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As most financial institutions offer multiple bank account options, you can often request a portion of your salary to be deposited into a higher interest savings account than your everyday transaction account (automatically on a regular basis), which will enable you to stick to your budget. Keeping savings out of easy reach can be an effective deterrent against excessive spending on non-essential items.
An even better option may be to give the secondary account details to your employer and ask for a fixed portion of your salary to be paid to your savings account.
Furthermore, you could consider opening a savings account with another financial institution which means you won’t be able to instantly transfer funds between your linked accounts.
If you currently have one transaction and one high interest savings account with ABC Bank you can consider opening a new high interest savings account with XYZ Bank, and then inform your employer of your desire to nominate another account for your pay. This will allow you to build up your savings in the new account whilst using your transaction account to pay for your expenses and other items.
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