Cost of living weighing you down? Here are 4 tips to help you out

Cost of living Australia

Consumer fintech Douugh has shone a spotlight on the growing uncertainty and lack of confidence among young Australians, with 9 in 10 worried about their financial situation. 

Furthermore, one in three say home ownership remains the biggest financial goal.

Additionally, more than half of Australians aged 18 to 32 are concerned they won’t be able to retire comfortably (54%). 

These findings in Douugh’s Wealth Health Report show that many Aussies feel the same way. They’re finding that navigating the world of money is tricky and they are uncertain of where to begin. 

Cost of living continues to bite

What’s behind these worries? Well, it’s clear that higher costs are having an impact. The cost of living crisis has made it hard to set aside some money for a rainy day. 

Having the means to cover car repairs or medical fees might be weighing on your mind, for example, and you wouldn’t be alone. Home loan costs have gone up, too, as has rent and grocery expenses. Energy bills are higher. So is filling up your fuel tank.

We all need some help with this stuff, and taking a closer look at the basics is a great way to kickstart your goal of saving money. For example, avoiding an extra cup of coffee everyday could make a difference in the long run.

So, in that vein, here are a few tips to help cut costs and boost your savings. 

Tips for a better budget, tighter spending

Cost of food

There are some simple tools that can simplify your money management journey. Let’s have a look.

  1. Use a budget diary. Spreadsheets can be your new best friend – or a pen to a notebook if you prefer. This is an excellent way to monitor your ingoings and outgoings.
  2. Track grocery spend. Ordering takeout on a fairly regular basis can quickly eat into your budget, but supermarkets often have products on special and they sometimes have great deals you can take advantage of.
  3. Reduce discretionary spending. There are lots of things that add up here (clothes, restaurant dining, memberships), but streaming services have become a big one. Consider sharing the cost of streaming services with your friends, for instance.
  4. Set some goals. Every dollar counts. By determining your budget with the above steps, you can find out what your limit is in terms of spending, and how much you can conserve. Aim to save a reasonable amount based on your income and the outflow of necessary expenses.

Need some help with saving?

Saving money can be challenging especially as we all face rising living costs. However, there are ways to improve your bank balance, and one place to start is to get a better savings account. At Mozo, our experts track some of the best savings accounts on the market. You can start comparing them below!

Savings accounts comparison table

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 25 July 2024 Important disclosures
  • 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.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account 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.^

    Compare
    Details
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

    Compare
    Details
  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

    Compare
    Details
  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

    Compare
    Details

^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.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.