Dollar Saver Tip #34
With savings interest rates so high at the moment it's crucial you're stashing away every cent in your savings account, and banks are making it easier than ever.
Rebecca here, one of our money experts at Finder. Rising interest rates have caused pain for home loan borrowers but it's good news for savers, as long as you're taking advantage of it!
Some banks offer a 'round up' feature which means, when it's turned on, all your card transactions will be rounded up and the spare change added straight into your savings.
If your bank offers this feature, it literally takes seconds to turn it on and start saving.
You can usually choose a dollar figure to round up to, such as to the next $1 or even to the next $5.
For example, if you spend $6.50 in one transaction, your bank could put 50c or $3.50 straight into your savings.
Did you know?
According to Finder's research, Australians make 24 debit card transactions per month on average. That's 24 opportunities to stash some spare change into your savings account!
I turned on this feature on my own bank account and have been saving an average of $124 a month thanks to me rounding up to the nearest $5. I'm on track to save a total of $1448 this financial year.
It's only a few cents or dollars here and there which you don't necessarily miss but can make a big impact.
If your bank doesn't offer this feature, you could consider setting up a small weekly or monthly transfer from your bank account to your savings account instead. At the moment, every dollar counts!