First Alliance Federal Credit Union Corporation is currently reviewing its position in relation to the RBA’s decision on 6 September to increase the Official Cash Rate. We'll make an announcement here as soon as we finalise our decision.
How to save more money
Save more money, reach your goals sooner and feel more in control of your finances by practising good savings habits.
Start by reviewing your current situation – perhaps you are already saving money but want to step it up a notch, or you are starting from scratch. Take some time to understand and map out:
- How much money comes in
- How much money goes out and where it is spent
- Your current debts and how much they are costing you
- Your savings goals
Use your budget as a tool to help you visualise where you are sitting financially. If you don't have a budget now is a great time to consider putting one in place. Check out How to create a weekly budget in our Help & Guidance hub.
Use the right accounts
Achieving your savings goals can be made easier by using the right accounts. While there are many account products around, you need to understand the difference between a transaction account – the one you access for everyday spending, and a savings account – where you add funds to regularly, not make withdrawals, and see your money grow over time.
You will want to consider the fees and features offered by different accounts, based on their purpose. For example, some accounts are designed for saving money over a period of time, such as our Target Bonus which rewards you with bonus interest when you make regular deposits and no withdrawals.
Daily transaction accounts such as our Simply Access, on the other hand, are designed to allow for easy transactions and access to your money for everyday spending.
Changes you can make now
Here are some changes to consider making to help you save more money:
- Your current accounts - having a daily transaction account for everyday spending, and a high interest savings account to put your savings into can be a good way to manage both your spending money and the money you want to save
- Set up regular payments to your savings account. You could have your pay deposited into your daily transaction account, and commit to transferring a certain amount into your savings account each pay cycle
- Cut unnecessary spending. Check out our infographic on how to save without trying for simple changes you can start making now
- Review your current debt and, if suitable, consider whether debt consolidation could help you. Visit our Manage your debt hub for more information
Maintain and improve your habits
It's important to keep up your good savings habits and make alterations as your circumstances change. For example, if you pay off a debt you could consider putting that money into your high interest savings account, rather than spending it because it seems available.
Things to consider into the future with your savings habits:
- Keep your budget up-to-date. This will help you consider areas to save money, and can also work as a planning tool should your income drop or increase at any stage
- Review your savings accounts as part of a yearly financial health check. Consider fees and interest rates for both your transaction and savings account
Related tips
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