Mozo guides

15 simple ways to save money in 2024

Saving up cash doesn't have to be a complicated process. At the most basic level, it requires spending less than you earn. Normally, this means having to cut out discretionary spending, although you can offset this by finding new sources of income. 

Below we've compiled a list of 15 different money-saving actions you can take so that you can save more in 2024.

1. 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. 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.

Tip: In 2024, consider using budgeting apps that can provide personalised insights based on your spending patterns.

See also: The seven budget and savings apps every Aussie needs

2. Give up a vice

Foregoing expensive habits is an important step when cutting back on spending. For instance, going to the pub every weekend might be enjoyable, but the cash you're spending over time can build up. This doesn't mean you have to give up on what you enjoy completely since there are always more cost-effective options available. If we take the pub example, this could include having drinks at home, which would reduce the temptation to overspend.

Tip: Consider participating in money-saving challenges like "No-Spend Months" or "The 52-Week Savings Challenge" to gamify your savings efforts.

3. Choose the right account

One way to save more is by getting your cash earning more with a high interest savings account. 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.

Tip: As of this year, some online banks are offering savings account rates as high as 4.5% p.a., while 12-month term deposits can reach up to 5% p.a. Compare rates regularly to ensure you're getting the best deal.

4. Review your power bills

As last year's energy price hikes taught us, energy can be a big cost on what you use. Make sure to review your energy providers so you get the best deal possible on what you're paying. Alternatively, if the option is available, installing solar panels, home batteries, and energy efficient appliances can pay themselves off in the long run.

Tip: Consider smart home devices like programmable thermostats to optimise energy usage. Solar panels and home battery storage coupled with household electrification can also be a helpful strategy.

5. Cook at home

Ordering takeaway can cost a lot. By cooking at home, you reduce the amount that you spend on single meals. Try looking for recipes that leave a good chunk of leftovers, that way you're getting the most out of the ingredients you can.

Tip: Use meal planning apps to streamline your grocery shopping and reduce food waste.

6. Limit subscription services

Keeping 5 different streaming services isn't the most efficient way to save money. Try cutting out the ones you don't use or alternating with a plan of what you're going to watch before switching over to the next service.

Tip: Use subscription tracking apps to identify and cancel unused subscriptions. Consider sharing subscription costs with family or friends where possible.

7. Automate your savings

Since most banks have gone digital nowadays, a bunch of handy app features have also come along with it. For instance, you can choose to have your savings automatically transferred at a set date (like when your salary is deposited). You can also take advantage of round-up features which let you round purchases to the nearest dollar and deposit the difference into your savings account.

8. Take public transport

Public transport can be a cost-effective way of saving travel costs. Not only do you save on fuel costs but also on maintenance too.

Tip: Consider electric bikes or scooters for short commutes.

9. Refinance your loans

If you're currently signed up for a variable rate home loan, then it may be time to think about switching your loan. By comparing interest rates and features that providers have on offer, you can refinance your home loan and end up paying a lot less over the long term.

10. Consolidate your debt

If you've got high interest debt, you can use a debt consolidation loan to lower the amount you're spending in repayments. This is especially helpful in the case of credit card debt as the interest rates on these can be quite high. The Mozo database currently puts the median rate at 19.49% while the median (unsecured) personal loan is 9.57%.

Tip: Consider balance transfer credit cards with 0% interest periods to pay down debt faster.

11. Double check internet providers

The internet has become an important part of our lives, so make sure that you're signed up with a provider that's offering a good deal. You can compare providers on our broadband page to get a good idea of what you could be paying each month.

12. Leave shopping for sale days

Stores both online and offline usually have special sale days (Black Friday, clearance sales, Amazon Prime Day, etc.) so holding off purchases to these days can help you save a bit extra.

Tip: Use price tracking tools to buy when prices drop.

13. Follow a consistent saving strategy

Haphazardly throwing cash into your savings account won't get you too far. When deciding how much of your income should you save, try following a simple strategy like 50/30/20. This involves allocating 50% of your income to needs (rent, groceries, etc.), 30% towards wants (tv, takeout, etc.), and 20% towards savings.

14. Start a side hustle

If you're feeling ambitious and want to get a bit of extra cash on the side, the internet age offers pathways to do so. If you're talented or skilled in a specific area, you sell tutorials and creations on some seller websites. Just make sure that you're clear on what your tax obligations are.

Tip: Offer your skills and services online on freelancing platforms or consider renting out a spare room or car on relevant apps.

15. Coupon hunting & rewards

Shaving off even a couple of dollars can be helpful when trying to save. Lots of retailers offer rewards programs that can come with discounts or cash back rewards. Alternatively, coupon codes are usually readily available on websites that specialise in gathering them.

Tip: Install browser extensions to automatically find and apply coupon codes when shopping online.

How you can get started saving

As we mentioned earlier, getting a high interest savings account can be a helpful part of the savings journey. Mozo's database has over 200 accounts you can compare between, just head over to the savings account hub page. Alternatively, you can check out some of the providers in the tables below...

Remember, the key to successful saving is consistency and finding methods that work best for your lifestyle and financial situation. If you start small and stay committed, your savings should grow,

Cameron Thomson
Cameron Thomson
Money writer

Cameron has a Bachelor of Creative Writing and History, and a background in broadcast media from his time at 2SER Radio. This diverse set of skills has informed his analytical yet creative approach to dissecting financial data and uncovering long-term trends in consumer finance. Cameron is RG146 certified for Generic Knowledge and keeps a keen eye on current and historical deposit and savings rates on the Mozo database. Cameron is also interested in tracking the investment space, particularly share trading platforms, to help Aussie consumers save and invest their money more wisely.

^See information about the Mozo Experts Choice Savings Account Awards

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