Are your saving strategies up to scratch?

We suspect there are very few people in the world who don’t wish they had a little more cash in their bank account – and for good reason! Making sure you manage your savings properly could be the key to ultimate financial independence and a comfortable retirement.

This is exactly why we here at Bank of Heritage Isle want to make sure you are up to scratch with your savings habits. So just how are Australians saving their money?

Fashion, fun and utilities

A recent global study from Nielsen has revealed the favourite methods of saving from around the world. Australia was included in the Asia-Pacific region, and it appears that we and our global neighbours are putting a great deal of focus on reducing our spending in three different areas: clothes, out-of-home entertainment, and gas and electricity.

And we’re not alone. Cutting spending on fashion and fun were the top two areas of saving for every single continent, though the third most popular was more varied. Europeans were switching to cheaper grocery brands, while the Middle East and North America were both kicking the takeaway habit to see some improvement in their savings accounts.

Where are we going wrong?

While it’s certainly admirable that we are making an effort to save, the fact remains that people in the Asia Pacific, Australia included, seem to be missing out on some of the most important methods available. Nielsen reports that only 16 per cent of us were looking for better deals on home loans, credit cards and insurance: finding a better deal (such as those offered at Bank of Heritage Isle) could have a far more significant impact than taking shorter showers.

Another revelation is that only 18 per cent of us were cutting out the annual holiday, another choice that could have a massive impact. The Australian Securities and Investments Commission found that the average Australian spends the equivalent of $52 a week on holidays – almost a quarter of the equivalent weekly housing costs.

The Australian Bureau of Statistics also tells us that the weekly household expenditure on things like gas and electricity end up being $39. Is it really so wise to concentrate on factors that have far less of an impact at the expense of finding a better home loan?

So, are your saving strategies up to scratch? If you’re looking to make the most and lose the least of your savings account, make sure you get into contact with us here at Bank of Heritage Isle for the latest tips, tricks and banking product deals.