Have you become a money zombie?

By Mozo Editorial · · 3 min read
Fact Checked
Male Zombie with a wad of Australian Dollars

No matter where you live or what your age is, there is no escaping the rising cost of living.  It’s everywhere from your essential spends on things like rent and mortgage payments, utility bills, petrol and groceries through to small luxuries like the daily coffee and take-out dinners. 

And if you have found yourself increasingly disengaging from your banking app notifications each time you tap n’ go, or it’s been weeks since you’ve worked up the courage to check your credit card or energy bill, you could be becoming a money zombie.

In a recent Mozo survey ^, 62% of those surveyed said they are feeling out of control with their expenses and yet many admitted that rather than being proactive with their finances, they are just trying to ignore it.

Rachel Wastell, Mozo’s money expert says there is no use ignoring what could turn into a personal finance apocalypse. 

“There’s so many different ways that people can reign in their expenses to give themselves a little more breathing room, but walking around like a zombie is definitely not one of them. 

“The easiest way to cut costs? Don’t pay the loyalty tax. There’s some solid market competition at the moment, which means you can save hundreds of dollars a year by shopping around. If you’re smart, and face your finances head on, you can end up saving enough in one area to cover rising costs in another.”

What you could save by switching to a better deal (potential annual savings)*

Personal finance apocalypse survival tips

  • Find your tribe: Could you team up with others to help you cut back on some of your costs or find new ways to save. Groceries are usually cheaper in bulk!  
  • Be informed: know the rates of your mortgage, your credit card, your savings account so that if you do see a better deal you can switch fast or negotiate a better deal with your current provider.  
  • Stop mindless tapping: Be sure to shop with purpose to avoid overspending and use an app to track your spending and monitor your savings goals. See our list of award-winning apps.   
  • Don’t stand still: Financial topics and management might seem daunting but they don’t need to be, so up your financial know-how . There are a lot of free educational resources online (including our own site) dedicated to helping you make your money count for more.  The ASX has a range of free courses that can help you learn about investing, the national debt helpline has free step-by-step guides and the Govt Moneysmart website is also a great resource.
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*Based on Mozo Experts Choice Awards data comparing the best available offers against the most expensive options in each category. WARNING: The potential savings were calculated across 2022 - 2023 when conducting analysis for each award category: Energy - October 2022,  Broadband - April 2023, Mobile Plans - July 2023.  Mortgage savings is based on the average big 4 variable  home loan rate (80% LVR) and the lowest in our database for a $400K owner occupier as at 4/10/23. 

^Mozo.com.au commissioned a nationally representative consumer research survey via Researchify, surveying 2,141 Australians, aged 18 years and over, from 30th August to 11th September 2023.