Aussies 'turning cents into dollars with savings'

Australians are good at spending. Record debt figures from the Australian Bureau of Statistics prove that. However, Australians are also becoming very good at saving, with near-record amounts being saved each year by people all over the country.

Despite the spending sprees in the shopping malls and retail outlets across the nation, many people are saving money where they can and storing it in high interest savings accounts.

However, what is the best way to save money?

According to the Sunday Telegraph, shoppers should only go to the grocery store, supermarket or shopping mall with a shopping list. Going without a list entices consumers to make spur of the moment purchases.

Tony Vermeer, of the Sunday Telegraph, also suggested: "Get rid of your credit cards. Pay cash or direct debit whenever possible. If you can't live without a card, choose one and cut up the rest.

"Use the card only in emergencies and pay as much as possible off it each month."

When money has been cut out of the weekly spend, choosing the best place to keep it is important.

If you want to keep all your banking together in one place, some of the traditional banks, such as the Commonwealth Bank and NAB, now provide internet savings accounts that can be accessed along with regular transaction accounts via one internet banking login.

These accounts are sometimes called all in one accounts.

Comapre savings accounts.

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