How to save money with banking #NoSpendver

by Kylie on November 18, 2014

Banking is an important part of our lives, but if you aren’t careful with your needs, you can pay unnecessary fees, interest and even put yourself at risk of fraud. Most people have multiple accounts including every day accounts, saving accounts, mortgages, personal or car loans and credit cards. There are things you can do to save money on all of them.

How to save money with banking

Every Day Account
Look for an every day account with no monthly account keeping fee, free ATM withdrawals, free internet banking, free Bpay etc… Basically look for a fee free account. Then when using ATM’s make sure you use your banks so you do not get charged other bank ATM fees. By setting your account up right you will save yourself a lot of trouble. Some of these accounts require a minimum deposit, so check you will meet the criteria, because for some, if you don’t, the fees can be higher than other accounts. If you look around there are often account opening bonuses too, so if you are shopping for a new bank keep your eyes open, compare everything and you might even get paid to switch and save money!

Savings Accounts
In general online saving accounts have higher interest, are quick and easy to transfer through and it’s easy to see their interest rates all the time to know if you are getting the best deal. Most don’t come with fees and if you select a bank separate from the one you are with it can be even easier to save more as it takes up to 2 days to transfer into your account. With it taking this long you have to really want that money because you have to wait for it. I know many people who once they opened a high interest saving account with a different bank to their usual one saved so much more because it was not as easy to access and the fact they had to really think about impulse buys before transferring the money over, or they had 2 days to ponder before the money hit their account stopped them from spending on unnecessary things.

To really help your savings set up an automatic deduction to go straight into your account. This will ensure you save money, as long as you do no withdraw it later.

Remember if you are getting charged fees or are earning low interest shop around and switch.

Mortgages can cost you a lot of money if not set up right. Compare rates, fees and charges for everything with other banks to find the best deal for you. Negotiate with your bank to see if they will match it. You can get monthly fees waived, free redraw if done online, free offset and many other things if you just ask. Banks don’t usually offer advice willingly, but if you ask about specific things or word it like “I am calling to get my monthly fees waived” then remain firm and adamant this is what you would like done, be polite and do not get angry about it. If you are polite but firm, you will more than likely succeed.

Look at all the charges related to your mortgage, take it to your bank and ask how they can reduce it or how they can best help you on each one. Some banks now offer package deals with one annual fee, waiving all other fees if you have a mortgage and some other products such as credit cards, other accounts or things with them. If you have more than one mortgage or multiple products with a bank this can be an excellent option to look into.

Credit Cards
Credit cards, when used wisely, can be a wonderful wealth creation tool. If you are disciplined you can make your regular purchases on them, use the interest free period to keep your money in your account earning interest or saving interest on your mortgage, then pay it in full before the due date. You can collect reward points and often save on fees for other products if you use the same bank.

However, like anything, do your research, compare fees, interest and features to make sure you get the best one for your needs. Also, remember it is very easy to get in trouble with a credit card if you don’t use it correctly. Set a realistic limit on it, not whatever you are granted, keep track of your spending and use it wisely. If you are given a credit card with a significantly higher borrowing capacity than you need, call the credit card provider and get them to reduce it to an affordable level for you.


Whatever you have the loan for, check it to see if you can reduce the interest, monthly fees or any other fees associated with it. Pay it off as fast as possible and aim to save money for things you need instead of getting a loan in the future.

Avoiding fraud

Finding out your account has been hacked is a horrible feeling. Banks are pretty good these days with being aware of your usual banking habits and notifying you, freezing accounts and things, but it is still up to you to be vigilant. Don’t give your pin number to anyone and change your passwords regularly. Have one account for your regular money and a separate account for online shopping. I use two banks for this purpose. Also, check your accounts regularly and report any unusual transactions immediately.

How do you save on your banking?

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6 ways to easily reduce debt #NoSpendver

by Kylie on November 15, 2014

Debt is very easy to accrue for various reasons, yet hard to get rid of. Sometimes we end up on debt because of overspending on ‘stuff’, other times it’s due to accidents and emergencies, but once we have it the rest of our life seems put on hold because of it. The good news is there are many things you can do to decrease your debt faster.

6 ways to easily reduce debt #NoSpendver

First assess your debt. Do you have credit cards, personal loans, students debts etc? What are the interest rates on each, monthly account keeping fees, who are they with and are there any other fees and charges such as annual fees or fees for closing the loan early?

Once you know all of that you can determine the best course of action for you. Generally speaking it is best to pay off the debt with the highest interest rate first and continue to pay the minimum on other debts until this one is gone. Once this debt is gone put all the money you were putting on that debt onto the next debt. This is called snowballing. Some people find it more motivating and easier to stick to paying things off if they go from paying off the smallest debt to the largest. Do whatever works for you.

What can you do to pay it off quicker?
1.) Compare banks
I have discussed comparing credit cards and how to do it a few times. Check interest rates, annual fees and look for 0% balance transfer options so you can save interest and pay off your debt. Be aware this can affect your credit score in different ways, depending on where you live.

