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 products on our site. We don’t compare the entire market, but you can search our database of 250 savings accounts.
Last updated 11 December 2024 Important disclosures
  • High Interest Savings Account

    5.60% p.a. (for $0 to $250,001)

    4.35% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

    Compare
    Details
  • 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.^

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    Details
  • Smart Saver Account

    4.50% p.a. (for $0 and over)

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

    Yes up to $250,000

    Increase account balance by any amount and make no more than two withdrawals

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

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    Details
  • 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.

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    Details
  • PremiumSaver

    5.35% p.a. (for $0 to $250,001)

    1.45% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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^See information about the Mozo Experts Choice Savings Account Awards

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