Dollar Saver Tip #13
Stashing your money away in a high-interest savings account is a no-brainer – it's free money.
But if you're putting everything into 1 savings account and withdrawing as you need, you're likely losing track of how much you're actually spending and saving.
This is where having more than 1 savings bucket can be useful. Put your rent into 1 high interest savings account, your bills into another, and your expected discretionary spending on groceries and eating out into another.
Then, put everything you actually want to save into a separate, high interest savings account – which you don't touch!
Did you know?
ANZ figures from 2021 show the average millennial spends $4,311/year on 'spenemies' – those little mindless purchases you tap on your phone or your card.
These 'spenemies' usually include food and drink, impulse purchases and entertainment.
You don't want to mix them completely. But by separating your money into buckets, you can clearly see what you're spending and saving – and possibly reduce your 'spenemies' along the way.
By being more mindful and cutting back on just 25% of those ad-hoc purchases, you could save over $1000 a year. Get your spending in order for 2023 and start saving now!