How Much Can You Save?

Wangaratta Chronicle - North East Wedding Guide - - FRONT PAGE -

As soon as you’re en­gaged, start putting aside as much of your in­come as you can for the wed­ding. Sav­ing 20% of your monthly in­come is a good - though painful - goal. The longer your en­gage­ment, the more you’ll be able to store away. WAYS TO SAVE: Limit your spend­ing on small stuff (rent­ing movies in­stead of go­ing out; in­dulging in a cof­fee once in­stead of twice a day; down­load­ing just the song you love in­stead of buy­ing the whole CD). These changes will hardly af­fect your qual­ity of life, but af­ter a year, the ex­tra cash will cover some wed­ding essen­tials. MAKE THE MOST OF YOUR MONEY: In­stead of stash­ing your money in a low­in­ter­est sav­ings ac­count, con­sider a term de­posit ac­count or buy­ing shares. The in­ter­est rate can be dou­ble that of a sav­ings ac­count. Just check the fine print to avoid penal­ties or lock­ing your money away for a fixed term and be­ing un­able to ac­cess your money in time for your wed­ding.

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