10 money pro tips you need to try

10 money pro tips you need to try
  • Pay your own way

We’ve all been in the awkward position where someone suggests you divide the dinner bill evenly and you only ordered a salad, but they’ve had a main, dessert and two cocktails. Being assertive and making sure you pay your own way will ensure that you don’t overspend.

Sometimes paying your own way can get a little tricky, particularly if you’re share housing or are a generous friend and family member. An expense sharing or tracking app such as Splitwise takes the trouble out of sharing expenses and splitting your bills. The app stores all expenses and IOU’s in one place and provides “fairness calculators” that gives users mediation advice about money fairness issues.

  • Wait 72 hours before buying anything

This advice can be applied to any non-essential purchase but would be most effective to keep an online shopping habit under control.  Before you press that check out button, give yourself three days to think it over and decide whether you really need to spend money.

  • Shop around for your home loan

Just because you’ve been with the same bank since you were a kid doesn’t mean you must take out your home loan with them. Comparing various home loan products based on your individual needs could see you saving thousands of dollars over the lifetime of your loan by ensuring you pick one that is right for you. 


  • Investment apps

While it may seem counterproductive to spend your money to save it, investment apps are just another exciting way to invest your spare change instead of a traditional piggy bank.

Acorns is a popular investing app in Australia that does just that. Whatever small amount you spend, Acorns will round up that purchase to the nearest dollar and invest the difference. For example, if you spent $12.50 on lunch, Acorns will take 50c and store it in your portfolio for investment.

  • Use cash!

This one is pretty simple; if you have to watch your money physically leave your wallet, you’ll feel less inclined to spend it.

  • Zero spend day 

Try to dedicate one day a week or fortnight to zero spending – and stick to it! Maybe you want to have a lazy Sunday? Or maybe you’ve done all your grocery shopping on a Thursday night and made it so you don’t need to buy lunch on Fridays? Whichever way you implement them, zero spending days will help you force yourself to save.

  • Credit card rewards programs

If you’re more of a tap-and-go than cash-in-hand spender, why not pick out a credit card that rewards you for using it to make everyday transactions. Some credit card rewards programs offer up to three points per dollar spent, or bonus points for shopping at certain stores or spending a certain amount of money. These types of cards generally charge higher interest rates and fees than standard credit cards, so it’s best that you pay your debt each month to prevent the interest costs outweighing the benefits of the rewards offers.

  • Complete other people’s tasks 

If you haven’t heard of Airtasker, it’s a website that allows people and businesses to outsource their tasks. A user will describe the task they need completed (cleaning, mowing their lawn, editing the grammar in their essay, updating their website etc.) and you can help these users to complete these jobs to earn money. You could earn up to $5,000 per month just by completing tasks.

  • Transfer your credit card balance

Are you paying one or even multiple credit card debts? Is the interest hurting your ability to save? Credit card holders who transfer their balance to a new card could save an average of $1,262 in interest and fees and pay their debt off 6 months earlier.

  • Be smart with your food

Our relationship with food is often criticised as wasteful. Food Wise believes that Australians discard up to 20 per cent of the food they purchase, which equates to 1 out of 5 bags of groceries they buy. Overall, the average Australian household throws away $1,036 worth of food every year, totalling around $8 billion dollars. To help curb this problem, try to use some recipes that help you clean out your fridge. Website such as Supercook allow you to input your ingredients and instantly find matching recipes from popular cooking sites.

Further, RateCity recently calculated that packing your own lunch every day amounts to a saving of around $1,400 every year. if you were to put these savings away, you would have an additional $42,000 after 30 years.

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Fact Checked -

This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.



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Today's top savings accounts products


Learn more about savings accounts

How to make money with a savings account?

Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.

To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.

How can I get a $4000 loan approved?

While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:

  • Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
  • Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
  • Comparing carefully before applying (making multiple loan applications can mean having your credit checked multiple times, which can look bad to some lenders and reduce your chances of being approved by them)

What is a savings account?

A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.

Can you have multiple ING savings accounts?

Yes, you can open up to nine accounts with ING at any particular time. If you’re saving money for various goals, such as buying a car or taking a holiday, you can name each of your multiple ING savings accounts differently.

