Hopefully, you have a savings account for yourself, but do you have a child saving account? A savings account for children allows you to provide for their future and can teach them the value of putting money aside. It’s a good way to encourage your own savings too, since your children will model your behavior. Many banks offer kids savings account, with lower deposit amounts and often no fees, as an incentive.
When considering a savings account for children, make sure it is fee-free. Children generally have less money to deposit than adults and you don’t want to unintentionally penalize your child by opening a kids savings account with unexpected fees and charges that negate any benefit.
If your child is old enough, read through the Product Disclosure Statement with him or her. This will help them understand that the child saving account has its own rules and there may be costs associated with bending or breaking them. A savings account for children shouldn’t have much, if anything, in the way of fees, but teaching children to read their banking literature is a good lesson for the future.
A kids savings account can also be a big incentive. Perhaps you can offer to match some of the money your child deposits. Receiving the monthly statement can be positive feedback that encourages your child to continue saving regularly.
Having a child saving account with their name on the paperwork can be a big step in growing up. It can provide your child with a sense of responsibility and the ability to make decisions about certain aspects of their own life. You’ll be able to watch them blossom before your eyes.
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With the price of everything rising, do you wonder if you’ll ever be able to save any money at all? We worry about how to save money when everything is so expensive or what the best way to save money is. There are actually many ways to save money and several of them are so simple you’ll hardly notice them at all.
Start an automatic savings plan. Begin with a small deduction, maybe 5 or 10 dollars per pay cheque. Make it a small enough amount that you won’t miss it and when you are used to that amount, raise it just a bit. Did you get a raise? Then send at least half of it to your savings plan.
Shop sales. How to save money doesn’t involve just putting it aside. It also includes spending less. Compare prices, the Internet can help you with this for free. When out shopping ask store staff about upcoming sales or discounts on floor models or discontinued items. The very best way to save money is to not spend so much in the first place.
Want more ways to save money? Pack your lunch at least once per week. Drink tap water instead of bottled. Pay off any debt that charges fees and interest. Look for high interest savings accounts as a place to stash your money now that you have some.
The best way to save money may not be one single way at all. If you combine several ways to save money, you’ll probably see bigger savings than trying to find a single best way.
So next time you wonder how to save money, remember that over time little things will add up to huge savings.
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Make more of your cash with high interest online savings
Open a NAB iSaver before 20 November 2008 and for 4 months you’ll receive the special introductory variable rate of 6.25% p.a. After this introductory period, you’ll receive the standard NAB iSaver variable interest rate, currently 5.00% p.a.
- No bank fees - no transaction or account fees
- Unlimited deposits and withdrawals
- Immediate and unlimited access to your savings through a linked NAB everyday account. Fees may apply to this linked account
- NAB deposits are Government Guaranteed
There’s no minimum balance and it takes less than 10 minutes to apply if you already have a NAB everyday account.
PLUS with NAB’s 150 years of banking experience you can rest assured that your money is in safe hands. Hurry this offer only last till 20 November.
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Balance transfer credit cards can be a tool to help you get out of debt. Used wisely, no transfer balance fee credit cards or 0% balance transfer credit cards can give you that extra boost toward freedom from debt. If you’re religious about not charging anything more on your new card and paying as much as possible each month, you’ll find your debt dropping like a stone.
Consider the following strategies:
- No transfer balance fee credit cards: If you want to transfer a high balance to a new card with better terms, look for one with no balance transfer fee. Some cards impose a limit on the amount of fee they’ll charge, others don’t, but one with no fee at all is clearly best. Be sure to watch the interest rate, so you don’t get stung.
- 0% balance transfer credit cards: These cards may charge a one-time balance transfer fee, but the interest rate on the balance itself will be 0%, at least for a time. You’ll want to ensure you can pay the balance off, or transfer it to another card, before the time limit expires. After that date, the rate usually rises to a very high percentage.
- Tiered payment structures: These cards will allocate portions of your payment toward various rates and the fine print will tell you which interest rate receives the money first. A balance transfer credit card that puts your funds toward the higher-interest balance before the lower one is preferred.
Balance transfer credit cards are designed to bring new customers to the bank. The bank will not make much money with no transfer balance fee credit cards schemes unless you then carry a balance for a while. The same applies with the 0% balance transfer credit cards. During the 0% time period, the bank makes no money. They’re hoping you’ll leave a balance owing long enough for them to make a profit and often, they will have other fees in the “fine print” to help them make that profit. The way to protect yourself is to read all of the advertising and legal jargon before opening the account, so you know exactly how to make these cards work for you.
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Aussie now offers Personal Loans for anything you like.
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