How can you develop your finances for tomorrow?
Thursday, 25 February 2016 09:21
What do you do with your money? Do you leave it in your transaction banking account, ready to use at any occasion? Or do you prefer to make something a little bigger happen? How we handle our finances can be important to our future - with savings forming the bedrock for purchasing property, investments and retirement.
Start with stability
Roy Morgan findings from January 2016 indicated that 60.4 per cent of Australians would agree they felt financially stable. This is still lower than it was prior to the Global Financial Crisis, suggesting our national recovery in financial confidence is a slow one. Turning your attention to your savings can help you work towards financial stability. For example, rather than just using a transaction account, you could open up a high-interest savings account as well. This could help you create a system in which you slowly put money aside to accrue interest. From there, you can start building a financial base and plan a property deposit, invest, or whichever goal you wish to pursue.
Putting in place a strategy that allows you to consistently build savings may assist you to develop a healthier financial outlook.
High-interest savings account that rewards you for building savings without taking away money could be a sound way of building excellent savings habits - and perhaps adding a little extra in. An IMB Reward Saver Account gives you bonus interest when at least $50 is deposited each month without a withdrawal. When you put in place a strategy that rewards you for good behaviour, you can incentivise financial growth.
What makes a savings account stand out?
No matter where you are, the best interest rates on savings accounts tend to drive where people go for their banking. After all, everyone wants to get the best deal they can and maximise their savings. On top of this, ongoing fees will drive people to and from particular personal banking accounts. Transaction accounts that minimise fees from month to month may assist people early in the savings process, giving that little bit extra to put aside.
There is also the capacity to make multiple accounts work with one another. As we said before, the concept of automatically transferring from your transaction account to your savings can be a cornerstone of building finances. It can be a smooth, effortless way of building your finances without reminding yourself to save every week.
Investing in the future
Savings accounts aren't the only way to make your money work for you in the long term. While putting aside a large sum can help you purchase a first home, there are other options for generating income for old age or helping you and your family are secure in retirement. Understanding your own financial targets and looking at the options available can help you work out what is best for you to reach your goals. There is a wide choice of different accounts that have different fees and charges, bonuses and how you access your money. Consider your goals to help you choose the account (or accounts) that work for you and your savings. Whether you are starting out or want to grow your current savings, now is the perfect time to do your research.
Tailored solutions for tomorrow
At IMB, we understand that everybody comes from different walks of life and takes different steps along the way. We know that everyone is individual and no two sets of circumstances are the same. Compare our products and services and get in touch with us if you need further information. Call IMB Direct on 133 462 or visit your local branch.