Westpac's tips for saving money
Are you having problems saving your cash? Check out Westpac's tips for how you can increase your bank balance:
- Try withdrawing a set amount of cash per week and making it
last the whole week or longer. You may also save on bank
transaction fees
- Aim to have at least three months of your living expenses put
aside as your 'emergency fund'. Use this for medical emergencies,
or if you have a sudden loss of income
- Insure the things you can't afford to replace, and think about
insuring one of your most important assets: your income
- Spend some, save some. Don't forget to pay yourself even if you
start with just small amounts. Try to continue your saving
habits even if you have a mortgage
- Start saving for retirement early. The power of compounding
interest makes a huge difference over a long period of time and can
help you reach your saving goals much faster
- Talk to your bank about the right account for your spending
plan, or change your spending plan to suit the lowest cost
option
- Save money on bank fees by using online banking. It's a great
tool for managing your own money as you can do it anytime,
anywhere
- Get kids started early - teach them when they're young about
the value of money and how to make it grow
- Encourage them to save up for the things they want
- Don't encourage 'buying now then paying off later'
behaviours
- Explain interest - earn when you save, pay when you
borrow
- Click here to make sure you're getting the most from your home
loan (link to home loan topic home page)
Shaving your daily expenses
- Make your meals at home. You may find your own ham and
egg sandwich blows the work cafeteria's efforts away - and it's
cheaper
- Buy supermarket specials
- Consider taking public transport. Often the bus, train or
ferry fare costs less than all day parking - plus you save on
petrol costs
- Pay your bills on time - your power or phone company may offer
% discounts for early payment
- Check you are receiving the tax credits you are entitled to (ie
child care, charitable donations)
- Analyse your mobile plan
- Car insurance - check you're paying the right premiums
- Think about consolidating your debts
Watch the video
Click here
to watch Nicci,
Marina and Rae discuss their budgeting tips.
The content of Talking Money Sense is general in nature, is designed for information purposes only and is not intended to constitute financial or other advice. Information is subject to change. Westpac New Zealand Ltd.
