Boost your wealth in 2024 with these 5 money resolutions

We’re already in the second month of 2024, but that doesn’t mean it's too late to set resolutions. In fact, setting or reviewing your financial goals can be a helpful exercise, whether you're looking to save more, invest wisely, or simply manage your finances better. 

So, here are five money resolutions you can use to boost your wealth in 2024.

1. Establish a clear financial goal

  • Resolution: Set specific, measurable, achievable, relevant, and time-bound (SMART) financial goals.

Clearly define what you want to achieve financially this year. Is it saving for a house deposit, paying off debt, or building an emergency fund? Whatever your goal, make sure it's specific and measurable. For example, rather than saying "save more money," aim to "save $10,000 by December 2024." This clarity will provide direction and motivation.

Thankfully, a lot of banking and savings account apps have a bunch of financial tools like goal setters.

2. Create and stick to a budget

  • Resolution: Develop a budget and adhere to it throughout the year.

Budgeting is the cornerstone of personal finance. It allows you to control your spending, track your expenses, and save more effectively. Utilise budgeting apps or spreadsheets to categorise your expenses. 

Try keeping a realistic view of your spending habits and include a buffer for unexpected costs. Regularly review and adjust your budget to ensure it aligns with your changing financial situation.

3. Build an emergency fund

  • Resolution: Establish or grow an emergency fund to cover at least three to six months of living expenses.

An emergency fund is a financial safety net that protects you from unexpected events like job loss or medical emergencies. It can be helpful to start small and gradually increase your savings. Automatic transfers are offered by some apps and can help grow your emergency fund. 

Remember, this fund should be easily accessible and only used for genuine emergencies. 

4. Invest your cash

  • Resolution: Learn about investment options and invest to grow your wealth.

Investing can be a helpful way of building up your wealth. However, depending on where you put your cash, there are certain risks and rewards associated with different types of investments.  

There is a wide range of investment options available, from higher risk stocks to safer term deposits. 

5. Minimise debt and improve credit

  • Resolution: Reduce high-interest debt and work towards improving your credit score.

High-interest debts, like credit card balances, can work against your financial progress. Prioritise paying off these debts to reduce interest payments and free up more money for savings. You can also look at getting a debt consolidation loan to move your higher interest credit card debt to a lower interest personal loan.

Credit score is another helpful part of this process. Maintain a good credit score by paying bills on time, keeping credit card balances low, and avoiding unnecessary new debt. A good credit score can lead to better interest rates on loans, saving you money in the long run. 

Looking for a place to keep the cash you save? Check out and compare high interest savings accounts or have a look at some of the providers in the table 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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  • 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.

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  • 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.

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^See information about the Mozo Experts Choice Savings Account Awards

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