How to set your sights on being a saving superstar in 2021

A woman wearing a yellow beanie, denim jacket and yellow jumper listens to music and dances in front of a light blue background.

Want to build up a rainy day fund in 2021? Well it might be time to channel that positive, early noughties pop energy and reach for the savings stars!

We’ve compiled a list of tips to help you climb that savings mountain. So don’t stop, never give up and keep reading. 

Ditch debt

To really master the art of being a savings superstar, you’ll have to first make a plan to ditch debt. This means coming up with a plan to pay off your credit card and sticking with it. One way to do this is to transfer your funds to a balance transfer credit card.

These types of credit card usually come with a 0% balance transfer rate for a set amount of time. Just make sure it’s enough time for you to clear your debt. 

Keep track

Pull out your bank statements, banking app or whatever you use to check your account. Take note of your outgoings over the past couple of months. Is there anything that stands out? Money gone on takeaway or drinks? Take stock of these and think about cutting back on unnecessary expenses.

Continue keeping track of your spending with either a budget, savings app or spending tracker. A number of banks these days offer spending insights to help you get on top of your money. Have a look on your banking app and see what’s on offer.

Set an intention

Figure out what type of saver you are and set yourself a savings goal. This could be to build up a $10,000 emergency savings fund or to save for something in particular, such as the deposit on a house, a car or even a piece of kitchen equipment.

Once you have a goal work out how much of your income you can squirrel away each month. It’s important to be realistic about this, as you don’t want to be caught short and have to dip into your savings. 

Switch mindsets

The constant bombardment of advertising through social media apps, TV and billboards can make it hard not to spend money. On top of this, advertisers often use scarcity tactics, such as ‘only two left in stock’ to persuade us to make a purchase.

To really tap into saving, we need to realise that there is an abundance of stuff and that we will not miss out if we don’t buy something. With a shift in mindset we can see ourselves as active citizens of society and not simply consumers of products.

Open a savings account

To avoid dipping into your hard earned stash, you may want to open a separate account altogether. The good news is that there are plenty of savings accounts to choose from these days. All of these have different features, interest rates and varying perks to recommend them. So you can narrow it down to the one that will work best for you.

Head to Mozo’s compare savings accounts page to start making your shortlist. Or scroll down for a quick preview of what’s on offer. Here’s to bringing it all back to you in 2021! (PS sorry for getting all those S Club 7 songs stuck in your head.)

Compare savings accounts - rates updated daily

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% 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 Everyday or Glide transaction accounts.

    Go to site
    Details
  • placeholder
    Boost Saver with Go Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Go to site
    Details
  • placeholder
    Grow Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Go to site
    Details
  • placeholder
    Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for first 3 months, reverting to 0.15% rate after

    Go to site
    Details
  • placeholder
    Fast Track Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% p.a.(for $1 and over)
    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Go to site
    Details

^See information about the Mozo Experts Choice Savings Account Awards

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