5 ways to save more than $500 in 2018

There’s no doubt about it - finding ways to increase a savings account stash has been a difficult task for many Australians, thanks to stagnant wage growth and record low interest rates.

The good news is that there are always small opportunities that savers can take to get their balance looking healthier again. So read on for five simple ways to save over $500 throughout 2018.

1. Grab a fee-free banking deal - $48

One of the easiest places you can start is with your own bank account. Every month, plenty of Australian customers fork over $4, $5 and even $6 in account fees, despite there being plenty of fee-free alternatives on offer. In fact, by making the simple switch from a bank with a $4 account fee to one without any fees at all, you could be end up saving $48 in 2018 alone.

2. Compare your travel insurance - $68

An overseas holiday will top of plenty 2018 wish lists, so when you go to book your flights and accomodation don’t forget to do due diligence on your travel insurance as well, because even a simple search could put more dollars back in your pocket to spend while you’re away.

For example, according to the Mozo travel insurance comparison tool, the difference between comprehensive insurance policies can be as much as $68 - even for a quick two week trip across the ditch to New Zealand in July by a 32 year old. Just remember, it’s always important to check the details of your individual policy to ensure you’re covered for everything you need.  

3. Review your car insurance - $73

One of the best saving opportunities for many Australians during 2018 could be on their comprehensive car insurance, especially when premiums can cost hundreds, if not thousands, of dollars each year. But with big expenses, come big opportunities to save.

According to a recent Mozo car insurance mystery shop - which featured five insurers from New South Wales - the difference between comprehensive insurance policies for a 45 year old woman can be as great as $510, with even the difference between the cheapest providers a tidy $73.

4. Swear off a vice - $208

While it might seem like a tiny expense, giving up a vice like your weekly take away or Friday night wine could seriously add up over the course of 2018. Don’t believe it? Well as the Mozo Vice Calculator shows, even saying goodbye to your $4 morning coffee just once each week could net you $208 over the course of the year!

5. Ditch your credit card interest - $226   

One of the most frustrating expenses for many Australians, and one they will be most eager to do away with, are credit card interest payments. According to a Mozo study, the average Aussie hands over $226 in credit card interest payments each year, which just goes to show the benefit of making monthly repayments on time. Alternatively, if you’re finding it hard to shift your post-Christmas credit card debt, it might be worth your while checking out a balance transfer deal.  

To start saving on credit card interest repayments, take a look at some of the standout balance transfer credit card offers below.

Say goodbye to credit card debt with these balance transfer deals - rates updated daily

Search promoted credit cards below or do a full Mozo database search . Advertiser disclosure.
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    HSBC Platinum Credit Card

    0% p.a. on balance transfers for 36 months with no balance transfer fee. Terms and Conditions apply. Mozo Experts Choice Premium Rewards and Balance Transfer Platinum Credit Card Winner 2020.

    Balance transfer rate
    Purchase rate
    Annual fee
    Rewards program
    Estimated savings
    0% p.a. for 36 months and then 21.99% p.a.
    19.99% p.a.
    $129 $29 in the first year
    Rewards Plus
    Details
  • Apply By 31 August 2022
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    St.George Vertigo - Balance Transfer Offer

    0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.

    Balance transfer rate
    Purchase rate
    Annual fee
    Rewards program
    Estimated savings
    0% p.a. for 32 months and then 21.49% p.a.
    13.99% p.a.
    $55 $0 in the first year
    -
    Details
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    Virgin Money Virgin Australia Velocity Flyer Card - Balance Transfer Offer

    Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 28 months on balance transfers.

    Balance transfer rate
    Purchase rate
    Annual fee
    Rewards program
    Estimated savings
    0% p.a. for 28 months and then 20.99% p.a.
    20.74% p.a.
    $129 $0 in the first year
    Velocity Frequent Flyer
    Details
  • Apply By 31 December 2022
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    St.George Amplify Qantas Platinum

    Earn 60,000 bonus Qantas Points (min $3,000 spend in the first 3 months). New cards only, Eligibility criteria and T&Cs apply.

    Balance transfer rate
    Purchase rate
    Annual fee
    Rewards program
    Estimated savings
    0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
    19.49% p.a.
    $99
    Qantas Frequent Flyer
    Details
  • Apply By 31 December 2022
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    St.George Amplify Qantas Signature

    Earn 90,000 bonus Qantas Points - when you spend $6,000 on eligible purchases within 90 days of card approval (T&Cs apply)

    Balance transfer rate
    Purchase rate
    Annual fee
    Rewards program
    Estimated savings
    0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
    19.49% p.a.
    $279
    Qantas Frequent Flyer

^See information about the Mozo Experts Choice Credit Card Awards

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