Savings Hints

Here are some simple savings hints

 Savings Tool and Planning

The development and action a savings pattern requires discipline and guidance. Saving Money can reap tremendous benefits it helps you achieve your financial goals.

Saving for the deposit on a house, saving for new furniture, saving for a holiday or a new car are all required to achieve a better lifestyle and financial position.

To help you identify what you need to save on a weekly basis to achieve your desired outcome we have included a savings calculator. Just in put how much you would like to save each week and the calculator will calculate how long it will take you to save the amount you are seeking. Best of luck.

Savings Calculator

Basic Savings Accounts

This type of savings account is what most of you all would already have.
Generally the interest rate on this type of account is very low but your money is kept safe and secure.
You can access your money at any time from this account either directly from you bank or via an ATM machine.
You can hold your savings account with many different financial institutions such as banks, credit unions or even online banks.

High Interest Accounts

High interest saving accounts can be an effective way to save your money. If you have some spare money in your bank account, that you don’t want tied down into more complex investments, then you can put your money into one of these accounts and earn some interest on it.

This type of savings account is handy, as you have instant access to your money and you never lose the interest that you have earned when you draw your money out of this account.

There are some competitive rates offered out there so make sure you find out which financial institution is offering the best.

The only limitation to this type of savings account is that some account holders limit the number of transactions you can make in and out of the account.

First Home Saver Assistance

The Federal Government has a First Home Saver Accounts Scheme (FHSAa) available for First Home Buyers to save for their first home. The scheme is available if you are over 18 and under 65 and have not previously owned or built your first home to live in.

When a first home buyer contributes into this account the government will make additional contributions after your tax return is lodged and the relevant information about your savings has been submitted to the Australia Tax office.

On approval the government will contribute 17% on the first $5,000 (indexed) on individual deposit contributions made to your first home saver account each year. For example if you contribute $5,000 into the account the Government will contribute and additional $850.00 (Note: There is a limit to the account of $75,000)

You will be able to withdraw the account balance to help with the purchase or construction of your first home.

To find out more about the First Home Buyers Saver Account Fact Sheet click here.