managing your money

Let’s face it, you want to get as much out of your savings as you can. We’ve brought together some hints and tips on how to make sure your money is working for you.

Avoid paying bank fees

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Successful saving

Spend a few minutes learning how to save - it will pay off big time!

There's this myth that saving isn't fun and that trying to save somehow makes you boring. But nothing could be further from the truth. Saving seriously gets you places. Saving leads to you having a deposit for your own home. Saving sees you climbing Machu Picchu. Saving has you test-driving new cars. So how do you do it?

Know where it goes

First you need to figure out exactly where your money goes. Try keeping a money diary for a month where you write down everything you buy and how much it costs. This quickly reveals where the bucks are being blown. You can then go through and see what things you can’t live without (rent, bus fare), what areas you can trim (clothes, entertainment) and what you can cut out altogether (take-away coffee, pedicures). Little tweaks to your spending here and there soon add up to big dollars.

Make a budget

Once you have an accurate picture of what you spend, you can plan a realistic budget that you actually have a chance of sticking to. Don’t forget to budget in a few treats because if your financial diet is too strict you’ll be tempted to fall off the wagon. Try out our budget planner.

Set goals

It’s much easier to compromise on your spending if you’ve got a good reason for doing so. Write down what you’re saving goal and put it in your wallet. Next time you reach for your money to buy something you just don’t need, you’ll see your goal and think about the purchase. Hopefully it’ll be a no-brainer.

Pay yourself first

Saving is your priority, so treat it that way. Arrange to have a set amount transferred from your everyday transaction account to your savings account each month. You can always access the money if needed, but you’re less likely to if it is in a separate account.

Swap your credit card for a debit card

You can’t save if you’re still spending money you don’t have. A Debit MasterCard gives you the convenience of a credit card, but because you are accessing your own money, there’s no interest expenses like a normal credit card. Better yet, there are no annual fees.

Book a free financial check up

It seems kind of obvious, but who better to talk to about money than a bank? We can give you information about the Bankwest products you can choose from to reach your savings goals. To have a chat, book an appointment.

Bankwest SWIFT code: BKWAAU6P | Find your BSB by logging into Online Banking.

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