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Why you should keep your everyday bank account to the bare minimum

<p><span>When you sign up with a bank, you are likely to receive two accounts – one for everyday transactions and one for savings. </span></p> <p><span>A transaction account usually comes with a card so that you can withdraw cash at the ATM and pay day-to-day expenses. On the other hand, a savings account does not usually have a linked card – but it offers higher interest rates compared to the transaction account, allowing you to grow your balance. </span></p> <p><span>Many people put a large sum of their money on their transaction accounts for practical purposes – who knows when you need to make a major purchase? – but experts say this move may not be so wise in the bigger picture.</span></p> <p><span>“I … realised that money sitting in a debit account just, well, sits there,” Laura Munoz of <a href="https://thefinancialdiet.com/5-life-changing-financial-habits-i-took-way-too-long-to-adopt/"><em>The Financial Diet</em></a> wrote. “It doesn’t earn interest and it’s not working for you, so there’s no real reason to keep more than a healthy buffer there in case you need to take out cash in a pinch.”</span></p> <p><span>While it is important to maintain a healthy balance to pay bills and everyday needs in your transaction account, Munoz said savings should be prioritised before spending. By working out how much you roughly spend every month, you can plan ahead and keep only the bare minimum amount in the transaction account to cover everyday expenses while transferring the rest to the savings account immediately.</span></p> <p><span>As <a href="https://www.moneysmart.gov.au/managing-your-money/banking/transaction-accounts"><em>MoneySmart</em></a> advises, “Only keep the money you need to cover your everyday costs in your transaction account. Put the rest of your money in a savings account and watch your savings grow with the extra interest.”</span></p> <p><span>This can also help you curb your shopping habits, as the limited amount will make you more aware of the dollars you fork out.</span></p> <p><span>Munoz said she is now putting most of her cash in two places –a high-yield, risk-free savings account and another savings account that is invested in the stock market. This does not have to be the case for you if you are more risk-averse – find a savings account where your earnings can comfortably grow, and make money work for you.</span></p>

Retirement Income

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The bare minimum skincare you need revealed

<p>In a world where new miracle fixes and super serums are landing every second on a beauty counter near you, it can be hard to determine exactly what you need and when – and how much you're willing to pay.</p> <p>Dermatologists are in the business of looking at – and treating – skin conditions every day, and often aren't driven by the lofty promises, fancy packaging and big price points that come with hyped skincare brands. Their recommendations are more often than not common sense, easy and affordable, and they have firsthand knowledge of what works.</p> <p>The bare minimum you need to do to your skin according to dermatologists starts with cleansing. It's crucial to keeping your skin healthy, removes dirt, pollution and the dead skin cells that can make your complexion look dull.</p> <p>What are the most important things to look for in a cleanser? It should be soap-free, gentle and suitable for your skin type. To find your cleansing match, wash your face with any soap-free cleanser then wait about 30 minutes.</p> <p>If your whole face feels tight, your skin is dry, and needs a creamy or milky formula. If you face feels greasy or looks shiny, you've got an oily complexion, so opt for a foaming cleanser. If your skin feels tight just on your cheeks, chances are you have combination skin: so can use either depending on the season.</p> <p>Next, Dr Vania Sinovich, dermatologist at Skin Institute in Auckland says, "the best thing you can do to protect your skin is apply adequate sun protection, particular to the face, chest and backs of hands where most visible photo ageing occurs".</p> <p>She also stresses the importance of staying out of the ‪midday sun, the use of protective clothing such as hats to cover the face, ears and back of neck, and "avoiding repeated, unprotected sun exposure which creates free radicals with resultant photo ageing, photo pigmentation, skin cancers and premature skin thinning."</p> <p>Sinovich recommends finding a sunscreen that contains antioxidants to help mop up free radicals, and to use it every day, rain or shine.</p> <p>On the topic of anti-ageing, she says the use of a topical Vitamin A/retinoid formula at night is a no-brainer, and more efficacious than any hope in a jar.</p> <p>"It helps to even skin tone, reduce pore size, smooth out fine wrinkles and boost collagen," says Sinovich, "which helps to keep the skin firm".</p> <p>Some are so potent that can completely change your skin overnight, and unlike standard exfoliators, retinoids work at the cellular level to increase collagen, smooth out annoying fine lines and even out the tone.</p> <p>Prescription retinoids are more effective but can irritate, so ask a professional for advice on the best one for you – and go easy.</p> <p>"I recommend gradual escalation over time to avoid any reactions," says the good doctor. Start with twice weekly use and reap the benefits.</p> <p><em>Written by Helene Ravlich. Republished with permission of <a href="http://www.stuff.co.nz/" target="_blank"><strong><span style="text-decoration: underline;">Stuff.co.nz</span></strong></a>.</em></p>

Beauty & Style