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

By Kelly Emmerton · · 2 min read
Fact Checked
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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

Search promoted credit cards below or do a full Mozo database search . Advertiser disclosure.
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    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 year
    Rewards Plus
    Go to site
    Details
  • Apply By 31 December 2022
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    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.
    $99
    Qantas Frequent Flyer
    Go to site
    Details
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    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 year
    Velocity Frequent Flyer
    Go to site
    Details
  • Apply By 31 August 2022
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    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
    -
    Go to site
    Details
  • Apply By 31 December 2022
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    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.
    $279
    Qantas Frequent Flyer
    Find out more
    Details

^See information about the Mozo Experts Choice Credit Card Awards

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