10 easy money savings hacks to try at home
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.
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 - last updated 18 April 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 Rabobank High Interest Savings Account
-
Mozo experts choice awards won:
- High Interest Savings - 2024
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 (in addition to interest paid by Bendigo Bank) 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
- Branch access available for deposits only.
Read our Mozo Review to learn more about the Bendigo Bank Reward Saver
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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 Macquarie Savings Account
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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
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the ubank High Interest Save 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 IMB Bank 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
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.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- -
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
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^See information about the Mozo Experts Choice Savings Account Awards
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