With the holidays around the corner, it's easy to focus more on spending than saving.
But remembering to put aside some extra money each month can have great benefits. Having 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.
With Bank Australia, you can also be happy knowing that your savings are being invested responsibly.
Three tips for saving over the holiday period
- Set a gift budget
Decide 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.
Don't feel like you have to buy everything. Make your own cards and wrapping paper. Or knit, preserve, 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.
Right now, you can make the most of your savings with a Bank Australia special of 2.85% p.a. on a four-month term deposit of $50,000 or more.