You might think that savings accounts don't really help
save much, even though their name suggests so. However,
this is misleading. While they may not compare to other
high yield options like mutual funds or stocks and shares,
they can provide a safe, effective and risk free way of
growing your money fast.
Here are the top 10 tips to making high interest savings
accounts work for you!
1. Deposit credit amounts
If you have obtained some money due from another person, no
matter how small the amount, deposit it into your savings
account. Or if you have obtained a bonus or incentive from
your company, deposit this too into your savings account.
Even though these maybe small your high interest savings
accounts will multiply soon and earn you dividends.
2. Shop on a budget
If you love frugal things including your shopping
experience, make sure to deposit this saved money into the
high interest savings accounts. You can set aside this
amount on a regular basis.
3. Make a goal
You can also make a goal that you will deposit a minimum
amount each week into your savings account. This way you
can resist the urge to spend this extra amount and instead
multiply it in your high interest savings accounts!
4. Money gifts
If you have received some special holiday money gifts or
some refunds then make sure to deposit these into your
savings account too. This is extra money which can be very
useful in multiplying your high interest savings accounts!
5. The company you keep
You might have friends who love spending large amounts and
don't think twice about it. However, you need to exercise
control in not getting swayed by such persons. Ensure you
stick to your plan of depositing money every month.
6. Shop for the highest rate
When looking for a savings account be sure to check for the
best interest rate. Only go for the one which is giving you
the highest returns as otherwise you won't be earning much
in the process.
7. Keep a cap
It always helps to resist the urge to spend more. If you
find yourself able to get by for 35 dollars in a day, try
and stretch that dollar a little more. If you can save an
extra 2-3 dollars good for you! You can deposit it into
your high interest savings accounts instead!
8. Keep a tab on balances
In order to know if you are on track as far as multiplying
your savings goes, make sure to keep a close watch on your
outstanding balances in your high interest savings
accounts. This will help you monitor your progress with
time.
9. The savings strategy
You might have outlined a particular strategy to implement
your savings multiplication process. If you have decided
deposit money whenever any extra money comes in, make sure
to follow this strategy consistently. It's the only proven
way to multiply your high interest savings accounts.
10. Look for new methods
A little creativity goes a long way in multiplying your
high interest savings accounts. Find out a new way to
deposit more money in your savings account. Then practice
it for a month. Then look for another way and so on.
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Richard Greenwood is founder of
http://www.high-interest-saving-account.com.au . The site
allows users to compare high interest online saving
accounts reviewing features such as interest rates, minimum
deposit and fees.
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