You have to plan if you want to get as much out of your savings as you can.
An online report by http://www.bankwest.com.au
gives some hints and tips on how to make sure your money is working for you.
Spend a few minutes learning how to save ? it will pay off big time: There is this myth that saving is not fun and that trying to save somehow makes you boring. But nothing could be further from the truth. Saving seriously gets you places. Saving leads to having a deposit for your own home.
Know where it goes: First, you need to figure out exactly where your money goes. Try keeping a money diary for a month where you write down everything you buy and how much it costs. This quickly reveals where the bucks are being blown. You can then go through and see what things you can?t live without (rent, bus fare), what areas you can trim (clothes, entertainment) and what you can cut out altogether (take-away coffee, pedicures). Little tweaks to your spending here and there soon add up to big savings.
Make a budget: Once you have an accurate picture of what you spend, you can plan a realistic budget that you actually have a chance of sticking to. Don?t forget to budget in a few treats because if your financial diet is too strict, you will be tempted to fall off the wagon.
Set goals: It is much easier to compromise on your spending if you?ve got a good reason for doing so. Write down what your savings goals are and put the paper in your wallet. Next time you reach for your money to buy something you just don?t need, you will see your goal and think about the purchase. Hopefully, it will be a no-brainer.