Budgeting with Banks
If you want to make the most of your budget, try having three separate accounts. If your money is split up into certain areas, you'll be able to earn more interest on your savings and avoid transaction fees with banks.
- Savings accounts - put all your savings into this account. Only make deposits and avoid withdrawals. Look around for savings accounts that offer high interest, minimal fees and bonus interest.
- Bills accounts - put a substantial amount into this account as it covers all your expenses. Money for phone bills, electricity bills, and groceries. Look for everyday spending accounts with unlimited transactions and low fees. You might like to create a separate account for larger repayments such as mortgage repayments and car payments.
- Everyday spending - whatever money you have left over become's your everyday spending money. You can use this account for weekend spending money. Look for everyday spending accounts with unlimited transactions and low fees.
Compare savings accounts and compare everyday transaction accounts to get a head start on your budget planning now.
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Calculate what is best for your financial situation with the Banks.com.au Online Calculators.
