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5 Tips to Supercharge Your Savings

choosing a savings accountSavings are a ‘one-day’ goal for many people, but they don’t have to be – even the most financially strapped person can create a small savings account just by doing some simple financial re-evaluating. Choosing the right bank account is important, and saving and investment options on the BOQ website are a great place to compare bank accounts and get the most out of your finances. Below are some other great tips to give your savings a boost.

1. Super Saving

The best way to supercharge your savings – put your money in a high-interest savings account. It’s almost like you’re being paid to do banking! The added bonus with these accounts too is that more often than not, there are no hidden charges such as maintenance fees, so all your money stays your money.

2. Make a Plan

Just like you put aside or set up direct debits for bills, make a plan to do the same for your savings. Don’t just put a few dollars away each week if you happen to have some left over money. It doesn’t have to be much, just a set amount to automatically come out of each pay and be deposited directly into a savings account. By the end of the year you will have a nice stash of cash to look forward to.

3. Piggy Bank Collector

No, they’re not just a novelty savings idea for kids, they are also a very convenient way for grown-ups to save every spare cent lying around. You will be surprised at how quickly these coins add up, especially if you sneak in a gold one every now and then. Cash it directly into your bank account annually and you’ll be pleasantly surprised with this little addition to your savings.

4. Cut out the Small Stuff

Sit down and make a budget. Not a rough one, or an approximately right one – comb through every cent you spend each week and write it down. Then cross things off! Take your lunch to work every day, and if you have to pay for parking, try scouting around for unpaid parking a bit further away. Or catch public transport. These couple of things alone could save you enormously.

5. Invest

If you have a little bit of money in savings already, a great way to expand on this, particularly for the long term, would be to invest it. Banks can help you pick the best one for your circumstances, and your funds. A term deposit is a good choice as are saving and investment bonds to help really mature your money.

Saving money is never easy, in fact it can be plain impossible at times – at least it feels that way. Doing a thorough breakdown of your annual, monthly and weekly income against every expense going out is the best way to see what you can afford, what you can’t, and how many dollars you actually do have lying around.

How many unnecessary expenses could you save money on each week – takeaway coffee anyone? What are your favourite tips for saving some extra cash? Share your thoughts in the box below.

 

Image: Freedigitalphotos.net/jscreationzs

About Kim Parr

Kim Parr is a private practice optometrist, freelance writer, and personal financial blogger. You can follow her journey to 20/20 financial vision at Eyes on the Dollar.

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