UBank notes uptake of healthy budgeting practices post-2020

A father and daughter sit in the kitchen, high fiving.

In under one year, almost half of Australians have adopted new budgeting strategies. Indeed according to recently released statistics from UBank less than 20% of the population were using proper savings tactics in July 2020, that number is now nearly 50%!

UBank chief executive, Philippa Watson says that if 2020 has taught us anything, it's that simply putting aside money for a rainy day isn't enough to ride out economic uncertainty. She says, "It's encouraging to see Australians continuing to implement the positive savings behaviours they picked up during the pandemic well into 2020."

A stitch in time ...

It seems fairly simple, but having a budget (or a plan) can really help when it comes to money. If you constantly worry about your bank balance and struggle to make ends meet, being prepared with even a simple budget can help to at least stay on top of things. So how do you do this? Let's run through a few simple steps.

1. Take stock

First up, take stock of everything. This means reviewing all your outgoings and incomings over the period of at least one month. Be sure to make notes on any direct debits you have set up. The easiest way to do this is to scroll through your transaction history in your online banking, either on a web browser or via the app.

2. Prioritise

Next, make a list of all your regular expenses. Prioritise payments from the highest to lowest. The highest being things that you can't easily rid yourself of, such as rent or home loan payments. The lowest being stuff such as streaming services that can be cancelled at any time.

3. Get serious

After you've done this, work from the bottom of your list - from lowest to highest priority. As you go, see if there is anything you could do without. Remember, you can usually cancel streaming services like Netflix and take them up again whenever. If you're worried about not having any decent entertainment, go old school, join your local library and see if you can borrow DVDs for free.

4. Plan ahead

Once you've been through your direct debits, comb through your other expenses. By this we mean variable expenses that you could have some control over. You could split these into categories such as: groceries, transport, dining out, entertainment and so forth.

This will give you an idea of both where your money is going and in what areas you can cut back. So, for example, if you find that you spend a lot on takeaway or dining out, think about meal prepping instead on one of your days off. You could give yourself a monthly or weekly budget for each category.

As Watson says, "It might sound obvious, but there is a direct link between budgeting behaviours and reaching your financial goals."

Keep it fresh

Once you've been through this list and implemented all these changes, give yourself a month or so to see if your finances start to look a bit healthier. If you don't see much of a difference, or you do and you want to up the ante and save more money, then you can think about reviewing bigger expenses.

Could you switch home loans to one with less fees or a lower interest rate? Or are you paying too much on your energy bills? Use Mozo's website to compare products and prices and see whether or not you could be getting a sweeter deal.

Lastly, you'll want to have a top notch savings account to put all this money you're saving in. Head to Mozo's compare savings accounts page to see what options are out there, or have a look at the list below for a sneak peak.

Compare savings accounts

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 19 July 2024 Important disclosures
  • 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 4 months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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  • 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.

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    Details
  • 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

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    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.

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  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% 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 Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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^See information about the Mozo Experts Choice Savings Account Awards

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