Financial goal 2024: A better budget!

With the new year fast approaching, you’ve probably been thinking about what financial resolutions to adopt. While a lot of goals make sense, there’s one that you should consider as the foundational element—budgeting

While we’re all told to do it, it’s not always straightforward how you’re supposed to design it or how it can help you long term. 

Why budgeting is important

The most obvious reason a budget is so crucial, is the amount of savings you can make by tracking income and spending. Noting what you might be spending too much on (whether it be too much take away food or a subscription service you never use) can reveal what needs to get cut.

Another reason that budgeting can be helpful is that it could improve the interest rate you receive on a loan. Why? Because if you practice consistent saving, your lender will see you as a safer investment. For instance, if you were to take out a home loan and your home loan provider saw you consistently save $1000 a month, you could snag yourself a lower rate. 

Budgeting is also a good way of avoiding overspending. By knowing how much you should be spending, you’re less likely to make frivolous purchases. However, living under the rule of a tight budget can be tiring for some savers, so make sure you give yourself enough leeway to avoid feeling too restricted. 

Elements of a good budget

One of the first things to keep in mind with your budget is that it shines a light on how much you can spend. So, while budgets are important for balancing your income and expenses, sometimes you’ll have more or less cash left over before your next paycheck and your budget can show this. 

Some of the elements of a good budget are as follows:

  1. Income/expenses: This is the bread and butter of any good budget. By calculating regular income and expenses, you can get a good idea of how much cash you have to use. 
  2. Multiple savings buckets: It can be tempting to put your savings all in one place, but having multiple pools of cash can be helpful. For instance, you could keep your main savings in a high interest savings account while an emergency fund sits in another account whenever you may need it.
  3. Investment funds: Some of you may want to keep a pool of cash invested. Provided it makes sense for your budget, it’s possible to keep this money in a high interest term deposit account or put it into shares. 

Overall, you should approach your budget as a guide and not as a strict set of rules. Consistency is key to realising the long-term benefits, and anything that maximises your ability to stick to the path would be beneficial. 

Looking for a high interest savings account to stash your cash into? Check out some of the providers on our savings account hub page or check out some of the accounts below… 

Savings account comparisons on Mozo - last updated 25 February 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.

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

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  • 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.

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  • Mozo Expert Choice Badge
    Savings Account

    5.50% 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.

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  • 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.

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  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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  • Mozo Expert Choice Badge
    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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