Choose a high interest savings account 'to boost funds'

People will earn more interest than an everyday bank account, it has been noted.

People should be boosting the money they are putting away by choosing savings accounts with high interest rate.

This is according to National Australia Bank retail state general manager Dion Crowe, who stated this idea will see individuals earn more cash on their money than if they kept it in their everyday bank account.

He added: "You will be less tempted to spend it and you should gain satisfaction from watching your home deposit grow."

What's more, Mr Crowe encouraged Australians to put some money aside even if it was just $20 a week because that can total up to $1,000 by the end of the year, stating: "As your income grows, make sure the amount you set aside each payday goes with it."

Earlier this month, Abacus Australian Mutuals chief executive Louise Petschler recommended now as the ideal time to set up a Christmas savings account.

Nearly four million Australians could be in difficult circumstances, figures have revealed.

People who find they are lacking funds in their savings accounts may have difficulties affording the cost of living, a survey has suggested.

According to the Suncorp Life Confidence Index - which has measured the rising petrol costs, as well as living expenses, among other factors - there might be as many as 3.7 million Australians set to have financial issues in everyday life, the Australian Associated Press reports.

Chief financial officer of the financial organisation John O'Farrell revealed he is worried about the situation, adding: "With the cost of fruit and vegetables expected to rise, today's inflation figures could be the tipping point for millions of Australians."

And this comes after ICAP senior economist Adam Carr pointed out an interest rate rise might be more likely to happen sooner rather than later due to the rising prices, such as on fruit and vegetables, the Courier-Mail reports.

This could see more people starting to put money into a savings account in order to prepare themselves for any future rises in the cost of living.