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| Let's face it, we've all felt that our finances have been out of control at some point in our lives. Well, don't panic! CLEO is here to help you with advice on how to take steps towards achieving financial independence. Please submit your questions below. We regret that we cannot answer your questions personally.
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QUESTION OF THE WEEK
 | I'm 20 years old and inspire to own my home at the end of the year. Currently I am putting away $50.00 a week into savings. Is there an account that would be better to use? And how can I make financial institutions take me seriously?
|  | The best accounts for savings are online savings accounts such as ING Direct’s Savings Maximiser, BankWest’s DreamSaver or EasyStreet’s EasySavings account. These offer a high rate of interest and most charge no account-keeping fees. Those that do charge fees offset them with flexibility. These accounts can be accessed primarily through the internet but in some cases phone, ATM, EFTPOS and even branch access is available To open an account you will normally need to contact the institution to send out an application form and in some instances you can apply online. You will probably need to provide details of an existing account in your name to meet the 100-point identity check requirements.
To deposit money in an e-account you can transfer money from your conventional account or deposit a cheque. It might be good idea to set up a direct debit, ie have a certain amount deducted from your conventional account each week or month to help you reach your goal.
As for how to make financial institutions take you seriously – keep doing what you’re doing. They’ll like to see that you can save regularly. Also make sure you stay on top of your debts and pay these off on time.
This month's expert is Effie Zahos, Deputy Editor, Money magazine. Effie has worked in banking and was head researcher for Channel 9's Money show. She appears on Mornings with Kerri-Anne.
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