Stressed about money? Here are a few ways to keep calm and save

Financial stress has been bearing down on everyday Aussies since the start of the cost-of-living crisis began. In fact, recently released data from Industry super fund Aware Super has found that 86% of Australians have gone into 2024 worried about the effect of the cost-of-living crisis.

How financial stress can impact you

Financial stress isn't just about money, it's about how it affects our peace of mind and quality of life. We’re generally told that money can’t buy happiness, but a lack of cash can lead to its own problems.

Clinical psychologist Dr. Carly Reid notes that financial worries can spiral into significant distress which can include negative self-talk, feeling overwhelmed, and out of control. That’s why tackling financial goals is important not just for economic reasons, but for our overall well-being.

First, let’s work on easy ways to improve your approach to financial goals. Then, with some goals in place, we offer some specific ideas around saving, cutting costs and handling debts. 

Make your financial goals work: Embracing the KISS Principle 

Aware Super’s Group Executive Member Growth, Steve Travis suggests

the 'Keep it Smart and Simple' (KISS) approach. By breaking down our financial goals into manageable steps, we can move from being overwhelmed to being in control.

Setting SMART Financial Goals

  • Specific: Clearly define what you want to achieve. Whether it's reducing debt or saving for a house, specificity is key.
  • Measurable: Attach numbers to your goals. Instead of vaguely wanting to save more, aim to save a specific amount each month.
  • Achievable: Set realistic goals. If paying off all debt this year seems daunting, focus on one credit card at a time.
  • Relevant: Align your goals with your financial situation. 
  • Timely: Set deadlines. A goal without a timeline is just a dream. Aim to achieve certain milestones by specific dates.

Practical Steps to Financial Wellbeing 

While goal setting is an important step, there are some practical steps you can take to improve your financial situation. Some of these include: 

  • Budgeting: Begin with a simple budget. Track your expenses and income, and identify areas where you can cut back.
  • Debt Management: Tackle high-interest debts first. Consider debt consolidation loans to simplify payments and reduce interest rates.
  • Savings Plan: Start small if necessary. Regular contributions to a savings account, even if modest, can compound over time.
  • Superannuation Focus: Don't overlook your super. Small additional contributions now can make a significant difference in retirement.

If you want to better manage your money, then making sure you have a bank account with great features (like budgeting and round up) is important. You can check out some of the top bank account providers on our hub page or compare some of the accounts in the table below…   

Bank account comparisons on Mozo

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Last updated 30 October 2024 Important disclosures
  • Orange Everyday

    $0.00

    Apple Pay, Google Wallet, PayID, PayTo

    0% p.a.

    The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • Everyday Options Account

    $0.00

    Apple Pay, Google Wallet, PayID

    0.01% p.a.

    Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.

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  • Glide Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay

    0% p.a.

    Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.

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  • Everyday Global Account

    $0.00

    Apple Pay, Google Wallet

    0% p.a.

    Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^

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^See information about the Mozo Experts Choice Bank Account Awards

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