Saving money to travel the world is an obvious one. The real question is where to store all your money so that one you don’t spend it and two doesn’t get taken away in fees and the like. With my mother working for a bank you’d think I knew saving was important… unfortunately when looking at my balance after deciding to travel in 12 months time, well lets just say it didn’t look like I had paid much attention.
Minus a small nest egg that had been stored away in one account I didn’t have much to show for the last couple of years working life. Turns out alcohol, food and general crap had consumed way too much of my dollar and I needed to wean myself off all that lovely stuff… well maybe not alcohol I mean how could I call myself an Aussie and not drink geez.
Having finally moved house to save money and sold all but the vehicle that got me from A to B I began exploring how best to ensure come June 2010 I have enough dollars set aside to allow me the lifestyle I so desire.
First I wanted to store my money somewhere I couldn’t easily get to it. If its too hard to access I won’t spend it easily… right?? Looking about a lot of people recommended (take note these are possibly only Australian Banks / Credit Funds) ING or RaboPlus for online savings accounts. After being unable to extract the information from their website I wanted, I moved on and found UBank. These guys were offering a great interest rate (currently 5.61% with a loyalty bonus if anybody cares), and also backed by the National Australia Bank. Oh and did I mention no fees 🙂 In my head I read perfect savings account for a would be traveler.
I applied online and was up and running with ease. They allow for easy transfer straight from my main bank account or I can setup automatic debits and get the loyalty bonus of 0.1% extra interest (hey anything is good for nothing). Having an account away from my everyday banking makes it easier not to miss the money I was putting into savings. Oh and because its like a two day transfer between them and my main bank I can’t just spend it without jumping through hoops.
The automatic debit made it set and forget. Money came out the same day that my pay went in so that I never miss not having the money. Its just like I’m being paid less, and with less livings costs it was super easy to just not notice. Once the automatic debit was up and going I checked a couple of times to make sure everything was working, then I forgot about it. Well kinda I mean who doesn’t like seeing money build up.
Now and then I add extra money too the account but with everything automatic I’m saving and not having to worry. I know come travel time the money will be there and with extra added now and then its just a bonus. Add to that I reached my New Year’s savings goal and I am even more motivated to save.
Another small tip is that while you have these online bank accounts for savings, make sure you still have a brick and mortar bank you can get in contact with easily. Knowing someone at your local back as suggested in Michael’s know your banker post could just save you when it all hits the fan.
For anybody looking to save I really suggest you get a good savings account away from your main funds (unless your a good saver, I’m not). When you make it difficult to get the money your less likely to spend it. Therefore meaning your trip around the world will actually happen and not fade into a distant memory because you thought buying the couch with built in beer fridge was a better idea. Not that its a bad idea, I mean how awesome would a couch with a fridge in it be. I wonder how much they are….