From biting fingernails to indulging in just a little too much end-of-the-week chocolate, we’ve all got some bad habits - but there are some that can be a serious drain on your budget.
Mozo research shows that the financial bad habit nearly a quarter of Aussies are falling for is carrying lingering credit card debt. Other common offences include using plastic for fixed expenses like bills and rent, not having a budget and failing to save a financial buffer, which Mozo Director Kirsty Lamont says paints a worrying picture.
“When you look at the big picture here, the overall problem for Aussies seems to be that we’re having trouble getting on top of expenses, which leads to cutting into savings and relying on credit when we really shouldn’t be,” Lamont said.
But there are ways to break these bad habits and put cash back in your coffers.
For those looking to find extra funds to save, refinancing an expensive mortgage may be the road to success. By switching from the average interest rate to the lowest in our database, a borrower with a $300,000 mortgage could put as much as $59,276 back in their pocket^.
Finding a way to lower expensive interest payments is key for those struggling to stay on top of their debt. By paying off $4,000 of credit card debt in a 12 month 0% interest balance transfer period instead of letting it sit on the card, a spender might save as much as $4,922** in interest payments.
If you’re ready to kick bad habits and start saving money, check out these top picks from our Editors to help you along the way.