Money saving tips

The RBA may have held interest rates for now, but many analysts say we are set for another 2 rate rises by the end of the year and even more in 2011.

Rising petrol and food costs and the threat of sky rocketing inflation means we need to find ways to make the dollar go further.

If you need help with budgeting, savings or managing your debt, speak to one of the financial advisors at Intellichoice today on 1300 55 10 45.

Couples keeping separate accounts

Many young couples are choosing to keep their finances separate and not even operate a joint account to pay for a mortgage in both of their names. Most however, have three accounts - one joint account and two separate accounts.

A Relationships Australia survey found that financial difficulties were nominated as a cause of relationship problems by 40% of people across all income levels. Conflict over money was nominated as a major reason for separation on 35% of divorces.

So sharing savings – and particularly debt - isn’t a decision to take lightly.

5 steps to choosing the right account

There are five steps to choosing the right bank account that will suit your needs and not cost too much in fees and charges.

Step 1 - Assess your needs
Step 2 - Weigh up fees
Step 3 - Ask about waivers
Step 4 - Does it meet your needs?
Step 5 - Look into add-ons

Some banks waive monthly fees if you deposit your salary, package your home loan or do a lot of business with the bank. Add-ons such as an online saving account may help you save for that big purchase.

Increasing wealth means higher rates

The per capita wealth of Australians is almost $46,000, up $6,500 in the past three months, according to research from CommSec.

"Financial wealth now stands at the highest levels in two years and further improvement can be expected in 2010, although probably not at the same pace witnessed in the past three months,'' CommSec chief economist Craig James said.

Per capita wealth slumped nearly $20,000 as the global financial crisis took hold. That trend is now reversing.

"The improvement in financial wealth, together with higher house prices and a stronger job market will support consumer spending in 2010,'' Mr James said.

The Reserve Bank highlighted the surge in household wealth in its recent decision to lift interest rates.

Aussies lose $3K per year

Australians cannot account for $59 in cash each week – around one third of their total cash spend and one of the highest proportionately in the world, according to a new survey commissioned by Visa.

The international research surveyed more than 12,000 adults in 12 markets around the world (including 1,003 Australian consumers) asking respondents to estimate their “mystery spending,” or the cash they spend but cannot account for every week.

The survey shows that Australians cannot account for $59 a week, 34 percent of their total $176 cash spend a week and equivalent to $3,068 per person each year.