Monday moneyvator: Start building yourself an Easter nest egg

Monday moneyvator: Start building yourself an Easter nest egg

The Easter long weekend is coming up fast! Whatever your plans, you’re probably aware that between Easter eggs for the kids, lunch for extended family and maybe even a quick holiday, your wallet is going to be a little worse for wear come Tuesday.

But guess what? It doesn’t have to be that way! Even while you’re shelling out cash on the fun stuff, there’s a bunch of other ways to save money, especially if you set your sights toward the future and play the long game.

So check out these four simple things you can do – one for each day of your long weekend – to boost your savings and start an Easter nest egg. It may not be chocolate flavoured, but saving money is certainly sweet.

Day #1 – Save on your long weekend getaway

Is there an Easter cocktail with your name on it, waiting for you on a beach somewhere? If you’re taking off for a little R&R this long weekend, then don’t get on that plane – in fact don’t even book the flight – until you have a solid travel insurance policy behind you.

But not all travel insurance policies are created equal. For example, if you’re heading on a four day trip to Fiji, your travel insurance policy could cost you as much as $87.50. Or, if you compare travel insurance policies and find yourself a better deal, it could cost you just $18.40.

That’s a saving of $69. Which is a fair few beachside pina coladas.

Day #2 – Cut back your energy bill

Got family visiting over the Easter break? Don’t be surprised if your electricity bill spikes. Your house is twice as full as it usually is, you’ve got to get everyone through the shower, cook enough to feed a small army and you’re mother-in-law insists on sleeping with the aircon on all night. Not to mention that everyone has at least two devices that need daily charging.

So finding a competitive rate on your energy bill is more important than ever, and there’s plenty of savings to be found. For example, our energy comparison tool shows that if you’re a 3 person household in Sydney’s lower north shore you’re likely paying an average electricity bill of around $420 per quarter. By switching to the cheapest plan in our comparison table, you could save $56 on each quarterly bill. Not too shabby.

Day #3 – Manage your credit card balance

Have you been closing your eyes and binning every credit card statement that comes your way lately? It’s time to stop avoiding it and take control of your credit card balance.

Say you’ve got the average Aussie credit card debt of $4,400, sitting on a rewards card that charges 18.79% interest. If you could afford to make repayments of $400 each month, you could pay off the debt in 1 year and 1 month, after paying $467 in interest. Ouch.

With an awesome balance transfer deal, where you’ll pay 0% interest on the balance you transfer, you’ll be able to pay off your debt in just 11 months, and pay zilch in interest.

Imagine all the chocolate you could buy with $467.

Day #4 – Give up a vice

Speaking of copious amounts of chocolate…

When Mozo crunched the numbers on how much you could save by busting bad habits, we were amazed by just how much money goes into all our guilty pleasures. For example, our vice calculator (yes, it’s a thing) shows that if you give up your $20 a week junk food habit, you’ll save $1,040 a year. Keep it up for good, and you could save around $60,000.

What do you do with your Easter nest egg?

Now you’ve got a nice stash of money saved up from your money savvy Easter break, you need somewhere to stash it.

The average savings account will reward all your scrimping with 2.36% interest over the year. Not so fabulous – $1,500 of savings and you’ve earned $36 in interest.

Switch to a Mozo Experts Choice Award winning savings account, like the Bankwest Hero Saver, and you’ll earn you a sweet 3.15% interest as long as you don’t make any withdrawals and deposit at least $200 a month.

Drop your $1500 rainy day fund in this account, make sure you keep up with the conditions, and you’ll pocket $83 in interest – an extra $47.

Head over to our savings account comparison to find a nest for your egg, or, if you’re one of the lucky ones jetsetting off this Easter, check out our top tips for a cheap as chips Easter getaway.

Monday moneyvator: Start building yourself an Easter nest egg was last modified: April 11, 2016 by Kelly Emmerton

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