Aussies 'should have six months' salary in a savings account'

Tuesday 29 March 2011

Article by Mozo

Forward-thinking Aussies should open savings accounts with at least six months salary in them to protect them against unforeseen expenses, according to a pair of experts.

Aussies 'should consider saving six months' salary'

Writing for News Limited, David and Libby Koch, authors of Kochie's Guide, said this money should be easily accessible.

They noted that for many this will be hard to set aside immediately, so the duo suggested starting a programme in which a percentage of earnings is put away in a savings account.

The pair also advised saving for retirement early and said bringing down debt to a manageable level is also important.

According to the couple, having strong savings accounts could safeguard Aussie families in the event of a disaster.

Last month, the Commonwealth Bank unveiled a new product enabling customers to access their funds online, over the phone or in their local branch.

The GoalSaver account offers a variable bonus rate of six per cent, or a standard rate of three per cent, news that might tempt those starting to prepare for the future to head online and compare savings accounts.

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