No Pain Savings Gains

People usually think that you must give up something to save. The good news is that it doesn’t always have to be that way.

Here are 5 ideas for making great gains in your savings – with no pain.

1. Set up a high-interest savings account that is separate from your everyday savings account. Even if you are only making an extra $100 a year in interest, it’s better than the money sitting in your everyday savings account, where the interest is next to nothing.
See CANSTAR CANNEX’s website for rate comparisons on savings accounts. www.canstar.com.au/interest-rate-comparison/compare-online-savings-account-rates.html

2. Shop around, and negotiate, when making essential expensive purchases. There is always a better offer. Choice magazine has compiled a list of Australian shopping comparison sites – to you can save time and money by searching for the best price online.
www.choice.com.au/reviews-and-tests/technology/software-and-online-services/shopping-online/shopping-comparison-sites/page/website%20list.aspx

3. Cut your credit card interest rate. Many credit cards have standard rates of around 20 per cent. Yet there are low-rate cards available (around 13% to 14%) as well as very attractive balance transfer offers. To compare cards, try: www.mozo.com.au or ratecity.com.au or canstar.com.au

4. Combine your credit cards. Most credit cards charge an annual fee of around $150. Perhaps you can cancel one card, or if you’re a couple, combine accounts and have a partner card.

5. Clarify your employment benefits. It is surprising how many people are not aware of the financial benefits that are available to them through their company. These may include very valuable salary continuance insurance, discounts on health insurance, or access to discounted products and services.