Personal Finance Savings & Tips
Personal Finance is an area that most people believe that they have under control. That is until exceptional circumstances materialise and, after looking at their bank balance, they are quickly forced to reassess their personal financial position. At this point you have to make sure that you have an effective personal budget.
Once you have a balanced household budget in place and are happy with your financial situation it is always a good idea to constantly look for new ways to save money on all sorts of financial matters including bank savings accounts, mortgage loan repayments, household bills, tax, credit cards, etc. It is important to share some of what you are doing with your kids so that they can learn good financial habits such as regularly depositing savings into their bank account.
It is also necessary to have good communication between yourself and your partner to ensure that you are both working towards the same financial goals and to alleviate any tension caused by personal finance matters. So hopefully with the help of some of these Free savings tips and ideas on Australian finances you will quickly become much more comfortable with your own personal finances.
Categories For Personal FinanceHow To Pay Off Mortgage Faster
If you have a home loan mortgage or even a personal loan you should be paying off the loan using fortnightly instalments instead of monthly repayments. This common mortgage saving tip means that you will end up making 1 extra months payment per year without hardly even noticing any difference. This is how fortnightly installments will save you significant money on mortgage interest repayments over the life of the loan. .....Best Savings Account In Australia
If you want to earn a high yield on your money then you should place it into an online savings account. The interest rates for these online savings accounts is much higher than normal bank savings accounts because they have lower expenses with less staff and no branches where you can withdraw your money. Instead you have to transfer your money online into a normal bank account to be able to access it. The inconvenience of having to maintain 2 bank accounts and doing online transfers is, however, far outweighed by the much higher interest rate, which makes them some of the most popular and best savings accounts in Australia. .....Reducing Bank Fees In Australia
Before you open a new bank savings account in Australia ask them about all of the special conditions and different fees that you may encounter when using your account. Especially ask them which ATM you can use without attracting a fee, how many ATM transactions you can perform each month for free and if there are any bank fees for over the counter transactions, a cheque book or making payments online. .....Paying Off Loans & Credit Cards
Personal loans and credit cards have very high interest rates compared to home loans so you should start paying off loans and personal debts such as these as quickly as possible. The best way to help you do this is to make sure that you have your household budget completely under control and a debt consolidation repayment plan in place as part of this budget. .....List of Australian Banks
The financial sector in Australia is based around the 4 big Australian banks which are NAB, Commonwealth Bank, ANZ and Westpac. They control over 80% of the financial market, however there are more Australian Banks than just the big 4 and all of them have their own specific advantages and disadvantages. So if you want to deposit your money in Australia and still have easy access to it, without excessive ATM bank fees that make sure that you compare all of the major banks and not just the big 4. .....Tips on Saving For Kids
When it comes to teaching your kids all about saving money you will find that giving them an allowance is a great idea. The best way to start to doing this is to give them a small amount of money as soon as they are old enough to understand what it is and what it is used for. Always make sure that you give your kids enough allowance, but not too much otherwise they won't appreciate it and make sure that you set a specific pay day (ie: Monday) and be strict in sticking to that day. .....How To Save Up Money
One of the best ways to save up money is to start putting aside $5 or $10 every week into a money box that you can't access. This way by the end of the year you will have enough money to buy all of your Christmas presents. Also you don't get a large amount of expenses in December and you may even have money left over to buy yourself or your loved ones something special for Christmas. .....