Best savings rates, high interest accounts, no fees savings... We all want lots of money. But the only thing worse than earning it, is putting it away for a rainy day when we're eighty. A high interest account is the simple answer to miser-free savings.
Having a solid savings back-up in a crisis is invaluable. Whether you’ve lost your rental bond while moving house, or lost your job because of a major economic downturn, it pays to have a little extra up your sleeve that’s solely dedicated to supporting you through a difficult financial time.
Whether you’re helping them buy their first home or paying school fees for your grandchildren, gifting money to your children can be a wonderful thing to do. But while you may think the process simply involves writing a large cheque in your child’s name, it won’t be long until you realise things are a little more complex, especially if you are on the Age Pension or receive Centrelink payments.
A budget is really handy to have, whether you constantly find yourself low on funds or just never seem to be able to save up enough cash to pay for that shiny new kitchen appliance you’ve been coveting.
Where’s the best place to stash your cash and earn interest? In a piggy box hidden under your bed, in a savings account or a term deposit? There’s no right or wrong but if you’re looking to make money on your savings then we suggest getting rid of the piggy bank regardless of how sentimental it may be!
We’ve all been there: a bad boss, dodgy landlord or love affair gone wrong and suddenly, you need to get out fast. But that’s not always an easy thing to do, especially if you don’t have the cash to cover the rent and keep the lights on without that job or live-in partner.
Are you living with your partner and sick of having to pay joint bills with separate bank accounts? Do you both have the same goals for your money? Can you be pretty confident your partner isn’t going to wake up in Vegas with no shoes, a new tattoo and a credit card bill as long as their arm?
So you’ve got a nice little nest egg built up and now you need somewhere to stash it. Well, a piggy bank is severely outdated and when you leave your savings in your everyday transaction account, well… you spend them.
Interest is like a fee for borrowing money. That’s pretty straight forward in the case of your home loan - but when we’re talking about your savings, what does borrowing money have to do with it? Well, when you put money away in a savings account, that’s essentially you lending the bank your money. It’s still accessible to you at any time, but while you’re not using it, the bank can. In return for that, they pay you interest each month.
Ah, the age old question: how can I save more money? Well, there are as many answers as there are people asking the question. From cutting back on bad habits to going DIY on just about any aspect of life you can name, there are plenty of schemes people have come up with for saving.
You should actually start by giving yourself a pat on the back for getting to step one! You’ve acknowledged that it’s time to get your finances in order, ready to start saving for the future. Good work you!
With hundreds of savings accounts on the market, choosing the right one to grow your hard-earned dollars in can be a daunting experience. To make the process easier and a little less stressful, Mozo has created this guide highlighting the features you should consider when choosing a savings account.
So here are the coveted, much anticipated and holiest of savings holies: the Seven Heavenly Savings Virtues - along with the Seven Deadly Sins of Spendthrift Iniquity. If you follow these steps you’ll reach your savings goal in no time!
Whether you’re saving for a holiday, a home deposit or a new pair of shoes there’s a savings account out there for all savings scenarios! There are plenty of different types of savings account to choose from. Don’t be overwhelmed! Read this guide as we delve into the different types of savings accounts to help you decide which one best suits you and your hard earned savings. Then you can sit back and watch your savings grow!
Life’s uncertain, and as parents, we all want the best for our children and their future. One of the great ways you can help out is to get your kids into healthy money habits early on, whether that’s opening up their own savings account or teaching them to have savings goals they can commit to. That way, they’ll be well-equipped to handle their finances once they’re older and they’ll be more than ready to tackle the tricky financial challenges of adulthood.
Bringing up a savings-savvy kid could save you a fortune in averted financial delinquency later on, so it pays to get them excited about hoarding their, alright, your cash in the best kids savings account around.
Here at Mozo we reckon buying and selling preloved all year round is not only good for the planet, but also for your wallet. So we took a look at Gumtree’s latest Secondhand Economy Report to see what items Aussies are most interested in buying or selling used.
When it comes to finances, there is one thing you simply cannot buy and that’s good money habits from an early age. Just like riding a bike or learning a second language, some things are just easier to pick up when you’re little.
The government’s fiscal stimulus efforts have helped put a floor to Australia’s financial problems, but a fast approaching deadline will put households to the test.From 28 September, JobKeeper payments will be reduced from $1,500 a fortnight to $1,200 a fortnight for full-time workers and just $750 a fortnight for part-time workers. Meanwhile, an unemployed person on JobSeeker who is currently receiving $1,115.70 a fortnight will have their payment cut to $815.70.The JobKeeper and JobSeeker payments have been a much-needed lifeline for millions of Australians, with half of all recipients Mozo surveyed admitting the payments were keeping them financially afloat. But for many, the support measures have been less than adequate. One-third of respondents (33%) felt that the amount they are currently receiving is not enough to keep on top of their finances. The changes to payment rates from late September will only make things more difficult for this cohort. They will also be keenly felt across Victoria, where the prospect of an extended lockdown has renewed fears of widespread business closures. “More than one in four Australians currently receiving the government assistance say what they’re receiving is not enough to come and go on, painting a bleak picture for October onwards,” said Mozo Director, Kirsty Lamont.