5 financial New Year goals to set and achieve
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As we bid farewell to the previous financial year and welcome in the new one, it’s the perfect time to set fresh money goals. Whether you're aiming to boost your savings, reduce debt, or make smarter investments, setting clear and achievable goals can pave the way for a prosperous year ahead. Here are five financial New Year's goals to help you kick off the new financial year on the right foot.
1. Create and stick to a budget
A well-crafted budget is the cornerstone of financial success. Start by tracking your income and expenses to get a clear picture of where your money is going. Categorise your spending and identify areas where you can cut back. Setting a monthly budget helps you manage your finances effectively and ensures you’re living within your means. Remember, the goal is to create a realistic budget you can stick to all year long.
Mozo Tip: Use budgeting apps or tools to simplify the process. Apps like YNAB (You Need A Budget) or Mint can help you monitor your spending and stay on track.
2. Build an emergency fund
Life is full of surprises, and having an emergency fund can provide a financial safety net. Aim to save at least three to six months’ worth of living expenses in a separate, easily accessible account. This fund will give you peace of mind knowing you’re prepared for unexpected events like medical emergencies or car repairs.
Mozo Tip: Set up automatic transfers from your checking account to your savings account each month. Even small amounts add up over time.
3. Pay down debt
Debt can be a significant burden on your finances, but with a strategic plan, you can chip away at it. Start by listing all your debts and their interest rates. Focus on paying off high-interest debts first while making minimum payments on others. Once the high-interest debt is cleared, move on to the next one.
Mozo Tip: Consider using the debt snowball or debt avalanche method. The snowball method focuses on paying off the smallest debts first, while the avalanche method targets the highest interest rates.
4. Save for retirement
It’s never too early or too late to start saving for retirement. Contributing to a superannuation account can significantly impact your financial future. Aim to increase your contributions each year, even if it’s just by a small percentage.
Mozo Tip: Take advantage of employer-matching contributions if available. Free money towards your retirement is too good to pass up.
5. Set specific savings goals
Having clear, specific savings goals can motivate you to save more. Whether it’s for a holiday, a home deposit, or a new gadget, defining your goals will give you a clear target to aim for. Break down your goal into manageable chunks and track your progress regularly.
Mozo Tip: Use visual aids like a savings chart or an app to see how close you are to achieving your goal. Celebrate small milestones along the way to stay motivated.
Setting financial goals is a powerful way to take control of your financial future. By focusing on these five areas, you can make significant strides towards financial stability and freedom. Remember, the key to success is consistency and perseverance.
Stay committed to your goals, celebrate your progress, and don’t be afraid to adjust your plan as needed. Happy new financial year!
Compare savings accounts below - last updated 4 July 2024
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High Interest Save Account
5.50% p.a. (for $0 to $100,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $500 to either Spend, Bills 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
- 5.50% p.a. (for $0 to $100,000)
- 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
- Deposit at least $500 to either Spend, Bills 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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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.
CompareCompareSavings Account
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.
- 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 4 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 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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Featured Product
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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- 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
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MoneyMAX Account
No Current Offer
4.75% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.75% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read our Mozo Review to learn more about the Unity Bank MoneyMAX Account
Your selected savings accounts
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Your selected savings accounts
^See information about the Mozo Experts Choice Savings Account Awards
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