Hole in your pocket? The totally avoidable money-wasters costing you $5,000 each year

You might think your little vices, like cigarettes, a punt on the pokies or forgetting that you have a gift card at the bottom of your purse don’t add up to much in the end - but you’re wrong.
Mozo research has found that Aussies are shelling out an incredible $5,000 every year on avoidable spending habits, including things like cigarettes ($1,217 bill per year), food waste ($950 per year) and household energy waste ($511 per year).
“The silver lining is that these money-wasters are largely things you can control, which means you have the power to turn $5,000 of wasted money into $5,000 of savings,” said Mozo Director Kirsty Lamont.
“Changing a few of your bad spending habits can mean saving thousands of extra dollars, so it’s well worth the effort.”
One of the habits costing Aussies big time is letting bank charges pile up. Between credit card interest, bank fees and ATM charges, $1,200 a year is drained out of the average household budget - a whopping $10.4 billion in total.
“With our credit cards about to get another workout over the festive season, now is the perfect time to work on reducing your credit card debt and the interest you're paying. Transfer your debt to a 0% balance transfer card and work on clearing your card balance as quickly as possible. The quicker you can get on top of things, the better it will be for your wallet,” said Lamont.
Ready to stop wasting your hard-earned on credit card interest? Check out some of the top balance transfer credit cards below.
Blast debt with a top 0% balance transfer deal - rates updated daily
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 yearRewards PlusPlatinum 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.
- Purchase rate
- 19.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 36 months and then 21.99% p.a.
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 29.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $129 $29 in the first year
- Late payment fee
- $30.00
- Cash advance fee
- 3%, min $4.00
Read our Mozo Review to learn more about the Platinum Credit Card
- Apply By 31 December 2022
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.$99Qantas Frequent FlyerAmplify 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.
- Purchase rate
- 19.49% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $99
- Late payment fee
- $15.00
- Cash advance fee
- 3%
Read our Mozo Review to learn more about the Amplify Qantas Platinum
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 yearVelocity Frequent FlyerVirgin 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.
- Purchase rate
- 20.74% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 28 months and then 20.99% p.a.
- Cash advance
- 20.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.30%
- Annual card fee
- $129 $0 in the first year
- Late payment fee
- $30.00
- Cash advance fee
- 2.7%, Min $2.70
Read our Mozo Review to learn more about the Virgin Australia Velocity Flyer Card - Balance Transfer Offer
- Apply By 31 August 2022
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-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.
- Purchase rate
- 13.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 32 months and then 21.49% p.a.
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $55 $0 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 3%
Read our Mozo Review to learn more about the Vertigo - Balance Transfer Offer
- Apply By 31 December 2022
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.$279Qantas Frequent FlyerAmplify 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)
- Purchase rate
- 19.49% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $279
- Late payment fee
- $15.00
- Cash advance fee
- 3%
Read our Mozo Review to learn more about the Amplify Qantas Signature
^See information about the Mozo Experts Choice Credit Card Awards
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