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.
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.
Promoted
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Savings+Bonus
- Standard rate
-
2.00
%
p.a.
(for $1 to $250,000)
- Maximum rate
-
5.00
%
p.a.
(for $1 to $250,000)
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.
- Standard rate
-
Balances from $1: 2.00% p.a.
Balances from $250,000: 0.40% p.a.
- Maximum rate
-
Balances from $1: 5.00% p.a.
Balances from $250,000: 3.40% p.a.
- Maximum rate conditions
-
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Interest paid
-
Monthly
- Account fee per month
-
$5.00- Monthly membership fee is waived if total balance exceeds $1000, or has a loan or credit card with bank.
- Access
-
-
- Kids ages
-
-
- Minimum balance
-
$1.00
- Other restrictions
-
Must become a First Option Bank member to open an account.
- Other benefits
-
-
Read reviews and learn more about First Option Bank savings accounts
Go to site -
Online Savings Account
- Standard rate
-
1.00
%
p.a.
(for $0 and over)
- Maximum rate
-
5.20
%
p.a.
(for $0 and over)
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.
- Standard rate
-
Balances from $0: 1.00% p.a.
- Maximum rate
-
Balances from $0: 5.20% p.a.
- Maximum rate conditions
-
Bonus rate for the first 3 months from account opening.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Branch access is for deposits only. Must be linked to an Everyday Account, Home Loan or Credit Facility with this provider.
- Other benefits
-
-
Read reviews and learn more about Newcastle Permanent savings accounts
Go to site -
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)
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.^
- Standard rate
-
Balances from $0: 2.85% p.a.
Balances from $50,000: 3.75% p.a.
Balances from $150,000: 4.70% p.a.
Balances from $5,000,000: 0.00% p.a.
- Maximum rate
-
Balances from $0: 3.55% p.a.
Balances from $50,000: 4.45% p.a.
Balances from $150,000: 5.40% p.a.
Balances from $500,000: 4.70% p.a.
Balances from $5,000,000: 0.00% p.a.
- Maximum rate conditions
-
New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Phone banking, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about ING savings accounts
Go to site -
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)
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.
- Standard rate
-
Balances from $0: 0.00% p.a.
- Maximum rate
-
Balances from $0: 5.25% p.a.
Balances from $1,000,000: 0.00% p.a.
- Maximum rate conditions
-
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.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about IMB Bank savings accounts
Go to site
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Savings Maximiser
- Standard rate
-
0.55
%
p.a.
(for $0 and over)
- Maximum rate
-
5.50
%
p.a.
(for $0 to $100,000)
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.^
- Standard rate
-
Balances from $0: 0.55% p.a.
- Maximum rate
-
Balances from $0: 5.50% p.a.
Balances from $100,000: 0.55% p.a.
- Maximum rate conditions
-
For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Phone banking, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
- Other benefits
-
No minimum deposits or transactions needed to receive bonus rate when linked with Orange Everyday Youth Account
Read reviews and learn more about ING savings accounts
Go to site -
PremiumSaver
- Standard rate
-
1.45
%
p.a.
(for $0 and over)
- Maximum rate
-
5.35
%
p.a.
(for $0 to $250,001)
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.
- Standard rate
-
Balances from $0: 1.45% p.a.
- Maximum rate
-
Balances from $0: 5.35% p.a.
Balances from $250,001: 3.70% p.a.
Balances from $1,000,000.01: 3.70% p.a.
- Maximum rate conditions
-
Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account. Must hold and maintain a HISA.
- Other benefits
-
-
Read reviews and learn more about Rabobank savings accounts
Go to site -
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)
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.
- Standard rate
-
Balances from $0: 0.00% p.a.
- Maximum rate
-
Balances from $0: 5.25% p.a.
Balances from $1,000,000: 0.00% p.a.
- Maximum rate conditions
-
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.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about IMB Bank savings accounts
Go to site -
Online Savings Account
- Standard rate
-
1.00
%
p.a.
(for $0 and over)
- Maximum rate
-
5.20
%
p.a.
(for $0 and over)
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.
- Standard rate
-
Balances from $0: 1.00% p.a.
- Maximum rate
-
Balances from $0: 5.20% p.a.
- Maximum rate conditions
-
Bonus rate for the first 3 months from account opening.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Branch access is for deposits only. Must be linked to an Everyday Account, Home Loan or Credit Facility with this provider.
- Other benefits
-
-
Read reviews and learn more about Newcastle Permanent savings accounts
Go to site -
Savings+Bonus
- Standard rate
-
2.00
%
p.a.
(for $1 to $250,000)
- Maximum rate
-
5.00
%
p.a.
(for $1 to $250,000)
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.
- Standard rate
-
Balances from $1: 2.00% p.a.
Balances from $250,000: 0.40% p.a.
- Maximum rate
-
Balances from $1: 5.00% p.a.
Balances from $250,000: 3.40% p.a.
- Maximum rate conditions
-
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Interest paid
-
Monthly
- Account fee per month
-
$5.00- Monthly membership fee is waived if total balance exceeds $1000, or has a loan or credit card with bank.
- Access
-
-
- Kids ages
-
-
- Minimum balance
-
$1.00
- Other restrictions
-
Must become a First Option Bank member to open an account.
- Other benefits
-
-
Read reviews and learn more about First Option Bank savings accounts
Go to site -
Bonus Saver
- Standard rate
-
1.00
%
p.a.
(for $0 and over)
- Maximum rate
-
5.00
%
p.a.
(for $0 and over)
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.
- Standard rate
-
Balances from $0: 1.00% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
- Maximum rate conditions
-
Bonus rate for the first 4 months from account opening.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Phone banking, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about BCU Bank savings accounts
Go to site -
Bonus Saver Account
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- Maximum rate
-
5.00
%
p.a.
(for $0 to $250,000)
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.
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
Balances from $250,000: 0.05% p.a.
- Maximum rate conditions
-
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about MyState Bank savings accounts
Go to site -
MoneyMAX Account
- Standard rate
-
4.70
%
p.a.
(for $1 and over)
- Maximum rate
-
4.70
%
p.a.
(for $1 and over)
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.
- Standard rate
-
Balances from $1: 4.70% p.a.
- Maximum rate
-
-
- Maximum rate conditions
-
n/a
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Branch access for deposits only.
- Other benefits
-
-
Read reviews and learn more about Unity Bank savings accounts
Go to site -
Smart Saver Account
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- Maximum rate
-
4.50
%
p.a.
(for $0 and over)
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.
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 4.50% p.a.
- Maximum rate conditions
-
Increase account balance by any amount (excluding interest) and make no more than two withdrawals in the month
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about Newcastle Permanent savings accounts
Go to site -
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)
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.^
- Standard rate
-
Balances from $0: 2.85% p.a.
Balances from $50,000: 3.75% p.a.
Balances from $150,000: 4.70% p.a.
Balances from $5,000,000: 0.00% p.a.
- Maximum rate
-
Balances from $0: 3.55% p.a.
Balances from $50,000: 4.45% p.a.
Balances from $150,000: 5.40% p.a.
Balances from $500,000: 4.70% p.a.
Balances from $5,000,000: 0.00% p.a.
- Maximum rate conditions
-
New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Phone banking, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about ING savings accounts
Go to site
Your selected savings accounts
^See information about the Mozo Experts Choice Savings Account Awards
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