Hole in your pocket? The totally avoidable money-wasters costing you $5,000 each year
Kelly Emmerton | 17 Oct 2017
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
- Woolworths
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months and then 21.99% p.a.
19.99% p.a.
$49 $0 in the first year
10% off your 1st Woolworths shop on selected dates once a month. No annual fee for the first year.
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0% p.a. for 14 months and then 21.99% p.a.
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$49 $0 in the first year
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19.99% p.a.
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55
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21.99% p.a.
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3%, minimum $5
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Woolworths Money Shopping Card sent every 4 months if enough points have been accrued.
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- American Express
American Express Velocity Escape Card
0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)
20.74% p.a.
$0
No Annual Fees and receive 0% p.a. on balance transfers for the first 12 months
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0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)
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$0
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20.74% p.a.
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55
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-
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Points automatically transferred to your Velocity account
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- Suncorp
Suncorp Clear Options Platinum
0% p.a. for 18 months and then 21.99% p.a.
20.74% p.a.
$178
0% p.a. for 18 months on balance transfers & up to 60,000 Bonus Reward Points when you spend $1,500 each month using a Suncorp Clear Options Platinum Credit Card for six months from card approval (T&Cs apply)
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0% p.a. for 18 months and then 21.99% p.a.
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$178
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20.74% p.a.
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55
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21.99% p.a.
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3.50%, min $3.50
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Points are automatically credited to the Qantas Frequent Flyer program.
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- Bankwest
Bankwest Breeze Platinum Mastercard
0% p.a. for 13 months and then 12.99% p.a. (2.00% balance transfer fee)
0% p.a. for 13 months then 12.99% p.a.
$99
Complimentary international travel insurance for yourself and your family when you purchase return tickets
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0% p.a. for 13 months and then 12.99% p.a. (2.00% balance transfer fee)
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$99
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0% p.a. for 13 months then 12.99% p.a.
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55
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21.99% p.a.
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2%, Min $4.00
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- American Express
American Express Explorer® Credit Card
0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)
20.74% p.a.
$395
Receive 50,000 Membership Rewards® Points (T&Cs apply). Also receive $400 Travel Credit each year.
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0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)
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$395
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20.74% p.a.
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55
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Transfer points to a range of airline programs or redeem your points for travel, gift cards, retail rewards and shopping gift cards.
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