12 Resolutions for the new Financial Year
It might seem counterintuitive to set resolutions in July, but a new financial year is actually the perfect opportunity to reset, take stock, and check in with where we’re at.
If you’re looking for a little bit of guidance to get yourself set up for the 2023-2024 financial year, we’re here with some helpful resolutions.
1. Get your taxes done on time
Kick the financial year off right by getting your taxes done on time. The longer you delay it, the more you’ll find yourself with the obligation hanging over your head. If you expect your taxes to take some extra time, it’s best to get in early.
2. Switch your energy provider
With energy prices on the up, it’s easy to accept defeat and feel like switching providers is just too tough. It’s actually a lot easier to switch energy providers than you might believe – and it could keep costs down dramatically.
3. Ditch credit card debt
If you have any lingering credit card debt leftover from last financial year, you’ll want to prioritise clearing that out. A balance transfer credit card could help you with paying down existing debt at a lower rate before accruing any additional interest.
4. Bring down your broadband bills
Mozo Expert research has found that Aussies could be making serious savings on their internet, and there’s no reason you should be overspending.
5. Score a better home loan rate
With the cash rate having risen over the past year, chances are the variable rate on your home loan has done the same (or you’ve come off a fixed rate to a nasty shock). Contacting your lender could negotiate you a lower interest rate. Alternatively, refinancing might earn you an interest rate that suits you better.
6. Commit to setting aside some savings
Get yourself into good habits and start setting aside some money into a high interest savings account. That way you’ll be better prepared for anything that comes your way in the year to come.
7. Start keeping track of your spending for next tax season
With a new financial year comes a clean slate, so you can take advantage of that and get right on top of your record-keeping for the year to come. July 1 changes mean that you’ll have some different rates to keep on top of. Make sure to track any hours worked from home, and any purchases made for work purposes (keeping the receipts) – and check out our tax calculator if you’re not sure.
8. Cut travel costs
No one is saying you have to cut out travel altogether, but keeping up with the rising cost of living can be a struggle. If you want to be a jetsetter, consider travelling on the cheap, or taking short holidays instead of long haul vacations.
9. Repair your credit score
If your credit score has taken a beating over the past few years, now is as good a time as any to do some damage control. Working on your credit score can mean it’s easier to get approved for things like personal loans, credit cards, and home loans – as well as netting you better rates.
10. Get started with share trading
There’s a pervasive myth that you have to be swimming in money to try share trading, but you can get started on most markets with as little as $500.
11. Make some extra cash
Feeling a little strapped for spending money? At Mozo, we’re always looking for ways to help you with making extra money. From picking up a side hustle, selling old mobile handsets to renting out parking spaces, you could be sitting on a fortune.
12. Bring down car costs
Join the Aussies looking to cut down on their car price by comparing car loans and looking for an interest rate and repayments that suit your lifestyle. You’ll also want to make sure to watch for petrol savings.
As the year goes on, we’ll have more tips and tricks to keep you on top of the cost of living – keep checking our family finance section for more. Meanwhile, compare savings accounts to find the most effective way to store your cash this year.
Compare savings accounts
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the Savings Maximiser
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MoneyMAX Account
No Current Offer
4.70% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.70% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read our Mozo Review to learn more about the MoneyMAX Account
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Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Accelerator
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 3.55% p.a. (for $0 to $50,000)
- standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Savings Accelerator
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Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
1.85% p.a.(for $0 and over)
Yes up to $250,000
Make 5 eligible card purchases per month with a linked Westpac Choice account, make one deposit and grow the balance each month.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
CompareCompareLife - 18-29 years old
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
- Maximum rate
- 5.20% p.a. (for $0 to $30,000)
- standard interest rate
- 1.85% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account. If 5 eligible card purchases are made each month, but savings account balance has not increased, a 2.00% interest rate still applies.
Read our Mozo Review to learn more about the Life - 18-29 years old
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^See information about the Mozo Experts Choice Savings Account Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.