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 19 March 2024
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Mozo experts choice awards won:
- No Strings Savings - 2023
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
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
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.
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.
CompareCompareReward Saver Account
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.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- 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.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
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Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Mozo experts choice awards won:
- Kick Start Savings - 2023
- No Strings Savings - 2023
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
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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High Interest Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
CompareCompareHigh Interest Save Account
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the ubank High Interest Save Account
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Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
Yes up to $250,000
Minimum deposit of $200 and no withdrawals in the month.
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.
CompareCompareHero Saver
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.
- Maximum rate
- 4.60% p.a. (for $0 to $250,001)
- standard interest rate
- 1.00% p.a.(for $0 to $5,000,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum deposit of $200 and no withdrawals in the month.
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Bankwest Hero Saver
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
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.
^See information about the Mozo Experts Choice Savings Account Awards
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