Try this strategy to save more

Try this strategy to save more
With so much of our lives lived online, its almost impossible now to get by without access to funds electronically. Opening an online bank account is generally a simple process and will save you time, money and make your life financial life more streamlined overall.

If you don’t currently have an online account, your best bet is to call into your local bank branch and have them do the hard work for you. If you already have an account with them, you can likely also do this over the phone. Opt for paperless statements for all your accounts to banish excess mail form your life and do a little for the environment at the same time!

There are all sorts of different types of accounts to choose from and its advisable to have a checking account for your day-to-day expenditures as well as at least one savings account with a higher interest rate. Many checking accounts come with low or no monthly fees; speak with your bank manager directly to ensure you’re opening the right account for your needs.

When it comes to savings accounts, think about opening a couple with very specific goals or purpose in mind. You might be saving for retirement, in which case a long-term account with high interest rates will be the way to go; these often come with penalties if you withdraw cash, meaning you have incentive not to touch that nest egg.

Other shorter-term savings accounts are great for vacation funds, college fees, emergency situations or saving for a big event like a wedding. These types of accounts typically will have slightly lower interest rates but won’t penalise you if you decide to withdraw funds.

Online accounts make transferring money between your accounts easy, and also allow you to transfer to other account holders with other banks, as well as to overseas accounts.