5 ways to save more than $500 in 2018

Tom Watson

16 Jan 2018

Five ways to save 500 in 2018 content

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. Advertiser disclosure.

  • HSBC Platinum Credit Card

    0% p.a. for 36 months and then 21.99% p.a.

    19.99% p.a.

    $129 $29 in the first year

    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.

    • 19.99% p.a.

    • -

    • 0% p.a. for 36 months and then 21.99% p.a.

    • 21.99% p.a.

    • 55

    • 29.0

    • 3.00%

    • $129 $29 in the first year

    • $30.00

    • 3%, min $4.00

    Read our Mozo Review to learn more about the Platinum Credit Card

    Details Close

  • NAB Low Rate Card

    0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)

    12.99% p.a.

    $59 $0 in the first year

    0% p.a. interest on balance transfers for the first 32 months, plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.

    • 12.99% p.a.

    • -

    • 0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)

    • 21.74% p.a.

    • 55

    • 0.0

    • 3.00%

    • $59 $0 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Low Rate Card

    Details Close

  • Virgin Money Virgin Australia Velocity Flyer Card - Balance Transfer Offer

    0% p.a. for 28 months and then 20.99% p.a.

    20.74% p.a.

    $129 $64 in the first year

    Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 26 months on balance transfers.

    • 20.74% p.a.

    • -

    • 0% p.a. for 28 months and then 20.99% p.a.

    • 20.99% p.a.

    • 55

    • 64.0

    • 3.30%

    • $129 $64 in the first year

    • $30.00

    • 2.7%, Min $2.70

    Read our Mozo Review to learn more about the Virgin Australia Velocity Flyer Card - Balance Transfer Offer

    Details Close

^See information about the Mozo Experts Choice Credit cards Awards