8 tips to make your household budget go further

With interest rates on the rise, the inflation of food, petrol and services also trending upwards, and the average paycheck finding it hard to keep up with these rising costs, most of us are sharply focused on how we spend our money.
While it's hard to quickly increase your income, reducing your outgoings can be easier than you think by making smarter choices that could stretch your budget out further. Even small savings can quickly add up and make a big difference to your family’s budget.
So if you’ve got money on your mind and are looking for some easy ways to spend less on your household expenses without making any radical changes, read through our 8 tips to help your budget go the extra mile.
- Compare your options
With interest rates climbing, it makes more sense than ever to make sure you’re getting the best deal on your mortgage, personal loans and even your savings accounts. You could start by calling your lender directly and asking if there is a more competitive deal on offer, or better yet, compare the options out there and search for a provider that offers a better value interest rate or return on your money (remembering to factor in fees). - Bundle your services
Being loyal to your provider can sometimes come with bonuses. Often internet or cable providers do bundled packages with mobile and landlines that could be cheaper than using different providers for each service. Shop around to see what's out there, you never know who might have a more competitive deal. - Plan your meals
Whether it's meal prep for work or what’s on the menu for dinner of an evening; having a firm plan will help you budget grocery costs and make life a hell of a lot easier for you. By planning ahead, you can eliminate waste by using what you already have on hand and minimise impulse buys when shopping. - Re-evaluate your subscriptions
Whether it’s streaming services or smartphone apps, we are all subscribed to one thing or another. Many of us sign up for free trials and forget to cancel, or keep paying subscriptions we simply don’t use. Regularly review your bank statements for deductions and check your subscription settings on your phone and get rid of the ones you don’t need or use. - Be more energy efficient
With energy prices on the rise, it pays to be more cautious with your consumption around the home. You might be surprised to find how much appliances on standby could be costing you, or how much extra you might be paying for having your heating on an extra degree or two. Try turning down your thermostat, air drying your clothes instead of using a dryer, switching off unnecessary lights and keeping unused appliances off at the powerpoint to see if you can cut down on your next power bill. - Consolidate your debt
If you’ve got some debt under your belt and are paying through the roof on interest, it might be wise to consider a debt consolidation loan. Debt consolidation loans are useful for people who have multiple lines of credit and want to make one simple repayment. With less bills to pay, managing your cash flow and outgoings should make household budgeting simpler. - Be petrol proactive
Much like everything else we buy on a regular basis, petrol prices have reached an all time high too. While it seems like you have little control over petrol prices, there are a few things you can do to purchase more affordable petrol. Fuel tends to be higher just before a weekend or public holiday, so filling up earlier in the week could mean more money in your pocket. Shopping around also helps. Compare your prices between service stations as there can be vast differences between them. And if all else fails, consider options like carpooling, public transport or walking to save more at the bowser. - Recycle and reuse
It’s not just about being more conscious about the environment (but, yes it does help); recycling and reusing everyday items can save you a small fortune on your household budget. Make the switch to reusable containers for lunches, get rid of paper towels and wipes, bring your own shopping bags, use old rags to clean your home and be more aware of using what you need or even cutting back on things like beauty products or cleaning products. By using ¾ or even ½ the amount of product, you’ll likely get the same result, but it will cost you a lot less in the long run.
Give a few of these tips a try, and see if it helps you get more control over your household budget. At the very least it will help you spend more mindfully in times when the price of everything seems to be on the rise.
In the meantime, stash whatever you can in a high interest savings account. With rates on the rise, one of the only areas benefiting are these accounts, earning higher rates of interest than before. Start comparing below.
Compare savings accounts - last updated 11 December 2023
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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 IMB Bank Reward Saver Account
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Mozo experts choice awards won:
- No Strings Savings - 2023
Savings Account
5.50% 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
- 5.50% 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 Macquarie Savings Account
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Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
CompareCompareReward Saver
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
- Maximum rate
- 5.25% p.a. (for $0 to $100,000)
- standard interest rate
- 0.30% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Grow your balance each month and must have linked Bendigo Everyday or Student Account to be eligible.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Bendigo Bank Reward Saver
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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.
CompareCompareHigh Interest Save Account
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.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the ubank High Interest Save Account
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Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.
CompareCompareSavings Maximiser
No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser