7 ways to be thrifty and save money you might not have heard of

Economic pressures have left many feeling the squeeze on their budgets. As a result, most of us are probably not saving as much as we should be. 

So the question is, how can we be a bit more thrifty? For some of us, it doesn’t come naturally. However, as long as you put the right systems in place, anyone can be a super saver. 

Whether you’re a natural saver or not, there’s always more to learn and apply to make sure we’re getting the most out of our money. So here are seven ways you can save money that might be new to you.

1. Share housing

You don’t have to go it alone. The great thing about share housing with someone is that your costs are split between all parties. Cost savings can expand beyond just the rent—cooking big batch meals, splitting bills, there’s a lot that can be done when pooling resources together. 

2. Sign up to rewards programs

Rewards programs are great ways to save a little bit extra if you’re a frequent user of a company's services. Woolworths rewards or coles flybuys are both great examples of rewards programs that can add savings for frequent shoppers. 

3. Home delivery

You would think this wouldn’t be the most economical option for grocery shopping, but that’s before factoring in the psychological factor. How many times have you shown up to the supermarket and found yourself picking up things you just don’t need? With online shopping, you can carefully plan out exactly what you need without the temptation of goods right in front of you.

4. Cash back rewards

With cash back rewards you can save by utilising cash back apps and websites to reduce your expenses. Apps like Cashrewards, Kickback, and Shopback as well as many others all allow you to get cash back rewards when you shop with connected stores. 

5. Round up transactions

Paying $4.50 for a coffee? Round up the transaction to $5. Those 50¢ coins add up overtime to a substantial lump sum of savings you can chuck into a term deposit or high interest savings account

6. Savings challenge

One way you can save big is by undertaking a savings challenge. One good example is the 52 week challenge where the amount you deposit is determined by what week in the challenge you’re in, e.g. $1 on week 1, $5 on week 5, $52 on week 52.

7. Start comparing

A reason why people use comparison sites like Mozo is because they’re looking for the best way to get with a provider who offers them the most competitive rate. Many will sign up with the same providers as their parents without ever thinking about how different offered rates can be. 

Want to start comparing savings accounts? Mozo has a database full of high interest savings accounts that can help you compare the best one for you.

Savings account comparisons on Mozo - last updated 29 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.

    Compare
    Details
  • 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.

    Compare
    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • 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.

    Compare
    Details
  • 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.

    Compare
    Details

^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.