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Febusave is an ANZ initiative to encourage women to save money and develop a habit of saving regularly.ANZ revealed the results of “Women and Money Confidence” research study in January 2010. The results were alarming to say the least.* 58 per cent of women have less than ,000 in savings and 33 per cent have less than ,000.* 56 per cent of Australian women do not save money on a regular basis or regularly dip into savings for living expenses* 29 per cent of women are discussing financial matters with friends and family more often than they did 12 months ago.To set the example, I will delve into some detail about my savings habits.* I have more than ,000 in savings.* I have a credit card debt of $content.00If any money is spent on my credit card, it is paid back immediately.* I save at least to per week.Some people are surprised at how much I save and how much I avoid debt. They want to know my secret or philosophy for saving. Only the other day I spoke to bank about another new savings account I was starting up.I was asked “So, you think it’s better to save rather than use debt?”Um…. yeah!! But it surprises me that a re-education is needed.So I will share the methods I use to save money in the hope that other women will join the Febusave program and create their own savings goals.Top Five Tips on Saving1. Don’t get a loan - whatever it is, a car, a house, a holiday. The truth is, if you need a loan, you can’t afford it. If you must get a loan, try to save up a large amount of the principal amount and make sure your loan allows you to pay back lump sums to cut down on interest.2. Get the lowest % rate credit card available. Forget frequent flyer, reward points, bonuses etc. If you have a low interest rate credit card and you pay it back immediately every time you use it, you will be in a great position to reach your savings goals. It is preferable to live without a credit card but for many of us, this just isn’t practical.3. Save an amount each week - be it , , or 0 - just make sure you put away SOMETHING each week. It will get you into the habit of saving for the sake of it. Once you are used to saving, it will feel strange when you miss a week. If you make your own lunch every day, you can save anything from to 0 each week. Look at your spending and see if there is one small area in which you can cut back.4. Start a separate savings account. If you try to save in your normal everyday account, you can end up spending rather than conserving. Start up a separate savings account, preferably one that will penalise you for withdrawals and reward you with bonus interest each time you make a new deposit.5. Don’t just save towards a goal. I bet this one is a surprise. Why, you ask? Because when you save towards a goal, you reach the goal and then you spend the money. Which brings you back to square one. No savings! So, you also need to get into the habit of saving for no reason whatsoever. Or pick a reason such as “I like to watch the interest go up”.I hope this helps to convince you that saving is easier than you think. To participate in Febusave, set a savings goal for February and track your progress. By participating you can also win a ,000 ANZ savings account of your choice.So why not give it a try? Join up on the Febusave website and start saving!!

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