RateCity reveals how much extra cash you can make from your increased earnings with a high-interest online savings account.
May 27, 2010
Have you noticed your pay increase in the past year? On average, adult Australian full-time employees have earned an extra 5.6 percent since February 2009 according to the Australian Bureau of Statistics (ABS). So there should be no excuse for Australians to save more money.
More salary means more to save
Over the past 12 months to February 2010, full-time adult earnings have increased by 5.9 percent for males and 4.5 percent for females.
The total average combined full-time adult earnings have increased by a little more than $68 per week since February 2009 to $1290.70 before tax. If you were to save this extra cash each week, you potentially could save more than $3260 more every year.
Just by depositing this extra money you earn each month into a high-interest online savings account, such as RaboDirect's High Interest Savings Account currently at 6.40 percent (as at May 21, 2010), you could potentially earn nearly $100 in interest in one year. That's more than $3360 extra in just one year for your next holiday or towards your deposit for your dream home.
Save even more money each month
If you would like to save even more from each pay, here are some tips to help you in doing so:
- Compare online to find an online savings account that will earn you more interest and help you save more.
- Set up an automatic savings plan each pay from your everyday bank account straight into your online savings account. Just by transferring an extra $20 per week could save you over $1000 more a year not including interest, and you won't even notice it is gone.
- Set yourself a spending budget for each pay period and stick to it. This way you can see where you can cut back and where you can save even more money. that goal keep goin
- Whether you are saving for a particular reason or not set yourself a savings goal to reach. Once you attain g and set more goals, not only will you have more money but you may just find that it is addictive.