Hole in your pocket? The totally avoidable money-wasters costing you $5,000 each year
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
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Promoted
St.GeorgeSt.George Vertigo
0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)
0% p.a. for 7 months then 13.99% p.a.
$55 $0 in the first year
Enjoy 0% p.a. for 22 months on balance transfers at card application. 1.5% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. Plus, 0% p.a. on purchases for 7 months. Rate then switches to applicable variable purchase rate. First year annual card fee waived for the first year ($55 thereafter). Available to new cards only, Eligibility criteria and T&Cs apply. Offer ends September 30th 2020.
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0% p.a. for 7 months then 13.99% p.a.
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0% p.a. for 7 months
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0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)
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21.49% p.a.
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55
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0.0
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3.00%
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$55 $0 in the first year
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$15.00
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2%, Min $2.50
Read our Mozo Review to learn more about the Vertigo
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Promoted
Bankwest
Bankwest Zero Platinum Mastercard
2.99% p.a. for 9 months and then 17.99% p.a.
17.99% p.a.
$0
This card boasts no annual fee and the option to pay with the Bankwest Halo payment ring. Plus, with no foreign transaction fees and complimentary travel insurance it's a good pick for travel. Winner of a Mozo Experts Choice Award 2019 in the No Annual Fee Platinum Credit Card category^.
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17.99% p.a.
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2.99% p.a. for 9 months and then 17.99% p.a.
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21.99% p.a.
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55
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0%
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$0
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$25.00
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2%, Min $4.00
Read our Mozo Review to learn more about the Zero Platinum Mastercard
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Promoted
Hot Deal $200 Cashback Offer (T&Cs apply)
WestpacWestpac Low Rate
0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)
13.74% p.a.
$59
Enjoy 0% p.a. interest on balance transfers for the first 20 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.
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13.74% p.a.
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0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)
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21.49% p.a.
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55
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3.00%
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$59
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$15.00
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2%, Min $2.50, Max $150
Read our Mozo Review to learn more about the Low Rate
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Promoted
Bank of MelbourneBank of Melbourne Vertigo
0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)
0% p.a. for 7 months then 13.99% p.a.
$55 $0 in the first year
Get 22 months 0% interest on balance transfers at card application (1.5% balance transfer fee applies). Plus, get 0% p.a. on purchases for 7 months. Rate then switches to applicable variable purchase rate. Pay no annual card fee for the first year ($55 thereafter). New cards only, Eligibility criteria and T&Cs apply. Offer ends September 30th 2020.
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0% p.a. for 7 months then 13.99% p.a.
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0% p.a. for 7 months
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0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)
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21.49% p.a.
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55
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0.0
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3.00%
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$55 $0 in the first year
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$15.00
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2%, Min $2.50
Read our Mozo Review to learn more about the Vertigo
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Featured Product
Apply By 31 October 2020
CitiCiti Clear
0.90% p.a. for 15 months and then 22.24% p.a.
0.90% p.a. for 15 months then 14.99% p.a.
$99
0.9% p.a. for 15 months on purchases and balance transfers with no balance transfer fee. $99 annual fee. Enjoy the perks of the Citi Dining Program.
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0.90% p.a. for 15 months then 14.99% p.a.
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0.90% p.a. for 15 months
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0.90% p.a. for 15 months and then 22.24% p.a.
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22.24% p.a.
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55
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3.40%
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$99
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$30.00
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3.5%, min $3.50
Read our Mozo Review to learn more about the Clear
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