We’re now halfway through 2012 and if those New Year’s financial resolutions fell off the rails long ago, now’s the time to get them back on track. Here are some top money saving tips that could see you pocket more than $1500 by Christmas.
Trim down your daily spending: Save $260
Coffee, takeaway and booze. We all need our daily pick-me-ups but a light trim to your weekly vice intake could result in major savings by year’s end. Skip the $10 Pad Thai just one day a week and you’ll be $260 richer by the time Santa arrives.
Check out our vice calculator and calculate your potential savings!
Stop paying high interest on your credit card: Save $271
There’s absolutely no reason whatsoever why you should be paying high interest on an outstanding balance on your credit card – especially when there are plenty of amazing offers out there that you could be making the most of. On an outstanding $3000 balance on a run of the mill credit card with a 21% interest rate, you could save $271 simply by switching to the Virgin Low Rate Card that has a balance transfer offer of 2.9% for 9 months.
Mozo Top Low Rate Picks:
- Virgin Money Low Rate Credit Card with a 12.99% purchase rate and 2.9% balance transfer offer for 9 months.
- Bankwest Breeze MasterCard offers a great 4.99% balance transfer rate for 9 months and a low 10.99% ongoing purchase rate.
Run your credit card through our health check tool to see how much you could save.
Open a high interest savings account: Make $126
Don’t let your savings waste away by leaving your money in an everyday transaction account. Move the bulk of your money to a high interest savings account and keep your transaction account for day-to-day expenses. On a $5000 balance a high interest savings account could be earning you at least 4.95% or $126.60 over the next 6 months for doing nothing (well, excep t opening the account.)
Mozo Top Savings Picks:
- RAMS Saver– a market leading 5.75% interest rate (withdrawal and deposit conditions apply).
- UBank USaver – earn up to 5.71% when you deposit $200 or more each month.
Find out where the best saving account rates are hiding right now.
Avoid ATM fees: Save $130
Withdrawing cash from an ATM that’s not owned by your bank can cost you up to $2.50 per transaction. Though this doesn’t sound like much, do it twice a week for 6 months and you’ll be paying $130 in fees just for accessing your own money. Next time you’re in need of cash, keep an eye out for ATMs owned by your bank’s network or withdraw cash from supermarkets and other large retailers when you do your shopping.
Save while you spend: Save $780
If you’re finding it hard to save chunks of cash regularly, try the rounding-up savings method. Every time you make a purchase round up your transaction to the nearest dollar. Deposit the excess into a savings jar (or a piggy bank). Our experiment in March saved us $30 in a single week, which over 6 months amounts to $780!
MORE in this month’s Moneyzone:
Did you know the government is giving you free money to pay off your credit card debt? We’ll show you which credit cards will save you heaps and how to take advantage of these cost-saving reforms. Slice $1000 off your credit card debt now!
The Australian government’s new “tick and flick” bank reforms have finally come into effect! To help you make the best of these government reforms, our Mozo rate chasers have scoured the market to find the best no fee, unlimited free transaction bank accounts. Read here to see our top picks!