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

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 14 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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  • 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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  • 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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  • 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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