By: Mirage Ratnayake

If you are having a trouble on saving some money for rainy day, this article offers some tips to help you get started:

According to reserve bank governor Phillip Lowe Australian has so much capacity to save money if we needs unfortunately that’s not the case at the movement most of us spending more than we earn.

If you’re one of millions of Australian who have no regular saving plan, now is the time to start and stay with one.

1. Find the right saving account

There are many options for saving accounts available. To increase the amount of money you save, look for saving accounts that offer high interest return.

2. Investigate savings account option

Banks and financial institutions offer different types of saving accounts. It’s important that you investigate all your options before putting your money into saving s accounts.

3. Start your saving account with small amount money

Open an account with a small amount, and put away $25 each week, figure out reasonable plan for depositing a small regular sum of money each month to an account that you will not use for living expenses. Then keep adding to it.

4. Separate your savings

Most of us have a checking and saving account with one financial institutions, one way it’s convenient to move around money but usually it’s too convenient when it’s comes to pulling money out of what should be a long-term saving account.

 It’s better to find an entirely separate bank account for saving purpose and stay untouched till reached the goal.

5. Direct deposit

Try to have a portion directly deposited into your savings account. Remember to only set aside as much as you can afford at first.

6. Keeping track of your saving account

As you withdraw or make deposit keep track of the amount of money remaining in your saving account.  When your bank statement arrives, compare the deposit and withdrew of the account and amount left.

To earn the maximum interest on your savings, limit the amount of withdraws you make from your savings account.

7. Increase your saving deposit

As you earn more money put those extra dollars to your savings account rather than filter them away.

8. Keep your eyes on new arrivals

If another bank or small credit union offer new higher yield on savings take your money to that institution.