Deposit wage slice straight into savings account

Tuesday 14 July 2009

Article by Mozo

Consumers looking to shore up their personal finances have been advised that putting a slice of each monthly paypacket into a savings account could help to get things back on track.

The Courier Mail points out that Fido has a host of money-saving tips such as this designed to help people make their money work harder.

Other recommendations include overpaying on home loans to take advantage of the historically low interest rates on offer at the moment.

Those who are not yet doing so may be relieved that the Reserve Bank kept interest rates on hold for another month when it met last week.

Speaking to the paper, AMP financial planner Tony Rigby explained that Australians need to get to grips with debt or avoid facing some fairly dire consequences.

"Australians are spending more than what’s coming in the front door and that’s why they’re blowing out their credit cards bills. We’ve got over $40 billion owing on credit cards and that’s a pretty scary figure," he explained.

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