Everyone wants to build a savings account as early as possible. And while there are numerous ways to do it, a lot of people still struggle to develop the habit of saving. Whatever the reason is, setting money aside for the future can be really challenging.
For those who have already saved some money, it may not be enough to just leave it at the bank. There are ways to get the most out of their savings and let it work for you, like putting it in an account which offers higher returns.
In this article, you’ll learn how to set aside as little as $50 a week and place it in a high interest savings account:
Figure out your monthly income and expenses
Make saving easy by keeping track of your money – your earnings and how much you’re spending. Once you have a better understanding of your cash flow, you can easily know how much money to set aside regularly.
Every little thing counts
Make adjustments to your spending so you can set money aside. For instance, you can easily put $50 a week away just by bringing your own coffee and packed lunch to work. You probably heard these tips before. Why? Simply, because it actually works! Starting small is way better than not starting at all, so $50 a week can go a long way.
Find a high interest savings account that suits you
Having a savings account is good, but you can put your hard-earned money into an account that can yield higher returns.
There is a wide selection of high interest savings accounts in Australia. Make sure to compare the features offered by several banks and choose one that suits your needs and financial goals. With high interest savings accounts, you’ll get a high return on your savings, easy access to your account, and you’ll be able to achieve your goals more quickly. Keep in mind, though, that there’s a limit to the number of transactions that you can make and you may need to wait for a few days before you can access your money in case you need it.
Putting $50 a week away may seem small but if you do it regularly and put it into a high interest savings account, you will be able to see your savings grow more quickly and in the long run, reach your financial goals. The earlier you start the better. Once you start doing it, who knows you might be able to find ways to save more!
Got other tips on high interest savings accounts in Australia? You can share your insights in the comments section.Read More →