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 - last updated 13 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% 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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

    Compare
    Details
  • 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 four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

    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
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

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    Details
  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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