Increasing your savings can be easy if you are willing to put the time and effort into it. Below are some tips on how you can get your savings in order and see your money tree grow:
- Work out a budget which shows all of your outgoings and incomings. Then work out how much you can afford to deposit into your savings accounts on a regular basis. For instance just by depositing $20 each week works out to $960 in one year. From your budget you can then work out where you can cut back on your spending and deposit that money into your savings.
- If you are saving for a particular reason or to purchase a certain item such as a holiday or car, set yourself a savings goal.
- Look at other ways that can reduce how much you spend, such as bring your lunch from home instead of buying it every day and use instant coffee instead of buying cappuccinos daily.
- Start an online savings account that earns you a higher interest rate compared to a traditional transaction account. All you need to do is deposit a certain amount each month and before you know it your money will grow before your very eyes. To find an online savings account that earns you a higher rate of interest, compare online savings accounts online at RateCity. Or check out the table to the right for a list of some of the best high interest savings accounts.
- Setup an automatic transfer plan from your pay each week or month to your online savings account. That way the money will automatically come and you won't even notice it is gone.
When looking for an online savings account below are some tips on what you should consider so that you choose the best account that will earn you more:
- The interest rate. Look for an online savings account with a high interest rate. Obviously the higher the interest rate, the more interest you will earn. Be aware however that some interest rates are for a limited time only at which point the rate will revert to a lower rate, so check with the financial institution before you apply.
- Fees and charges. When comparing online savings accounts make sure that you compare to see if there are any fees attached to it. Some institutions may charge account keeping fees or other fees.
- Features. Also consider the features that are attached to the account. Choose an account that best suits your needs.