equals relaxation etc, and how much you will need.
Establish (and stick to) a budget
Taking time to set-up a budget pays-off. Work out your income and your outgoing expenses.
Now cut unnecessary expenses, or where you can, make swaps and save. The old avocado cliche is true, savings on everyday spending adds up over time. Don't forget to allow your self a little play funds if you can!
Automate savings
By setting up direct transfers to your savings account, you won't see and won't miss the money. It ensures consistent savings, which is a requirement if you're saving for a home or personal loan.
Speak to your pay office to arrange a direct debit from your pay, or your finance partner for inter-account transfers.
Take advantage of bonus interest
Some accounts offer higher interest for regular deposits. Our Elders Bonus Plus Saver account pays you a great bonus interest rate if you make at least one deposit per month and no withdrawals. Now that's a bonus!
Use high-interest accounts
Once you've saved a little, if you don't need the funds straight away, consider transferring it to a fixed term deposit to earn more with competitive savings rates. You can generally choose a term that suits you and the interest rate depends on the term. Just be aware that there are usually conditions attached to withdrawing the funds early.
Looking for the right savings account to help maximise your money and minimise your costs?
Elders Finance can help you choose the best fit for your goals. Explore our accounts now.
Disclaimer: This information is general in nature and does not consider your personal objectives, financial situation or needs.
Elders Rural Services Australia Limited ABN 72 004 045 121 Australian Financial Services Licence 237757 (Elders) is authorised to distribute products which are issued by Auswide Bank Limited ABN 40 087 652 060 Australian Financial Services Licence 239686 (Auswide Bank). This information is general in nature and does not consider your personal objectives, financial situation or needs. Before deciding whether to apply for the product, you should seek professional advice and consider the Terms and Conditions. Elders may receive a commission from Auswide Bank if you successfully apply for a financial product through Elders. For more information on Elders' relationship with Auswide Bank, please read the Elders Financial Services Guide.