4 of the best ways to save: What type of saver are you?

couple on a bed with a laptop researching how to be better savers

We’ve all been told that we should save money, whether it's for a new car, a holiday to Japan or simply to have in case of emergencies. And 60% of Australians have some kind of savings in their budget, says a recent survey from NAB. 

That’s all fine and dandy but the real question is, what type of saver are you? Take a look below to see which one sounds like you or which type of saver you’d like to become.

1. Habitual saver

A habitual saver makes it a routine to save for everything and anything. You could say it's in their DNA. These types of savers are likely to be saving for a house deposit or have an investment strategy.  They also allocate an amount of their pay to savings and are big on sinking funds.

How to be a habitual saver

The key to being a habitual saver is creating a habit just like the name implies. If you are looking to become this type of saver, we suggest that you plan your month of spending by creating a budget that lets you see where your money is going.

2. “Make it a game” saver

Who doesn’t like a good saving challenge? People who gamify saving find themselves following quirky ways to make sure that their savings are always growing. And by making it a game, saving can become fun rather than a task that you must do.

How to be a “make it a game” saver

First things first, find a money saving challenge that could be fun to stick to. Some of our favourite challenges are: the Weather Wednesday Challenge, and the $5 saving challenge. If you are stuck on what challenge you should do, check out our money saving challenge list.

3. Goal-driven saver

A goal-driven saver tends to save when they have a goal in mind. They are motivated by their goal to reduce expenses and find ways to save extra cash. People who are goal-driven savers tend to have separate savings accounts for each of their goals and look for ways to maximise their savings with high interest accounts.

How to be a goal-driven saver

For starters find one or two things you’d be interested in buying or having in the future. Once you do, create a savings account and start depositing money every time your paycheck lands on your everyday account. Sinking funds are great for those looking to become a goal-driven saver.

4. “When I remember” saver

Saving money is a skill you gain over time, so there are many Aussies who are when I remember savers. There is nothing wrong with not having a savings account or goal. 

How to be a “when I remember” saver

Just like the name entails, put some money into a savings account whenever you remember. It’s as easy as that!

No matter what type of saver you are or choose to be, remember that saving is just like getting fit– it takes time and discipline but you may surprise yourself at how rewarding it can be.

If you want to read more on how to grow or get started on your savings check out our savings news and advice for more tips and tricks. Or, if you’re interested in looking for a new savings account take a look at the interest rates on offer below.

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 24 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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  • 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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  • 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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  • 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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