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Ways to save money

Ah yes, the age-old question: how can I save money? Well, there are many potential ways to save money like cutting back on takeaway coffee or lunch, going to a cheaper grocery store, or planting your own herbs. There are plenty of strategies people have invented to save money, especially as the cost of living continues rising.

By coming to Mozo, you’ve entered the money saving zone and we are here to give new ideas on how to keep some extra cash in your pockets. Whether it's a saving challenge, making work commute cheaper, or helping you discover great deals.

Below we’ve collected some of our favourite money saving strategies to help you get started.

Be a budgeter

Having a budget is quite handy. It helps you see exactly how much you’re spending and where your money is going. Once you have a clear idea of your spending you could review unnecessary items–like that gym membership that you never use–and cut them out and put that extra cash into a savings account.

If you don’t already have one, check out our budget calculator to get you started. Remember to make it realistic and consider tailoring your budget to include some savings goals.

Related: The seven budget and savings apps every Aussie needs

Give up a vice

Sometimes giving up a habit is the remedy that a bank account needs. For example, for a time I always got takeaway for lunch. And even though I always aimed for my lunch to be less than $15, I was still spending about $75 a week which was close to $300 a month! Once I cut my habit to once a week I suddenly found myself with so much extra money each month.

While I didn’t necessarily go cold turkey with my lunch buying ways, drastically reducing it really helped me save money. Now I put that extra money in my savings account and sinking funds.

Choose the right account

Becoming a smart saver could help you save more money in the long run. So you want to make sure your money is going into the right type of account. If you let your savings sit in an everyday bank account you’ll probably be earning close to no interest - and that’s not ideal. 

Instead find a savings account with high interest rates to get you earning some money for saving.

Otherwise, there are heaps of other types of savings accounts, or, if you’re willing to lock your funds away for a while and not touch them at all, you might like to check out a term deposit.

Savings Account Comparison Table - last updated 1 March 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

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

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    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

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    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

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    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

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    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

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    0.30% p.a.(for $0 and over)

    Yes up to $250,000

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Save the small stuff

A wallet jam-packed with coins can be annoying, and if you’re anything like us, these little pieces of shrapnel will also wind up slipped into your handbag, lost behind the couch cushions and abandoned in nooks and crannies everywhere around the house.

But the reality is, you could have a couple of hundred dollars floating around in loose change. So set yourself up a piggy bank and drop your change into it every afternoon when you come home. You’d be surprised how quickly it will add up!

Pay with cash

There are a few reasons why this works: for starters, cash is a lot more personal than a piece of plastic. If you’ve held your savings in your hand, you’ll miss them more. Some people are also better at saving when they can see their weekly budget dwindling before their eyes.

If you’re really serious about it, try setting yourself a challenge, for example: every time you pay for something, put the loose change you get back into your piggy bank. You’ll save a few dollars each time and as your weekly cash budget drains out quicker than ever, it will probably prompt you to tighten up your spending as well.

Cut yourself a check

You’ve probably heard the term ‘pay yourself first’ thrown around a bit. But what does it mean? Basically, you should consider putting savings away a planned cost, like rent or loan repayments. Decide on a wage for yourself - maybe as little as $10 a week, maybe as much as $100, depending on what your weekly expenses will allow - and then as soon as you get paid, stash that amount away in your high interest savings account. Tell yourself it's a necessary cost, make it a habit, and you’ll barely even notice the money’s gone. Then, after a few months, you’ll have a nice fat rainy day fund built up, almost without lifting a finger.

Stay on top of your savings strategy

It’s not time to relax just yet! Picking your favourite savings strategy is only half the work - the other half is making sure it's still working weeks, months and even years down the track. 

If you decide to give yourself a weekly cash budget and end up spending more than you did before, that’s probably not the savings strategy for you. 

The main thing you’ll be looking at is obviously your savings account balance. Is it growing? Is it growing fast enough? But you also need to keep one eye on the market and ask yourself if your savings account is still the most competitive around. A small change in interest rates may not seem like much but listen to this: 

If you had $5,000 in a savings account with an interest rate of 1.65%, you’ll earn just $341 in interest over 4 years. If you parked it in a better savings account with an interest rate of 2.41%, you’d earn $164 more over the four years. Just for keeping an eye on the best interest rate deals. Not bad, huh?

Save more money now

Found your answer? Whatever way you plan on saving money, there’s no time like the present to start. So head on over to our savings account comparison tables to find some of the best deals available on the market today.
Or, if you’re looking for a few more tips to help you save, check out our seven steps to savings heaven.

Maria Gil
Maria Gil
Money writer

Maria Gil writes across all of our personal finance areas here at Mozo. Her goal is to help you think smarter about money and have more in your pocket. Maria earned a journalism degree in Florida in the United States, where she has contributed to major news outlets such as The Miami Herald. She also completed a masters of digital communications at the University of Sydney. When Maria isn’t busy with all things finance, you can find her tucked away reading fantasy books. She is also ASIC RG146 (Tier 2) certified for general advice.

^See information about the Mozo Experts Choice Savings Account Awards

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