The 2018 New Year’s Resolutions that could help Aussies save $30,000
One of the two biggest resolutions around are to lose weight and save money, so how does shedding some of the holiday kilos while saving around $30,000 sound?
Mozo jotted down 6 of the most common new year resolutions and found that Aussies could be saving big by going cold turkey on our bad habits in 2018.
The biggest saving was quitting smoking, followed by cutting out booze and junk food.
RELATED: UBank reveals: 48% of Aussies admit to one major bad savings habit
“We all know (smoking) can be hard on your health, but with the cost of a packet of cigarettes continuing to rise, it can be hard on your hip pocket. A pack-a-day smoker can burn through a whopping $12,000 each year,” said Mozo Director, Kirsty Lamont.
Getting clean on our takeout addiction could see Aussies save $3,120, while scrapping the $10 lunch will save us $2,400 and of course, ditching the morning $4 coffee to keep $960 in your bank account.
But for those who’d rather lift heavy in the gym than go on a maccas run, an extra $780 could be racked up by axing the swanky gym membership.
“Even if you have great eating habits and are vice free, there are other small extravagances that can add up to hundreds of dollars in potential savings,” Lamont said.
And with paying off credit card debt on the brain for many Aussies in January, Mozo found that there’s room to save $443 in interest by switching the average plastic debt over to a balance transfer card.
“For many Australians, credit card debt is stopping them from feeling financially free. Switching the average credit card debt of $4,200 to a balance transfer card with a minimum 12 months interest free period and paying off $80 per week would get the balance to zero by the end of the year, and potentially save $443 in interest,” says Lamont.
Mozo’s New Year Resolutions for big savings
| Resolution | Details | Potential saving |
|---|---|---|
| Quit smoking | Quitting the $35.20 pack a day | $12,848 |
| Pay off credit card debt | Based on average credit card debt of $4,200 per cardholder, weekly repayment of $80.70. | $443 |
| Ban the booze | For a beer lover, giving up two nights a week (and 5 schooners) For a wine love, giving up two nights a week (and 5 glasses of sauv blanc) | $4,160 $3,640 |
| Ditch the morning coffee | Based on the average $4 coffee | $960 |
| Junk the junk food | Swap the morning muffin for a muesli bar brought from home. Take leftovers for lunch instead of buying a $10 lunch Give up the arvo chocolate bar run and have an apple instead. | $561 $2,400 $360 $3,120 |
| Exercise and socialise | Ditch the gym membership and Sunday brunch by going for a walk or swim with friends | $780 |
| Total savings | $29,272 |
And if you’re among the many Aussies that are pumped and ready to kickstart 2018 the right way, here are some of Mozo’s top tips for sticking to your 2018 resolutions/goals:
Tell everyone - While you might annoy everyone with your ‘resolution talk’, by telling everyone about your plans for 2018, you’ll be holding yourself accountable to smash out your goals.
Break it up - For instance, setting a big goal of saving $10,000 in a year is no minor task and can bring on doubt, but by breaking this up into smaller goals, you’ll meet achievements more frequently and will stay motivated.
Be specific - Stay away from generic, dated resolutions and make your goals more specific. For example, instead of saying ‘I want to lose weight’, say ‘I want to eat healthier and be more active’.
Take it slow - Going cold turkey is not for everyone, so rather than diving right in, take it one day at a time. For example, if one of your resolutions is to switch from coffee to herbal teas, start by brewing your tea a couple of times a week and gradually eliminate coffee from your diet.
Need a place to stash your savings in 2018? Check out our savings account comparison tool.
^See information about the Mozo Experts Choice Savings Account Awards
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