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 6 August 2022
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Save Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.35% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Deposit at least $200 to either Spend or Save account from an external source each month.
Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.
CompareCompareSave Account
Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.
- Maximum rate
- 2.35% 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
- Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Save Account
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Mozo experts choice awards won:
- Best New Savings Account - 2022
Boost Saver with Go Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.30% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate of 2.30% is made up of the Base rate of 0.05% and Bonus rate of 2.25%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/08/22. Offer criteria & T&Cs apply).
CompareCompareBoost Saver with Go Account
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/08/22. Offer criteria & T&Cs apply).
- Maximum rate
- 2.30% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus interest 2.30% is made up of the Base rate of 0.05% and Bonus rate of 2.25%. It only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Boost Saver with Go Account
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Mozo experts choice awards won:
- Young Adult Savings - 2022
Life - 18-29 years old
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.75% p.a. (for $0 to $30,000)0.65% p.a.(for $0 and over)Yes up to $250,000Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
Are you 18 - 29 years of age? Earn up to a generous 2.75% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
CompareCompareLife - 18-29 years old
Are you 18 - 29 years of age? Earn up to a generous 2.75% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
- Maximum rate
- 2.75% p.a. (for $0 to $30,000)
- standard interest rate
- 0.65% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account. If 5 card purchases are made each month, but savings account balance hasnt increased, a 2.05% interest rate still applies.
Read our Mozo Review to learn more about the Life - 18-29 years old
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Mozo experts choice awards won:
- Regular Saver - 2022
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.10% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
CompareCompareBonus Saver Account
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
- Maximum rate
- 2.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- 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.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
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Grow Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.80% p.a. (for $0 and over)0.05% p.a.(for $0 and over)Yes up to $250,000Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments. Must enable the Lock Saver feature. 32 days notice for withdrawal and T&C's apply.
Pay no monthly fees. Set-up to 9 personalised savings accounts and choose to lock as many accounts as you like to earn the maximum variable interest rate. With just 32 days notice to access your money again, your future self will thank you.
CompareCompareGrow Saver
Pay no monthly fees. Set-up to 9 personalised savings accounts and choose to lock as many accounts as you like to earn the maximum variable interest rate. With just 32 days notice to access your money again, your future self will thank you.
- Maximum rate
- 1.80% p.a. (for $0 and over)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate is made up of the Base interest rate of 0.05%, Bonus interest rate of 1.45% and Notice interest rate of 0.30%. Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments. Must enable the Lock Saver Feature. 32 days notice for withdrawal and T&Cs apply.
- Access
- Minimum balance
- $0.00
- Other restrictions
- Savings account only accessible through iOS or Android app. Daily ATM withdrawal limit not applicable.
Read our Mozo Review to learn more about the Grow Saver
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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