New Year is 'the best time to kick-start saving'

As the New Year gets underway, Australians are being urged to start saving for their future.

According to the Commonwealth Bank, there are a number of ways to ensure that people make the most of their money – on top of using a price comparison website to compare savings accounts.

Top of the bank’s list is creating a decent budget.

Michael Cant, executive general manager of retail products at the Commonwealth Bank, said: "Take control of your finances and track your spending. It is important to know where your money goes so you can identify areas to cut back and save."

Other hints from Mr Cant included ensuring minimum monthly credit card repayments are made on time so that no charges are added to bills.

He also suggested withdrawing cash when purchasing good using EFTPOS to ensure that excess withdrawal fees are avoided.

"Don’t use foreign ATMs as they may charge fees," he added.

According to Harry Senlitonga, financial analyst at Canstar Cannex, people are increasingly using debit cards so they can keep a close eye on their spending.

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