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 22 January 2022

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • AMP Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    From 1 Feb 2022, minimum deposit of at least $250 in the previous month.

    An ongoing total variable bonus rate of up to 1.35% per annum will apply each month from 1 Feb 2022 if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^

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    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
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  • Grow Saver
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    0.65% p.a. (for $0 and over)
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    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

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^See information about the Mozo Experts Choice Savings Account Awards

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