Is Australia a nation of Money Wasters?

Is Australia a nation of Money Wasters?

Tweet your pledge to stop wasting money with the hashtag #MoneyWaste to @mozo_au and the best tweet could win a $200 Visa gift voucher.

Australia, this is an intervention. Research by Mozo has uncovered a startling fact: we’re a nation of money wasters, throwing away over $25 billion on expenses that are easily avoidable.

Our biggest money waste is credit card interest, coming in at a whopping total of $6.6 billion a year. There’s just no good reason for anyone to be paying sky high interest rates. Enough is enough. Shop around for a cheaper credit card or personal loan to consolidate your debts and make the active decision to stop throwing away money.

Australians love good food but our eyes are much bigger than our bellies. Household food wastage is an incredible $5.20 billion a year. They say there’s no such thing as a free lunch but last night’s dinner leftovers could easily be tomorrow’s no cost lunch.

The amount of money we waste on bank fees and excess mobile phone usage each year is insane – $2.1billion. It might be a quick solution to use another bank’s nearby ATM but banks are making over $1 billion a year in ATM and exception fees. Finding your own banks free of charge ATM is an easy way to put a stop to money wastage.

It’s time to draw the line. It just takes one decision to put a stop to unnecessary money wastage.  Mozo is calling on all Australians to make a pledge to stop wasting money and support others with their decision to quit the habit of throwing away money.

pledge to stop wasting money

Tweet your pledge and plan to stop wasting money with the hashtag #MoneyWaste to @mozo_au and the best tweet could win a $200 Visa gift card as a reward for their decision to end money waste.

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Is Australia a nation of Money Wasters? was last modified: June 29, 2015 by Kevin Boyle

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3 Comments - Write a Comment

  1. Hi Kevin

    I can’t help wondering the source of your figures – not that I doubt them but they are SCARY!

    If I were to apply them to myself as a personal checklist, I almost never spend any money on credit card debt. We probably do throw out food occasionally (something about having teenage kids) and fortunately, all four of us are on the same fixed-price phone plan.

    Thanks for the rev, we need one.

    Regards

    Angus

    Reply
    1. Mozo

      Hi Angus,

      Glad we have your support! Though our revolution on money wasting is over (for now), it’s important that we all continue to do our bit to stop money leaking from our pockets.

      As you mentioned, switching to a fixed-price phone plan is a great start, and planning your meals to reduce food wastage is another small thing that can lead to huge savings.

      However, Aussies are still throwing away billions in paying credit card interest, something that can be easily fixed if we all switched to a card that better matches our spending needs. Try out our award winning to see how much you could save by switching credit cards!

      Team Mozo

      Reply

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