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Saving Money

Saving money, for many, is easier said than done.

When it comes to reconciling your cents with your sensibilities, there are some simple steps to save you and your hip pocket.

Commit, don’t quit

Committing to a savings plan is essential – the best idea is to find a high interest earnings savings account, and set up a regular direct debit to it.

This way you can’t conveniently ‘forget’ to save! This is a simple way to save, but there are other ways to save money.

Reduce your costs – read the fine print

Get smart when it comes to home much you can save – shop around for accounts with low – or no – fees.

“The big banks made headlines in 2009, announcing plans to slash or scrap a range of fees on everyday banking,” says Switzer finance expert Andrew Willink. “But there are plenty of accounts offering easy fee-free banking – if you know where to look.”

Willink says that while a transaction account is essential for most of us, they often come “laden with fees and charges”.

“This makes everyday accounts a source of rich pickings for financial institutions. In 2008 alone, our banks collectively pocketed $1.8 billion in fees on deposit accounts.”

So, how can you avoid these fees? 

“Some penalty fees are avoidable, but others like account keeping fees are not,” says Willink. “However, there is a range of accounts that have done away with the bulk of fees – provided you follow certain conditions. Meet these, and you could save a fortune each year in unwanted charges.”

Streamline your banking.

Make sure all your savings are in the one account – preferably one with the highest interest rate.

And if you know you’ll be tempted to transfer that money into your everyday account at the first whim, put it somewhere that takes at least a day to transfer.

Sacrifice something – even if it’s only for a month

It’s the little things that can make a big difference to your savings plan. As they say, from little things, big things grow.

If you buy three coffees and day and you decide to call it quits on your caffeine habit for one month, you’ll save almost $300!

Don’t let your good work go to waste

The trick here is not to lose that money – it’s all too easy to spend that saved money on a cheeky glass of wine after work.

So, if you have a regular direct debit to your savings account, be sure to up the weekly donation to include the money saved.

If you follow these simple steps, you’ll find it’s easy to save money.

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