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6 ways to brighten up your banking

Posted: 21 March 2022 2:31 pm
Copy of AUINS - One for experts Q/A

Do you know you should focus on your finances, but just can't seem to get the motivation? We've got a few tips to make it a bit more fun.

Tip #1: Join a bank that offers rewards

Why stay with your normal bank when you could be getting something back instead? These days, some banks will give you rewards on your everyday banking, from bonus points to exclusive discounts on certain stores or brands.

Earning rewards can also make you more engaged with your spending and finances, so keep your eyes peeled for the next great offer.

Tip #2: Choose a high interest savings account

If you have your savings sitting in a regular bank account, it's worth looking into moving them into a high interest savings account and earning some interest. Some banks offer rates up to around 2% p.a., which means you'd earn $200 in interest after 12 months if you deposited $10,000.

Tip #3: Join an online community

Thanks to the Internet and social media, it has never been easier to connect with like-minded people to discuss any personal finance questions you may have. It's a great way to improve your money management skills and habits. You'd be surprised at what you can learn.

Tip #4: Partner with a friend or a family member

Having someone close to you who can offer support and advice can also make your personal finance journey a lot more enjoyable.

Tip #5: Play a savings game or two

Savings challenges are a great way to make saving money that bit more fun. Many banking apps now even offer them directly, so it's easier than ever to try one.

Tip #6: Use round-ups

Round-ups are an extremely effective way to turn your everyday purchases into a way to save money. Basically you round up your spend to the nearest dollar, then that rounded-up amount is transferred into a savings account to start earning interest. Again, many banks now offer automatic round-up features in their apps, so there are no excuses for not giving it a go.

Remember though, these tips don't take into account your personal financial situation or unique needs and we can't advise whether a specific product is right for you, so always check the T&Cs carefully before signing up to a financial product.

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