Saving money 'gives long-term satisfaction'

Aussies planning on going online to compare savings accounts might be encouraged to start putting money away after a psychologist claimed cutting back on expenses gives "long-term satisfaction".

Speaking to News Limited newspapers, Dr Timothy Sharp said spending money only provides a "short-term buzz".

"While we get immediate pleasure from buying items, it's the savings that give us the most long-term satisfaction," he asserted.

He advised Aussies not to underestimate the difference simple changes – such as looking for cheaper deals when purchasing everyday items – can make.

Those who decide to open a savings account with the money they avoid spending might benefit from shopping around to find the best interest rates for their cash.

A recent survey by Coles Insurance revealed that the most common reasons for tightening up budgets were the rising cost of driving and general market conditions.

Last month, the Commonwealth Bank revealed a new savings account that enables customers to access their funds over the phone, in-branch or on the internet.

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