Your first graduate job: 5 Money Tips
Start by reviewing your current situation – perhaps you are already saving money but want to step it up a notch, or you are starting from scratch. Take some time to understand and map out:
Use your budget as a tool to help you visualise where you are sitting financially. If you don't have a budget now is a great time to consider putting one in place. Check out 7 steps to review your budget and How to create a weekly budget in our Help & Guidance hub.
Doing a health check on your expenditure is a great way to find savings. Here's a list of financial and service products to check.
Achieving your savings goals can be made easier by using the right accounts. While there are many account products around, you need to understand the difference between a transaction account – the one you access for everyday spending, and a savings account – where you add funds to regularly, not make withdrawals, and see your money grow over time.
You will want to consider the fees and features offered by different accounts, based on their purpose. For example, some accounts are designed for saving money over a period of time, such as our Target Bonus which rewards you with bonus interest when you make regular deposits and no withdrawals.
Daily transaction accounts such as our Simply Access, on the other hand, are designed to allow for easy transactions and access to your money for everyday spending.
Here are some changes to consider making to help you save more money:
It's important to keep up your good savings habits and make alterations as your circumstances change. For example, if you pay off a debt you could consider putting that money into your high interest savings account, rather than spending it because it seems available.
Things to consider into the future with your savings habits: