Why it’s time to ditch the YOLO mindset and reign in spending

Living in the moment is great - until it leaves your bank account on empty! Here at Mozo we agree that it could be time for us Aussies to take a step back from the YOLO economy and rethink our “you only live once” spending habits.

Mozo Expert, Rachel Wastell says, “while it’s tempting to say “yes” to every spontaneous brunch, mini-break, or retail sale, bringing a bit of balance to your finances can go a long way”.

So to help you get there, we’ve put together some strategies to keep your spending in check, so you can still enjoy life while making your money go further.

Swap “impulse” with “purpose” spending

Instead of jumping on every opportunity that comes your way, ask yourself: Is this purchase adding real value to my life? If it’s not a yes, consider redirecting that money toward goals that align with your priorities, like a big holiday fund or make extra super contributions.

Set small financial challenges

Set yourself a fun challenge in an effort to curb overspending. Try something simple like a weekly “no-spend day” or challenge yourself to save every $10 or $20 note you get. These mini-goals might seem small, but they add up to big wins over time. Plus, they help rewire spending habits in a way that feels rewarding, not restrictive.

Commit to conscious socialising

We all love a night out with friends, but it’s no secret that socialising can quickly drain your budget. Try trading the occasional dinner or drink date for budget-friendly alternatives, like a picnic in the park, a BYO game night, or cooking a meal together at home. That way, you’re still catching up with mates without the risk of blowing your weekly budget on one night out.

Save on autopilot

Setting up automated transfers to your savings account can help you put away cash before you even have a chance to spend it. You can schedule these right after payday, and then relax knowing your savings are growing in the background. Aim for even a modest amount like $50 or $100, whatever you can manage consistently, until it becomes a habit.

Practise “wait and see” shopping

Impulse buying is a fast track to YOLO overspending. A good rule of thumb? Wait 48 hours before making any unplanned purchase, especially if it’s over a certain amount. This cooling-off period often helps you see if you really need the item or if the urge to buy fades.

These simple strategies can help keep your finances on track without taking the fun out of spending. So next time you feel the urge to YOLO with your cash, think of it as a chance to make some long-term wins for your future self. To get on track faster, compare savings accounts below to help reach your goals faster.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 250 savings accounts using the filters.
Last updated 24 November 2024 Important disclosures

Savings account comparisons on Mozo

  • Savings+Bonus

    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Online Savings Account

    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.20 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Go to site

    Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.

  • Savings Accelerator

    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Reward Saver Account

    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.25 % p.a.
    (for $0 to $1,000,000)
    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.
    Go to site

    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.

  • Savings Maximiser

    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Maximum rate
    5.50 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Go to site

    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.^

  • PremiumSaver

    Standard rate
    1.45 % p.a.
    (for $0 and over)
    Maximum rate
    5.35 % p.a.
    (for $0 to $250,001)
    Increase balance by $200 by the end of each month
    Go to site

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

  • Reward Saver Account

    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.25 % p.a.
    (for $0 to $1,000,000)
    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.
    Go to site

    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.

  • Online Savings Account

    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.20 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Go to site

    Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.

  • Savings+Bonus

    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Bonus Saver

    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Go to site

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

  • Bonus Saver Account

    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 to $250,000)
    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
    Go to site

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

  • MoneyMAX Account

    Standard rate
    4.70 % p.a.
    (for $1 and over)
    Maximum rate
    4.70 % p.a.
    (for $1 and over)
    Go to site

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

  • Smart Saver Account

    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Go to site

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

  • Savings Accelerator

    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

Showing 10 of 250 savings accounts. Use the filters to see more

^See information about the Mozo Experts Choice Savings Account Awards

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