10 easy money savings hacks to try at home

two women in the living room listening to music

Saving money doesn’t have to be hard. By changing some daily habits you might find yourself with extra dollars in your pocket.

Below we’ve listed ten easy ways to save money at home.

1. Make your own household cleaners

Not only do you save money, but it’s easy! And, you can keep all your homemade cleaning supplies in recycled glass jars, which look aesthetically pleasing on your shelf. 

There’s a sea of DIY videos on Youtube to get you started. You don’t even have to plan a supermarket run because most of the supplies should be in your cupboards.

You can make a basic homemade all-purpose cleaner with baking soda and white vinegar. Or a fly trap with just soap and apple cider vinegar.

2. Split your sponge

Another way to become more cost effective in the kitchen is to split your sponges in half. Get a pair of scissors and snip it down the middle. Now you have two for the price of one!

A 3-pack of heavy duty sponges is about $2 at Woolies. If you cut it in half, you’ll be paying about $0.33 per sponge rather than $0.66. While it might not seem like a life-alternating amount, a little bit saved here and there could help in the long run.

3. Cook your own meals

Put on a chef’s hat and find simple recipes to get you started. Typically buying groceries is cheaper than going out. You can even make extra so you can have leftovers for days. 

By opting to cook your lunches and dinners, you could save hundreds of dollars. In fact, at least $230! A Commonwealth Bank survey says Aussies spend an average of $230 on takeaway meals monthly. That’s $2,760 a year!

4. Freeze bread

This little hack is perfect for those who don’t go through bread quick enough. Freezer bread doesn’t lose its nice bready texture and bounces back to its carby goodness after you hit the defrost button on the toaster. 

Not only does this combat food waste, but frozen bread can last up to six months in the freezer!

5. Replace paper towels with tea towels

The price of a paper towel 3-pack at Woolies is the same as a 10-pack tea towel set at Kmart. And you throw away paper towels after each use, while tea towels you can rinse, wash, and reuse it over and over again. 

Not only is it better for the environment, but it’s also better for your budget.

young girl unloading the washing machine

6. Switch light bulbs

If you want to reduce your energy bill, consider switching your light bulbs to LED ones. Not only does it save you money, but they last longer too.

According to Australia’s Department of Climate Change, Energy, the Environment and Water, “LEDs use about 75% less energy than halogen light bulbs and last 5 to 10 times longer, greatly reducing replacement costs and the number of light bulbs ending up in a landfill.

“The up-front cost of LEDs generally has a payback time of less than 1 year.”

7. Switch off appliances that aren’t in use

This one is easy. Instead of leaving your washing machine, computer, printer or PS4 on idle mode, simply turn them off. Not only are you saving energy, but you help keep that battery life last longer. 

That’s a win-win situation right there.

8. Wash laundry with cold water

Speaking of washing machines. Consider using cold water for most of your laundry. Not only does it slow down colours from fading, but it also stops fabric from shrinking.

By using less hot water, you could save some money on your gas bill.

9. Shop around for NBN and energy plans

Feel like you’re paying too much for your NBN and energy plans? Then consider shopping around for better deals.

You can check out Mozo’s NBN comparison hub and energy comparison hub to start saving.

10. Learn to repair clothes

Last but not least, consider picking up the nifty life skill of basic sewing. Grab a needle and thread to close that annoying toe hole on your sock. Or sew a button back on your favourite shirt. 

Once you start saving money here and there, you’ll need a place to put it! Below are some high interest rate savings accounts to get you started. Alternatively, you can check out the 2022 Mozo Experts Choice Savings Award winners to pick between some of the best savings accounts.

Savings account comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 13 July 2024 Important disclosures
  • 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 4 months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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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.

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  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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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.

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  • Life - 18-29 years old

    5.20% p.a. (for $0 to $30,000)

    2.00% p.a.(for $0 and over)

    Yes up to $250,000

    Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

    Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.

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  • Mozo Expert Choice Badge
    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.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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^See information about the Mozo Experts Choice Savings Account Awards

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