How to achieve your financial New Year’s Resolution in 2021


Goodbye 2020 and hello 2021! 

With the holiday season drawing a close and a brand new year ahead of us, it’s time to get ready to kick some serious 2021 goals.

In fact, if you start out on the right foot, this could be the year to give yourself the best chance to achieve your financial New Year’s Resolution, no matter how big or small. 

So with that in mind, here are some 2021 financial New Year’s Resolutions and simple ways you could knock them out of the park over the next 12 months! 

New Year’s Resolution 1: Be a savvier saver 

  • Set a savings goal: While you may have something specific in mind, like saving up for a family pet, new car or even a home deposit, savings goals can come in all shapes and sizes. You may simply want to plump up your stash by $100 per week - no goal is too small. The important thing is, you have some sort of target set as it ultimately makes it easier to measure the success of your saving. 
  • Adjust your spending habits: Once you have a savings goal clear in your mind, it’s time to take action! This could mean slashing the cost of your weekly groceries, cutting down spending on online shopping, eating out less or even switching up your financial products (like a home or car loan) to save on interest and fees. Whatever it is, the golden rule is to put the money you save away and avoid dipping into it.  
  • Find the right product for you: Still using the same account you have been using since you got your first ever paycheck? Chances are you aren’t getting the best savings product out there. If you are putting money away often, consider something like a high interest savings account where you are rewarded with bonus interest for regular purchases and deposits. On the other hand, if you already have a bit saved up, a term deposit may be the better option for you. You can lock away your money and allow it to accrue interest without any regular deposit requirements at all. 

New Year’s Resolution 2: Switch to a better home loan 

  • Assess your current loan: Home loans are costly, so you could save yourself thousands of dollars by making the switch to a more competitive mortgage option. But before jumping ship, go over your current loan with a fine tooth comb and assess where you need improvement - this could be the interest rate, fees, features etc. This way, it’ll be easier to compare the new products you consider.  
  • Find a lower rate: Currently on the Mozo database, the average variable home loan rate sits at 3.31%, while some of the most competitive rates are below 2.00%. Cutting down the interest rate attached to your mortgage could end up saving you thousands over the life of the loan. If you want to find out more about how mortgage rates are tracking this month and to compare products, check out our Home Loan Interest Rates page.  
  • Weigh up the features and fees: Whether it’s an offset account you’re after or simply the option to make extra repayments, make sure you consider the features of the loan you are thinking of switching to. Plus, check out any fees you might have to pay over the life of the loan - you could end up saving a little in these costs as well. 

New Year’s Resolution 3: Clear lingering personal debt 

  • Work out how much debt you have: If 2020 has left you with a little debt, it’s time to kick it. The first step in being debt-free is working out exactly how much you need to pay off. This could be just from a single product like a credit card or across multiple like other credit cards and personal loans. Crunch the numbers and have a plan about how often and for how long you want to pay down your debt - and stick to it.   
  • Consider a debt consolidation loan: Have multiple debts? A debt consolidation loan may be exactly what you need. With this product you can roll your debts from things like personal loans, car loans and credit cards into one easy repayment at one interest rate. The benefit is that you are likely to get a lower rate if you bundle your debts, as things like credit cards can come with hefty interest rates. 
  • Take advantage of a balance transfer credit card: If you went a bit wild over the holiday season with your credit card, a balance transfer may be the perfect way to pay down your debt. Most offers come with 0% or low interest for a period between 3 and 30 months, meaning there’s plenty of options out there. The catch is that any spending you do on a balance transfer card will not be interest free. At the end of the day it’s an easy way to cut down your spending and pay down your debt at the same time. 

Need somewhere to put your 2021 financial New Year’s Resolution savings? Take a look at these hot savings accounts offers below or jump over to our savings account comparison table for more options.

Compare Savings Accounts 2021 - last updated 13 April 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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

  • 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.

  • 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
    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.

  • 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.

  • 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

    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.


^See information about the Mozo Experts Choice Savings Account Awards

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