A quick guide to a mid-year family budget refresh

Creating a budget can challenge most of us, especially as we try to break the cycle of living paycheck to paycheck. It’s not easy! We all have everyday costs but then many of us also want to cover a holiday or repayments on a new car. These things add up.

And given the constant rise in prices on almost everything, the economic climate is a bit stressful, too. 

So where to next?

Maybe you started off the year with high expectations but those plans aren’t working out. It can be difficult to start from scratch, we get it. So below let’s turn things around - we’ll revisit your budget and refresh your budget thinking.

6 ways to spruce up your start of year budget:

  • Track your income - and don’t just track but know what it is! The point is that your income after taxes and other deductions such as super need to be factored in when saving money. Simple but important. 
  • Write down your priorities - this is about knowing what needs to be tackled first and what can go on the backburner. For example, maybe paying off your student loan is more important to you than buying a car. So focus on that. 
  • Have a rule - heard of the 50/30/20 rule? It’s about dedicating the largest chunk of your money towards your needs and non-negotiables - or 50% of your income. Must-pay items include bills, the home loan or student loans. Then 30% goes to your wants and desires, say drinks out or taking a day trip. The last bit? 20% should be left for the savings. But choose what works best for you. 
  • Track your financial goals - keep an excel sheet handy if that works for you. Mark off your weekly/monthly goals when you achieve them and don’t forget to keep a little treat for yourself at the end for some incentive. 
  • Create an emergency fund - feel at ease with money you can fall back on if something comes up. Always best to expect the unpredictable. 
  • Lastly, don’t make strict rules - always allow room for things that make you happy, like seeing a movie you’ve been waiting for or brunching at a favorite restaurant. Positivity can help!

Finally, be sure to have fun with your budget, it doesn’t need to be serious, just practical. And if you’re needing help with finding a good savings account to park your money, our experts have done the hard work for you by comparing what’s on the market. You can start comparing some of the best savings accounts below! Good luck.

Savings account comparisons on Mozo - last updated 2 March 2024

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

  • 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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

  • 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 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.

  • Mozo Expert Choice Badge
    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.

  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.