You have to plan if you want to get as much out of your savings as you can.
An online report by http://www.bankwest.com.au gives some hints and tips
 on how to make sure your money is working for you.
  • Spend a few minutes learning how to save – it will pay off big time: There is this 
  • myth that saving is not fun and that trying to save somehow makes you boring. 
  • But nothing could be further from the truth. Saving seriously gets you places. 
  • Saving leads to having a deposit for your own home.
  • Know where it goes: First, you need to figure out exactly where your money
  •  goes. Try keeping a money diary for a month where you write down everything 
  • you buy and how much it costs. This quickly reveals where the bucks are being 
  • blown. You can then go through and see what things you can’t live without (rent, bus fare),
  •  what areas you can trim (clothes, entertainment) and what you can cut out
  •  altogether (take-away coffee, pedicures). Little tweaks to your spending here and 
  • there soon add up to big savings.
  • Make a budget: Once you have an accurate picture of what you spend, you can
  •  plan a realistic budget that you actually have a chance of sticking to. Don’t 
  • forget to budget in a few treats because if your financial diet is too strict, you will 
  • be tempted to fall off the wagon.
  • Set goals: It is much easier to compromise on your spending if you’ve got a good
  •  reason for doing so. Write down what your savings goals are and put the paper in
  •  your wallet. Next time you reach for your money to buy something you just don’t need,
  •  you will see your goal and think about the purchase. Hopefully, it will be a no-brainer.
source:PUNCH.