6 expert money tips for the new year and maybe, a new financial you
With many of us trying to work off festive season indulgences, January marks a time of change. The intention, at least, is to start the new year by getting into better shape. This can include rethinking how we manage our money, too.
To this end, some of us like to set new money goals. Others take a red pen to the old budget. And amid a lot of doom and gloom around a weaker economy, bad money habits typically also come into focus.
So you’ll undoubtedly read a lot of "money hacks" this month about how to address your personal finances. At Mozo, we certainly like to give readers a range of handy financial ideas and tips. On this occasion we’ve leaned on a finance expert from RMIT, Dr Angel Zhong, Associate Professor, Finance.
She says, “Take stock of your financial journey in the past year and look at what worked and what didn't. Understanding your financial landscape is the first step towards positive change.
"Whether it's building an emergency fund, paying off debt or starting an investment portfolio, the key is to establish goals that align with your unique financial situation. Shift from financial stress to empowerment, and you'll find your financial decisions becoming more purposeful and aligned with your aspirations.
“The key to a successful financial reset is to set realistic goals and stick to them.”
Dr Zhong shares her top tips for resetting and rethinking your money matters below.
6 tips on finance, budget, spending and savings for 2024
1. Set realistic financial goals: Review your finances and set a realistic budget. Identify where you can cut back on expenses and make some new financial goals for the year.
2. Track your spending: Keep track of your spending and see where you can cut back. Use a budgeting app or spreadsheet to help you stay on track.
3. Pay down debt: If you have any outstanding debt, make a structured plan for repayment. Consider consolidating your debt or negotiating with your creditors to reduce your interest rates.
4. Strategic budgeting: Develop a comprehensive budget that not only tracks spending but also allocates funds towards savings and investments. A well-structured budget serves as a roadmap to financial success.
5. Superannuation health check: Your super is a cornerstone of long-term financial stability. Check your investment options, performance of your super funds and the amount of your contributions.
6. Get professional help: If you’re struggling to manage your finances, consider getting help. A financial advisor can create a plan to help reach your financial goals.
If you’re keen to explore more ideas on how to smartly manage your money, be sure to check out our latest guide on creating a better budget. Also make sure you're getting the best interest rate on your current savings account by doing a quick comparison.
*RMIT is the Royal Melbourne Institute of Technology.
Compare high interest savings accounts - last updated 5 May 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
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.
CompareCompareHigh Interest Savings Account
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.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
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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 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.
CompareCompareSavings Account
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.
- 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 four 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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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.
CompareCompareReward Saver Account
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.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver Account
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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.
CompareCompareSavings+Bonus
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.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
Read our Mozo Review to learn more about the Savings+Bonus
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Mozo experts choice awards won:
- High Interest Savings - 2024
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.
CompareCompareAMP 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.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Saver Account
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