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

Kelly Emmerton

17 Oct 2017

Money wasters content

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. Advertiser disclosure.

  • HSBC Platinum Credit Card

    0% p.a. for 36 months and then 21.99% p.a.

    19.99% p.a.

    $129 $29 in the first year

    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.

    • 19.99% p.a.

    • -

    • 0% p.a. for 36 months and then 21.99% p.a.

    • 21.99% p.a.

    • 55

    • 29.0

    • 3.00%

    • $129 $29 in the first year

    • $30.00

    • 3%, min $4.00

    Read our Mozo Review to learn more about the Platinum Credit Card

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  • Bankwest Breeze Mastercard

    0% p.a. for 15 months and then 9.90% p.a.

    0% p.a. for 15 months then 9.90% p.a.

    $49 $0 in the first year

    Enjoy 0% p.a on balance transfers for 15 months then 9.90% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Breeze Mastercard customers only.

    • 0% p.a. for 15 months then 9.90% p.a.

    • 0% p.a. for 15 months

    • 0% p.a. for 15 months and then 9.90% p.a.

    • 21.99% p.a.

    • 55

    • 0.0

    • 2.95%

    • $49 $0 in the first year

    • $25.00

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the Breeze Mastercard

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  • NAB Low Rate Card

    0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)

    12.99% p.a.

    $59 $0 in the first year

    0% p.a. interest on balance transfers for the first 32 months, plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.

    • 12.99% p.a.

    • -

    • 0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)

    • 21.74% p.a.

    • 55

    • 0.0

    • 3.00%

    • $59 $0 in the first year

    • $15.00

    • 2%, Min $2.50

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

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  • Virgin Money Virgin Australia Velocity Flyer Card - Balance Transfer Offer

    0% p.a. for 28 months and then 20.99% p.a.

    20.74% p.a.

    $129 $64 in the first year

    Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 26 months on balance transfers.

    • 20.74% p.a.

    • -

    • 0% p.a. for 28 months and then 20.99% p.a.

    • 20.99% p.a.

    • 55

    • 64.0

    • 3.30%

    • $129 $64 in the first year

    • $30.00

    • 2.7%, Min $2.70

    Read our Mozo Review to learn more about the Virgin Australia Velocity Flyer Card - Balance Transfer Offer

    Details Close

^See information about the Mozo Experts Choice Credit cards Awards