To get a Savings Maximiser account, you’ll need to deposit more than $1000 every month and make at least five additional purchases. If you also want to grow your savings, from 1st March 2021, you can earn up to 1.35 per cent per annum variable interest on one account with a balance of up to $100,000 when you also maintain an Orange Everyday account.

With ING, multiple savings accounts can help keep track of all your savings goals. All the accounts offer flexible withdrawals where you can withdraw as low or as high as you want without impacting your earning interest rate. However, you can only earn the bonus interest on one account. To apply for a Savings Maximiser account, you can visit ingdirect.com.au.

How much money should I have in my savings account?

A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.

If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.

What is an ANZ locked savings account?

An ANZ locked savings account locks your money and prevents you from spending. You may use a standard savings account as the account where your salary is deposited. You can then withdraw funds when needed, but aren’t able to make purchases with it. However, this account may not grow much as the continual withdrawing of funds will limit the interest you can earn.

With a locked savings account in ANZ, you know your savings will grow because you can’t access the money. You can also qualify for a bonus when you deposit at least $10 per month and don’t make any withdrawals. To help you with this further you can set up an automatic transfer from your regular ANZ savings or transaction account so you don’t forget to make a monthly deposit.

Your ANZ locked savings account offers you a base interest rate of 0.1 per cent per annum plus an additional bonus interest of 0.49 per cent per year. The interest is calculated daily and credited to your account on the last working day of the month.

Should I open a Commonwealth locked savings account?

If you have trouble saving money, a Commbank locked savings account could be a potential solution. A locked savings account won’t let you make withdrawals and as such, it can help you grow your savings balance if you keep topping it up. 

The Commonwealth locked savings account advertises high-interest rates and minimal maintenance fees, along with a host of other incentives that will encourage you not to touch the money. 

The account offers a higher interest rate for each month that you make limited or no withdrawals, as well as regular deposits. 

To qualify for a Commonwealth locked savings account with the advertised features, you will need to fulfil specific criteria such as:

  • Depositing a fixed minimum amount into the account every month.
  • Making a fixed number of deposits each month.
  • Making a minimum or no withdrawals each month.
  • Maintaining a minimum account balance.

How does interest work on savings accounts?

The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency. 

Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.

What is a Westpac locked savings account?

The Westpac locked savings account (also known as "Westpac Life") can help customers reach savings goals faster through bonus interest. Customers receive 0.2 per cent standard base interest with a variable bonus rate of 0.35 per cent when the closing balance at the end of the month is higher than the opening balance.

There are some conditions to earn the bonus interest on Westpac's locked savings account, though. First, you’ll need to increase the balance each month either through a deposit or not making any withdrawals, and then link it to a Westpac Choice account and make at least five eligible payments using your debit card. Please consult your bank as to what an eligible payment is. 

What are the two types of NAB locked savings accounts?

With a locked savings account in NAB, you can earn bonus interest and learn financial discipline. NAB offers two types of locked savings accounts, each with their own terms and conditions.

The NAB Reward Saver account pays a variable base interest rate of 0.05 per cent per annum and a bonus interest of 0.55 per cent. You’re eligible for the bonus if you make a minimum of one deposit on or before the second last banking day and have no withdrawals in the month.

Meanwhile, the NAB iSaver account provides 0.05 per cent as the standard base interest rate and a fixed bonus margin of 0.55 per cent during the first four months from the date of opening the account. You can park your cash in the account and enjoy unlimited monthly transfers between linked daily bank accounts without impacting the interest rate.

Who has the highest interest rates for savings accounts?

As banks frequently change their rates, the most accurate way to know who currently has the highest interest rate is to use a savings account comparison tool.

What is a good interest rate for a savings account?

A good rule of thumb to keep in mind with savings accounts is to look for a rate that is higher than the CPI inflation rate. This number is constantly changing, so check the Reserve Bank of Australia’s page. If you aren’t earning interest above this then the value of your money will go backwards over time.

What is the interest rate on savings accounts?

As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria

Can you have a joint savings account?

Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.

Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.

Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly.