Saving our hard earned money can be a challenging exercise. Not only do we have daily costs to deal with, unexpected expenses can also put a dent in our savings plans. The tips below should help to make saving a little easier:
1. Establish a savings goal
Establishing a realistic savings goal can provide an incentive to save and at the same time give you the opportunity to measure how you're traveling. When you set a goal, such as saving for that dream holiday or a deposit on a new home it's best to put in place both a date when you plan to achieve the goal and how much you will need.
2. Choose the right savings account
It's amazing what a difference a high interest earning savings account can make. If you need regular access to your savings why not consider QPCU's Netlink Direct Savings Account. If you want to avoid the temptation of accessing your savings early a term deposit is an excellent option. If you're a shareholding member and saving for something special, our Bonus Saver account offers bonus interest if you make no withdrawal and deposit at least $200 during the month.
3. Choose the right credit card
If your credit card monthly repayment is impacting on your savings you may want to consider changing to a credit card with a low rate of interest such as the QPCU Bluey Visa Card which has a great low rate.
4. Keep track of spending
Setting a budget and keeping a record of all the small or minor purchases you make can show you how much you really spend on things like chocolate bars, lunches or after work drinks. Keeping a record of your expenditure allows you to see areas where you may need to improve on your spending habits.
Click here to access our online budgeting tool.
5. Bank within your transaction limit
By ensuring you use your monthly limit of transactions effectively you can avoid paying extra fees and charges.
6. Set up direct debits
By setting up direct debits to pay your recurring bills you can save time and money. Time because your bills are paid automatically every week / month and you can save money by avoiding additional transaction fees and reducing the chance of having to pay late fees on outstanding bills.
Find out more about our direct debit options.
7. Set up specific savings sub accounts
By setting up different accounts for different purposes (for holidays or Christmas etc.) can help you to achieve your savings goals. For example QPCU has a Christmas Club Savings Club Account to help members save for Christmas expenses.
Download our General Information Terms and Conditions on QPCU savings accounts here.