Change your credit card and halve your rate

Justine Davies is a finance author with a decade of financial planning experience.

Justine says for Gen Y a good savings plan is a bit like having a good exercise plan – the key to success is moderation. If you go from doing nothing to sweating through six gym sessions, 30 laps of the pool and a half-marathon each week, chances are you'll burn out fast.

The trick is to save money in ways that do not affect lifestyle, like changing your credit card from a high rate to a low rate. You could halve the rate you are paying. On an average card balance, that could save you about $50 a month.

Source: The Daily Telegraph