Saving is easier said than done. Here are some tips to prove it is possible.
It sounds simple, but knowing how much money you have coming in and out each month is the first step to managing your money better. Bankwest Easy Alerts can help you do this - they're push notifications to your phone that let you know how much you're spending, and alert you when your account balance falls under a certain amount.
It may also help to split your income into two or more accounts - one for non-negotiable expenses such as rent, and one for spending money. Our Easy Transaction Account lets you open more than one account, to help you do this. Plus, it has no monthly maintenance fees and lets you withdraw money from all major bank ATMs without charging you a fee.
Our Easy Transaction Account comes with a debit card that lets you withdraw money and make EFTPOS transactions as and when you need. Once you turn 16 though, you can choose to get a Debit Mastercard linked to your account. It works in a similar way to your debit card, but also lets you make contactless payments using Tap & go™, shop securely online and over the phone, and more.
Once you have a Debit Mastercard, you can also utilise convenient payment options. At Bankwest, we offer our Debit Mastercard customers the option to use Apple Pay or Google Pay™ on their mobile. Customers can also get a wearable Bankwest Halo payment ring, meaning you can pay with a fist bump!
If you're already 16 and would like to upgrade to a Debit Mastercard, head to the 'Self Service' section of Bankwest Online Banking, click on 'Forms' and select 'Debit Mastercard Request'.
While you might not have loads of extra money to be stashing away at this time in your life, it's never too early to kick start good habits. One of our most popular savings accounts is the Hero Saver account, which offers a bonus rate when you deposit at least $200 a month and make no withdrawals. It's a great way to encourage you to save more.
If you don't think you'll make the $200 deposit each month, our Smart eSaver account lets you put as much or as little money away as you like and pays bonus interest each month you don't make a withdrawal.
It's easy to set up regular payments to your savings account through Online Banking or the Bankwest App – even small contributions made regularly can add up to big savings.
Do your banking anytime, anywhere with the Bankwest App. Featuring fingerprint login, the App is the most convenient way to access and manage your money. You can see all your bank statements in the one place, and there's an international section so that you can quickly and easily let us know when you're travelling overseas.
You may be closer than you think to reaching your goals. See some more practical tips to help you move in the right direction.
The Bankwest Halo payment ring is only available to Australian citizens and Permanent or Temporary Residents over 16 years of age with an Australian residential address. Fees and charges apply.
Fingerprint recognition is available on Android devices running Android 6 Marshmallow or later and iPhone devices running iOS 9 or later (except for the iPhone X). Fingerprint Login is not available on tablets and Windows devices.
Mastercard is a registered trademark, and the circles design and Tap & go are trademarks of Mastercard International Incorporated.
The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.