6 habits our Mozo Money Experts say are worth cultivating

By Gabriella Margerison · · 2 min read
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Managing your finances can be tricky, especially with the cost of living crisis we are currently facing. But fear not, our Mozo Money Experts have rounded up some cracker tips to help you nail your money goals. 

So if you’re ready to turn your cents into dollars and just make smarter money moves, take some advice from our gurus and make it happen!

1. Pay yourself first

Imagine if every payday was like finding a hidden stash of Tim Tams in the pantry. Exciting, right? Make it a habit to stash a portion of your income into a savings account before you even think about spending. It’s like treating your future self to a little financial cushion.

2. Track your spending

Keeping an eye on your expenses is crucial for staying on top of your finances. Regularly monitor where your money is going. Budgeting apps can help you see exactly how your dollars are being spent, allowing you to make smarter choices.

3. Build a buffer

Life’s full of surprises, some fun, some not so much. Be ready for the unexpected like a busted car or a surprise vet bill. Aim for at least three to six months' worth of expenses. It’s your financial safety net!

4. Automate your bills

Set up direct debits for your regular bills and payments. It’s like having a personal assistant who never forgets to pay the electricity bill. Plus, you’ll avoid those pesky late fees and keep your credit score shining bright like a diamond.

5. Plan for big purchases

Got your eye on a new car or planning a renovation? Instead of using credit, start a dedicated savings fund for big-ticket items. This approach can help you avoid debt and interest charges, making those large purchases more affordable in the long run.

6. Practise mindful spending

Before making a purchase, ask yourself if it’s a need or a want. Practising mindful spending helps you avoid impulsive buys and ensures that your money is going towards things that truly matter. This habit can lead to more thoughtful and intentional financial choices.

There you have it, folks! Six savvy money habits to help you take control of your finances and pave the way for a more secure and prosperous future direct from our Mozo Money Gurus. Remember, it's all about making those small, smart choices that add up to big wins.

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Last updated 24 November 2024 Important disclosures
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