Five proven strategies for saving $5,000 this year

Here's five steps to save more than $5000 this year:

1. CHECK YOUR SPENDING, keep records and find easy savings.

2. PAY DOWN DEBT. Interest rates on debt can eat your money quickly.

3. LOOK AT YOUR LIFE and make changes – like cycling to work, cutting back on coffee and alcohol.

4. MAKE IT AUTOMATIC and set a direct debit from your transaction account to your savings account.

5. SEEK BETTER RETURNS by shopping around and finding an account or deposit that pays over three per cent.


Source: The Age