How to out-fool scammers & master your money game

April is here, which means two things; Easter chocolate sales are in full swing and it’s Financial Literacy Month! While we’re all for indulging in the occasional sweet treat, now’s also the perfect time to treat yourself to some financial know-how. Because let’s face it, understanding your money is the key to making it work harder for you.

No matter if you’re looking to avoid dodgy scams, boost your savings, or simply get better at budgeting, here are some Mozo Expert tips to help you master your money game this April.

How to spot the scams

Scammers are getting savvier and Aussies are losing millions to financial fraud every year. So how do you stay one step ahead of the crooks?

• If it sounds too good to be true, it probably is
  Whether it’s an investment offer that promises a big return or a financial reward that just doesn’t add up, use your instincts.
• Beware of urgent requests
  Scammers have a tendency to make urgent requests. No matter if it's sending money through PayID or direct deposit, be wary and use more trusted sources like Paypal where you can lodge a dispute should things fall through.
• Verify before you trust anyone
  Got a message from your bank, the ATO or Centrelink? Contact them directly using official details, not the number in the email or text. Government corporations and financial institutions tend to use their email or logins as a means to communicate. Check out Scamwatch for more information.
• Use two-factor authentication
  Using two-factor authentication can be an extra layer of security that can make a big difference in keeping your accounts safe. If there is an option to add it for logins, our Experts suggest you do this to keep your finances safer.

Smarter spending could mean more savings

Financial literacy isn’t just about avoiding scams,  it’s also about making smart decisions with your hard-earned money. Here’s how our Mozo Experts suggest to stretch your dollar further, this April and all year round:

• Keep a close eye on spending
  There are lots of apps these days to help you track your spending. Even your bank’s app could have useful features to keep tabs of where your money is being spent, so use it to your advantage.

Use cashback and rewards programs to save even more
If you’re spending anyway, you might as well be earning something back. Apps like Cashrewards and Shopback offer a percentage of your purchase back on lots of big brands in Australia.

• Compare before you commit to it
  Whether it’s car insurance, energy, or home loans, a quick comparison check could save you hundreds. Even on things like appliances and electronics you can use a price comparison website like GetPrice to find a better price for your purchase.
• Consider setting up an emergency fund
  Even a small rainy-day fund can help you avoid relying on credit cards when unexpected expenses pop up. See our guide to help you get started.

By the time May rolls around, you’ll be well on your way to mastering your money. So, whether it’s dodging scams, saving smarter, or fine-tuning your finances, a little financial literacy goes a long way.