Aussie women 'offer tips for saving'

A group of women are increasingly looking at ways in which to save money in the current economic climate, it has been revealed.

Those looking at increasing the amount of cash they are able to place into saver accounts could be interested to hear parenting website Kidspot is calling on mums to share their advice on how to manage as the financial downturn rumbles on.

It is challenging its members to come up with 499 ideas on how money can be saved, something Kidspot's Sarah Bryden-Brown tells the Sunday Telegraph there has been an "instant response" to.

"Mums are really good at finding solutions to problems and a lot of mums have said they wanted to find ways of managing with less," she claims.

With work on the list of tips underway, it contains advice on saving money on domestic tasks such as cooking and shopping, as well as guidance on household budgeting.

Indeed, those who are struggling with credit cards and other financial commitments could find advice on drafting up a plan of expenditure proves to be useful.

One of the tips on offer comes from mum-of-two Liz Herriot, who suggests an effective way to save for Christmas is to get in the habit of purchasing gift cards while out shopping for groceries.

She claims that if money is placed into a bank account "it can be eaten by bank fees; but if you buy the gift cards, by Christmas you'll have $400 to $500 to buy presents and food".

Her announcement comes as the Commonwealth Bank - which offers the Commonwealth Platinum credit card in its range of products - reveals it is offering gift cards to the value of $499 for those ideas which it feels are the best.

The news follows comments from Adrian Raferty, chief executive of AccountantsRus, made to News.com.au that Aussies should attempt to have the equivalent of three months' income placed into a saver account to help them cope with an unexpected event.

Written by Bret Clement