EOFY personal finance check up - Are you maximising your savings?
We know it's fun to do mid-year shopping, but keeping tabs on spending is just as important. If you’re in your twenties and are new to full-time work, it can take a bit of getting used to tracking spending, paying bills and saving.
Let’s go through a list of checkpoints to help you get your finances in order.
Your personal finance check up
First, create a budget. Or revise one you already have.
To create a budget, you need to:
List and categorise your expenses. Your most important expenses should be at the top. For example your home loan repayments. Then you go with your phone plan, internet plan and credit card bills, and down the list in order of importance.
- Next, deduct taxes from your paycheck to determine how much money you’re bringing in monthly. This is also a good time to learn about taxes.
- Then you should add up all your important expenses and deduct them from your post-tax monthly income. (Don’t be alarmed at how little of your income is left. It just means you need to account for the extra costs).
This brings us to the point - cutting back! This is all about maximising your savings. Or, what is left after you’ve paid your essential bills. If you’re astounded at what you’re spending (like I was), now is the time to get serious about cutting back.
Ask yourself questions like:
- Where is the majority of my money going?
- Why is my phone plan so expensive?
- Do I really need both Stan and Netflix?
- Do I absolutely require that blow-dry every week?
- Can I walk more and drive less?
- Why has my Greece holiday fund got less money in it than I thought it had?
- Can I buy my essential groceries for a better price? (Home delivery, anyone?)
- Can I wear a jumper instead of turning on the heater full blast?
It’s important to remember that it's been a difficult few years, and inflation is at an all time high so basic necessities are a lot pricier than they used to be. Go a little easier on yourself.
Fix your savings
Time to see where you can cut back on your expenses (No, I really didn’t need three streaming accounts!).
Ask yourself: Is my money working for me?
Two key questions for this are:
- Am I earning the best rate of interest?
- Am I paying too many fees?
You may find out you’re earning 1% interest on your savings account. Trust us, you can do better. There are multiple ways to categorise which savings accounts are the best.
Things to take into consideration when choosing a savings account include:
Getting a high interest rate: this is actually kind of a big deal. Your research will pay off. Banks often offer sky-high introductory rates to bring you in before lowering them after a few months. Make sure to carefully consider the long-term numbers before making your decision.
Looking out for fees: these can be very sneaky. If you’re not careful, you may get stuck with bleak rates for a few months before the ‘better rates’ kick in.
Making your money accessible: You need to choose an account that's accessible for your needs. The bank might want a minimum monthly deposit. Or they may throw a penalty at you for making multiple transactions.
Choosing the right type of account: If you’re going to be withdrawing money, make sure the account you choose allows you to do that. If not, it’s better to have a few accounts so that you can place your hard earned money in for saving, and another ‘everyday transaction’ account that you can easily withdraw from.
Some features you should look out for when looking for a savings account are:
Ease of Transactions: Using your Savings Account to send and receive payments easily.
Payment of Bills: These days, banks offer payment facilities such as BillPay with Savings Accounts.
ATM facility: is there a fee if you use a different bank’s atm for your card?
NetBanking and MobileBanking: Secure and easy online banking is everything you need, especially if you’re often on the go.
Debit Card: does the account come with a debit card? Or do you have to pay extra for one? Are there fees that come with the debit card?
Cross Product benefits: does opening up a savings account with this bank offer you a lower interest rate on their credit card?
At the end of the day, choosing a savings account should depend on what’s most important to you and your savings goals. To help you out and save you some time, check out the winners of the Mozo Expert Choice Award for Best Savings Accounts.
Or, you can check out our handy savings account comparison table below to start comparing now.
Savings account comparisons on Mozo - last updated 18 April 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
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.
CompareCompareHigh Interest Savings Account
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.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
-
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.
CompareCompareSavings Account
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.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
-
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.
CompareCompareReward Saver Account
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.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
-
Mozo experts choice awards won:
- High Interest Savings - 2024
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.
CompareCompareAMP 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.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
-
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.
CompareCompareSavings+Bonus
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.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- -
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
^See information about the Mozo Experts Choice Savings Account Awards
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