For other loans you can compare banks, their interest rates, fees and charges and see if it is worth switching. If another bank is offering a better deal you can always try and negotiate with your current bank to match it.

2.) Negotiate a better deal
If you have a few things with the one bank or have been with them a long time ask them what they can do for you. Will they reduce the interest rate? Tell them you would like all the monthly fees waived and things like that. Any money you are able to save this way is money you can pay directly off your loan. You can even play banks against each other and try to get the best deal. Remember, you don’t just have to stick to banks, there are credit unions and other financial institutions.

3.) Transfer all excess
Whenever you save money on something transfer that amount to your debt. If you have $1.36 left the day before pay day, transfer it to your debt. Another thing you could do is round down. Every time I check my banking if the amount is something like 106.73 I would transfer the $6.73, to round my balance down. I have found all these little amounts really add up and you rework your budget to not miss those tiny amounts here and there.

4.) Save in every area possible
I am sharing lots of ways this month on how to save in every area of our budgets. Any savings you make you can throw straight onto your debt. So things like groceries, clothing, transport and bills are all easily cut back on.

5.) Sell off your excess
Anything you have that you do not need, sell! Have a garage sale, list things on eBay, Facebook, send emails, use GumTree and newspaper classifieds. Just sell what you can and put all that money on debt. (Check how to sell on eBay and 10 ways to sell your used items.)

6.) Look for ways to make extra money
There are so many things you can do to make extra money such as ironing, baby sitting, deliver catalogues, mow lawns, gardening, get a boarder – here are 15 tips for if you do it (even just for 3 months to clear your debt). Check out 15 ways to make money this week, or my book 365 Ways To Make Money.

One last tip, just like Dave Ramsey, I think it is a good idea to have a $1,000 mini emergency fund. It is there for real emergencies like your car needing unexpected repairs, your insurance excess etc. It will stop you using your credit card and help you break the habit of depending on one.

What are your debt reduction tips?

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Debt reduction tips

Originally published Feb 2012


This month is all about not spending money, but one area I have no issue ‘spending’ in is charitable donations, however, when you are strapped for cash, it can be hard to donate, so here are some ideas of things you can do to help charities that don’t cost a lot.


1.) Participate
Tonight I am speaking at and doing the Community Sleepout, with proceeds going to Communities@Work and St Vincent de Paul Society (Canberra and Goulburn area). I signed up a team and together we have raised over $3,000 so far.
Participating in events helps raise awareness, you have the opportunity to raise funds for those in need and if it’s an event like the Community Sleepout, it’s a lot of fun.

This year I was also involved in their advertising with the TV ad, flyers, on the website etc. It was fun doing it all and tonight, I am speaking at the event.

2.) Volunteer
If you have some time, volunteer, even if it is only 1 hour a month, any help is appreciated. It doesn’t have to be sorting clothes (although that is needed pretty much everywhere), you can serve food, clean, do night patrols, admin work, social media, book keeping or use any skills you might have to help charities.

3.) Donate good items
Clothing in good condition can be donated for charities to either sell or used in programs like Communities@Work Care And Share program, where people can be supplied with clothing for job interviews, new jobs and things like that. The excess is sold off at events like the Best Dressed Sale. My favourite and most complimented dress came from their first Best Dressed sale.

Other used items can be donated to charities, but you can also donate new items such as toiletries, baby items, food and toys. Check with charities in your area to see what they need. Also, in this post, I share a lot of ways to get items to donate such as asking the dentist for toothbrushes, we got over 100 packs for Ainslie Village when I asked my dentist.

4.) Use social media
Promote their events, causes, fundraising drives and things on your social media. It can raise awareness, funds and get conversations happening around serious issues. Since being very public about my experiences, I have found the conversations and awareness of those around me has changed and I love it. More are aware and doing more to help those less fortunate than we are.

5.) Seek out opportunities
Let people know what you are looking to do, where you want to help, what you are passionate about and what your skills are. By doing this you will find more opportunities that suit you.

How do you like to help?

You might also like:
How you can help the homeless and my experience
Assistance for low income/single parent families
What to do if you become or are close to becoming homeless
Why help the homeless


3 ways to find the best deals #NoSpendver

November 13, 2014

This month we are reducing our spending with NoSpendver, but if you need to spend money on anything, make sure you are getting the best deal possible! I have mentioned ways to get stuff for free here, some of which can be applied to finding the best deals, but here are some more tips. 1.) […]

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How to say no to your kids #NoSpendver

November 12, 2014

Saying no to kids was not an issue my parents had. We got told no All. The. Time! Well, as a child, it felt like they said no all the time. In reality, we had lots of things and got to do lots that other kids didn’t, we took annual holidays, mum was able to […]

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How to save money with hobbies – #NoSpendver

November 10, 2014

Hobbies are an essential part of life. They give us a break from the daily grind, are a talking point and help keep you mentally healthy. Hobbies can drain your finances if you let them. Some hobbies are nice and cheap while others, like skydiving, are not so cheap. If you are good at your […]

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