Learn How to Quit Spending More Than You Earn

Are you finding yourself with more month left at the end of the money every month so that you end up spending more than you earn? Then you need to know that you actually are not alone. The practice of spending more than you earn is a real problem in Australia and the same seems [...]

What Does Budgeting and Baking Have in Common?

There are many people who compare budgeting to a trip to the dentist to have a tooth uprooted due to serious misunderstanding of the whole concept of budgeting. Whereas many people make budgeting feel like such a big burden, it needs to be understood well in order for people to benefit from the financial freedom [...]

A Simple Procedure for Setting up a Strong family Budget

It is clear that every family that seeks to be financially fit has to learn and live on a kind of a budget. This is an open secret with the main challenge being that most people just do not known where to begin the whole process of creating budgets for their home. Since every family [...]

7 Important Tips for a Better Budget

When it comes to making a budget you first of all need to know how to make one in the first place. Today we live at a time where the internet has free budget spreadsheets that you can use to create one. As soon as you have a budget in place then you will benefit [...]

Savings Accounts – Best Practices

So, you opened a savings account. Good for you. What do you plan to do with it? What are your goals? Will you actively save money? These are all valid questions. Few of us have really good answers to them. Below are some best practices that can help you use your savings account for your own benefit.

A Savings Account Budget

Many people put together a budget that focuses on covering all of our expenses and leaving us some money to go out to dinner or spend time with friends. Rarely do budgets have any real focus on saving money. This does not make us bad people it just makes us cash poor people too often.

Your budget should include a certain percentage of your income going into savings. Yes, it may mean cutting out some of our unnecessary spending to reach that goal but it is a goal we must reach.

Start Small and Grow

If you start off overly ambitious and cut out all non-essential spending, chances are you will become miserable and stop saving completely. Start off smaller with a more attainable goal and then slowly grow it.

One thing you have learned if you have spent time on this site is that being honest and realistic is important when it comes to your finances. If you are creating a budget with the goal of saving 10% or 20% of your salary each month you are in great shape. But, if you are currently saving 0% and you want to eventually save 10% or 20% do it gradually.

You may start off by putting 5% of your salary into your savings account. This modest savings is a great start and will also teach you how to adjust your spending so you are not incurring debt and yet you are still reaching your goals.

Over time you can increase it to 7%, 9%, 12%, etc. Increase your savings incrementally rather than try to do it all at once.

Keeping the Account Untouched

Your ability to only access your account when you are depositing into it will help you reach your financial goals. It can be quite difficult to keep our self control in a culture where impulse buying is what billions of dollars of advertising money is spent on year after year. You have to resist that impulse.

One way to help you resist the urge is to make it hard to withdraw money. Rather than attaching your savings account to your checking account or ATM card make it a little more difficult to withdraw funds. The act of having to drive to the bank to withdraw money may reduce the impulse you had to buy the newest and latest gadget and get you to smile at the impulse and resist it.

The bottom line is that savings accounts are only as good as the people opening them. Put a plan in place and stick to that plan. The very best practice when it comes to a savings account is budgeting to save and sticking to that budget.

Overview	Intro Rate	Apply
Enjoy the convenience of ANZ Online Saver. An online savings account that offers easy access to your savings, no minimum balance and no monthly account service fee.	6%	More Info
No one likes fees, so we’ve taken them out That’s right - no fees…whatsoever with the Virgin Saver. And you can freely transfer money between Virgin Saver and your Nominated Linked account, as often as you like. For free.	5.85%	More Info
The award-winning UBank USaver is an innovative, great value account that allows you to set your savings goal and monitor your progress towards that goal.	6.01%	More Info
The Citibank Online Saver combines a number of benefits into one very easy to use savings account, and with a great introductory interest rate for 6 months.	5.80%	More Info
The award-winning St. George Direct Saver is one of the most flexible and easy to use direct savings accounts available. As well as a superb long term interest rate.	5.50%	More Info
The NAB iSaver offers a great interest rate, bonus interest for four months and the flexibility to manage your savings account online. With no minimum balance.	5.50*%	More Info