5 ways to save more than $500 in 2018

Tom Watson

16 Jan 2018

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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

  • Promoted

    CUA Low Rate Credit Card

    0% p.a. for 13 months and then 21.74% p.a.

    11.99% p.a.

    $49 $0 in the first year

    0% balance transfer rate for 13 months and up to 55 interest free days. No annual fee for the first year and $49 after.

    • 11.99% p.a.

    • -

    • 0% p.a. for 13 months and then 21.74% p.a.

    • 21.74% p.a.

    • 55

    • 0.0

    • 3.40%

    • $49 $0 in the first year

    • $12.50

    • 2.00%, Min $3.50

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

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  • Promoted

    Bankwest Breeze Mastercard

    2.99% p.a. for 9 months and then 12.99% p.a. (0% balance transfer fee)

    0% p.a. for 15 months then 12.99% p.a.

    $79

    Enjoy 0% interest for 15 months on new purchases then 12.99% p.a. thereafter. $79 annual fee. Limited time only. Fees, T&Cs apply. New Breeze Mastercard customers only.

    • 0% p.a. for 15 months then 12.99% p.a.

    • 0% p.a. for 15 months

    • 2.99% p.a. for 9 months and then 12.99% p.a. (0% balance transfer fee)

    • 21.99% p.a.

    • 55

    • 2.95%

    • $79

    • $25.00

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the Breeze Mastercard

    Details Close

  • Promoted

    Apply By 30 September 2020

    Qantas Money Qantas Premier Platinum

    0% p.a. for 18 months and then 21.99% p.a.

    19.99% p.a.

    $299 $199 in the first year

    0% p.a. for 18 months on Balance Transfers, reverts to cash advance rate thereafter. Earn up to 80,000 bonus Qantas Points: 20,000 points each month for four months when spending $1,500 or more on eligible purchases (T&Cs apply).

    • 19.99% p.a.

    • -

    • 0% p.a. for 18 months and then 21.99% p.a.

    • 21.99% p.a.

    • 55

    • 199.0

    • 3.00%

    • $299 $199 in the first year

    • $30.00

    • 3%, min $3.00

    Read our Mozo Review to learn more about the Qantas Premier Platinum

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  • Promoted

    Bankwest Zero Mastercard

    2.99% p.a. for 9 months and then 17.99% p.a.

    17.99% p.a.

    $0

    No annual fee and up to 55 days interest free on purchases. Get a notification before your minimum payment is due by setting up Easy Alerts in the Bankwest app.

    • 17.99% p.a.

    • -

    • 2.99% p.a. for 9 months and then 17.99% p.a.

    • 21.99% p.a.

    • 55

    • 2.95%

    • $0

    • $25.00

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the Zero Mastercard

    Details Close

  • Promoted

    Apply By 31 August 2020

    Citi Rewards

    0% p.a. for 26 months and then 22.24% p.a. (1.50% balance transfer fee)

    21.49% p.a.

    $199 $0 in the first year

    0% per annum for 26 months on balance transfers. No Annual Fee for the first year then $199 each year after. Complimentary International Travel Insurance.

    • 21.49% p.a.

    • -

    • 0% p.a. for 26 months and then 22.24% p.a. (1.50% balance transfer fee)

    • 22.24% p.a.

    • 55

    • 0.0

    • 3.40%

    • $199 $0 in the first year

    • $30.00

    • 3.5%, min $3.50

    Read our Mozo Review to learn more about the Rewards

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