5 tips to better money management in 2022

mother and daughter celebrating a year of savings

It’s the start of the new year and what better time to put into practice some new money habits that could see you ditching debt for good or sending your savings skyrocketing.

According to NAB, “Almost half of all Aussies are worried about the future of their finances and one in four don’t plan for it.” If this sounds like you, we’ve got some good news. 

Figuring out how to manage your money might seem like a daunting task but these simple tips could help you get started:

1. Set some spending goals

What do you want to spend your money on this year? A new car, overseas holiday, or the latest iPhone? Much like a new year’s resolution you can pick a savings goal and plan how to get there. After you’ve decided what you want to splurge on, make a budget and start saving towards that goal. Have a bit of fun with it and set up milestones to celebrate getting closer to your goal.

2. Set up the right accounts

While saving you want to make sure that your money is going into the right type account. If you keep your savings sitting in a standard bank you’re likely earning close to zero interest which isn’t ideal. Believe it or not there are savings accounts that help you earn money and reward you bonus interest for not making withdrawals in the month. Make sure to set up automatic transfers to the account each payday so you can see that money grow and get you closer to achieving your spending goals.

You can check out the Mozo Expert Choice Awards Best Savings and Bank Accounts to find the best place to keep your money.

3. Track your expenses

You’ve probably seen this tip everywhere, but tracking your expenses is a great way to get savvy about managing your money. Are you paying for a gym membership you don’t use? A streaming service that you haven’t touched in months? By tracking where your money goes you might find places to cut back and keep more money in your pockets. And the good news is that there are heaps of free money management apps that help make this task a breeze!

Related: The seven budget and savings apps every Aussie needs

4. Use your credit card wisely

Building up credit is important, but if you’re not wise about your usage you could find it hurting you later when it comes time to get a car or home loan. Consider taking advantage of features like setting a spending cap or a limit per transaction so that you can easily manage repayments and avoid overspending. Also, try to avoid making big impulsive purchases and always try to pay off your balance before you are charged interest. If you do want to make a big purchase, consider making it part of your 2022 spending goals and save up for it instead.

5. Set up automatic payments to your savings account

You know the saying ‘out of sight out of mind?’ If you set up recurring automatic payments to your savings account you don't even have to think about it and you could end the year with a good chunk of money saved. The amount you decide on doesn’t have to be massive either, it could be just $20 a week. By Christmas you could surprise yourself with $1,000 in your savings.

If you are looking for more ways to save, consider checking out Mozo’s saving account page or our family finance tips!

Savings account comparisons on Mozo - last updated 31 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    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.

  • 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.

  • 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, 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.

  • 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.

  • 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.

  • 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.

  • 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.


^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.