Savings Tips On Financial Products

We all know how important it is to save money on our groceries and utility bills, but some of the biggest savings can come from our financial products.

The number of financial products held by Australians continues to grow each year. Many of us have savings accounts, home loans, personal loans, credit cards, home insurance, car insurance, personal insurance and many more.

By shopping around and by ensuring that you have the right products for your needs it is possible to make considerable savings on your financial products.

Savings Accounts

Most savings accounts will have a monthly fee, but there are ways to get around them. Some accounts will offer to waive the fee if you deposit a certain amount into the account each month. Most people can reach this amount based on their wages alone, so if possible this is the type of account to go with.

If like many people you have multiple accounts with different banks, it is a great idea to consolidate all of your accounts into a single account to save on fees. Many banks now enable you to have ‘sub-accounts’ so that you can still separate your funds without paying additional fees.

Home Loans

The biggest saving for many families will come via a lower interest rate on the mortgage. If you can refinance to a cheaper home loan that still suits your needs, there are significant savings to be made in the short term and especially in the long term.

Personal Loans

As with home loans, you can save good money by refinancing into a lower interest rate on your personal loan. For further savings you can also look at consolidating your personal loans into your home loan, however there are a few things to consider before jumping into this strategy.

Credit Cards

Many Australians do not have the right credit card to suit their spending habits, and as a result they are paying more in interest and fees than they need to be.

When you compare credit cards it is important to look at the interest rate, but it is important to also consider how the interest is applied and whether or not it suits your specific needs.

Insurance

The insurance market is very competitive here in Australia, and it is generally not too difficult to find a better deal on your home or car insurance.

Many insurance companies also offer multi policy discounts if you hold your home, contents and car insurance with a single insurance company. For those insurers that also offer life insurance and income protection you may be able to save even more.

Getting Started

The easiest way to start saving is compare the financial products you hold with those that are available in the market. There are numerous websites such as Money Buddy that allow you to compare a range of different financial products from different banks and financial institutions.

Once you’ve found a better deal and have done your homework to ensure the new product still suits your needs and objectives, you simply need to switch to the new product and start saving!

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