Newspaper article The Chronicle (Toowoomba, Australia)

Self Control Helps with Stashing Away the Cash

Newspaper article The Chronicle (Toowoomba, Australia)

Self Control Helps with Stashing Away the Cash

Article excerpt

There are some expenses you simply have no option of cutting back on -- rent or mortgage expenses, energy bills, insurance cover and food among them.

Other budget-busting items are not so sacred and, with the help of a little self-control, you can stash more money into your savings.

Here are some smart tips for avoiding unnecessary expenses.

Consolidate your banking

Are you one of the many Australians with multiple bank accounts? Streamlining your banking into one spending account can help you save money, according to a 2013 University of Utah study.

Researchers found that having a single bank account enabled people to keep track of money going in and out -- helping them spend 10 percent less of their money.

Paul Cooke, senior adviser with Parker Financial Services, agrees that "less is more" and recommends opting for an offset account -- a transaction account that is linked to your home loan.

Take charge of credit cards

Another trick of the trade recommended by Mr Cooke is to reduce the limit on your credit card. …

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