Deposit savings tips

It’s never too late to start saving for a property, but most suggest the earlier you start the better.

There's the chance for pending buyers to take advantage of their tax returns, other lump sum payments or bank interest to beef up their savings accounts.

St.George retail banking general manager Andy Fell offers these handy tips to help improve your bottom line.

·     Keep a track of your spending - Online and mobile banking make it easier to keep track of your spending. 

·     Reduce your debt - When possible, try to make extra repayments on your loans and remember to shop around to ensure you’re getting a good deal.

·     Set a budget - This is the most important step for anyone wanting to save money and improve their financial situation. Ensure it includes all types of income such as quarterly bills and general expenses so nothing crops up unexpectedly. 

·     Set achievable goals - Savings goals need to be realistic, even if it feels like a slow process; but allow yourself occasional treats.

·     Change a habit - Choose something you pay for regularly and see if you can cut back. For example, make your lunch at home or buy one less coffee a day.

·     Reward yourself - A small reward once you reach set milestones will help boost your motivation to keep saving.

·     High interest savings account - Choose a savings account that gives you the highest interest rate and deposit a set percentage of your income in your savings account each week.

·     Get competitive - Find a friend or family member who wants to save as well, and start a bit of friendly rivalry to help boost your motivation.

Source: St George Bank