With the holidays around the corner and Summer finally here, it's easy to spend and not save.
While spending is tempting, remembering to put aside some extra money each month can have great benefits. Spare cash gives you more independence and flexibility. And saving up for something special – a holiday, a new car, or a home – can be a rewarding challenge.
So, here’s three tips for saving over the holiday period
Set a gift budgetDecide upfront how much you want to spend on gifts and stick to it. Don't be tempted by extra "stocking fillers", even if they seem small. This is where small amounts end up adding up to big amounts.
DIYDon't feel like you have to buy everything. Make your own cards and wrapping paper. Or knit, preserve, grow, hammer... put your creative talents to use.
Save yourself (from yourself)Put some of your savings into a term deposit. That way, you'll get an attractive interest rate as a bonus for not touching your savings.
Saving with a term deposit
Term deposits can be a great way to save. By putting your money aside for a period from three months to three years, you can earn a great interest rate to help boost your savings.