Smart strategies to speed up your savings
- Review your banking products
- Use a budgeting tool to check your spending
- Pay less tax with salary packaging
- Make saving a habit
“The last year has been a busy one for nurses. Finances were often put on the back burner during COVID-19,” reports BankVic Mobile Lending Manager, Paul Meilak. “Many healthcare workers I spoke to were literally working, eating, sleeping and then going back to work to do more overtime.”
Sounds like you? If so, it’s time to press pause and look at your financial wellbeing. All your hard work should be pushing you towards your savings goals in the most efficient way. Here are some tips to get you started:
Tip 1: Pay yourself first
Consider setting up an automatic deposit into a savings account every pay day. Even if it is only a small amount, you’ll build a healthy balance over time. It’s also a great place to park your overtime payments.
Tip 2: Set up salary packaging (it’s easier than you think!)
Some nurses don’t set up salary packaging because they think it’s too complicated, but actually, it’s relatively straightforward and very worthwhile. The main advantage of salary packaging for healthcare workers is that it enables you to pay less tax and take home more pay . Salary packaging cardholders could spend up to $9010 on everyday expenses and $2650 on meals and entertainment per year. You can even use this pre-tax allowance to pay your rent or mortgage. Read more about salary packaging for healthcare workers.
Tip 3: Be smart with your banking
Do a health check on your accounts. Are you paying high fees and getting very little interest on your savings? BankVic has a great range of savings and investment products with attractive rates for healthcare workers. Same with your mortgage, loans and credit cards. BankVic lenders understand fluctuating wages and salary packaging, and will factor these in to your borrowing capacity to offer the best deal available.
Top 4: Use an online budget planner
The BankVic Budget Planner will help you see where your money is being spent so you can identify potential savings. Watch out for automatically renewing subscriptions and memberships. If you have a credit card, try to repay the balance before it attracts interest.
Tip 5: Make sure you’re getting the best deal
Spend an afternoon calling your insurance company, internet provider and utility suppliers to ask for a discount on your current rates. They can be very flexible to keep your business. If you have a home loan, now is the ideal time to consider refinancing to a better deal.
To look at how you can set up your banking to maximise your savings, pop in and see us at one of our hospital branches or call us on 13 63 73 to speak to a personal banker. BankVic is proud to serve Victorians working in health, emergency services and policing. Contact us to find out how our savings and lending products are tailored to meet the unique needs of nurses and other health workers.