Keep a watch out on your bank account balance, one industry expert has advised.
People should be keeping a close eye on their
bank account balance, according to one industry expert.
Paul Clitheroe, chairman of the Financial Literacy Foundation and writing for the Coolum and North Shore News, said online banking is one way that individuals can ensure they know what is going in and out of their account.
This makes sure that people can maintain the minimum amount of money necessary to cover any bills.
He added: "It's a sensible step in planning ahead for direct debits that may apply to phone or power bills plus loan repayments."
Shopping around for savings accounts is another piece of advice from Mr Clitheroe, who suggested that a selection of organisations are paying rates that are over the Reserve Bank of Australia's official cash figure of 4.25 per cent.
However, Jim Tate, chief product officer for Westpac, recently announced that Australians should be aware of having their bank accounts drained by conmen who are card skimming – a situation which could get worse.
By Emma North
