How you know it’s time to start a savings account

A research report from Wesley Mission in New South Wales found that 38 per cent of households spend more than they earn. 19 per cent of households rarely or never maintain a household budget.

These are certain indicators of current or future financial stress and debt problems. Financial counsellors often advise people with budgeting problems to arrange for some savings to be debited from their transaction account on their payday and paid to a savings account. Choose a great savings account on InfoChoice today. Remember your savings account does not need to be with the same bank or credit union that has your daily transaction account.

Source: Banking Day