The unexpected hobby that could help with your cost of living woes

woman entering competitions online and winning cash to save on cost of living

With the cost of living continuing to add stress to the daily lives of everyday Aussie families, we’re all looking for ways to save money wherever we can. We’ve looked at ways to save on a budget and ways to earn extra money, but there’s an easy hack that could help you save on your day-to-day expenses: entering competitions.

Before you roll your eyes and scoff at how competitions couldn’t possibly do anything when it comes to saving money, consider some of the prizes commonly on offer in Australia. At any given time, you can win everything from money, holidays, home renovations, appliances, movie tickets, mobile phones, furniture, and cars

Whether these prizes are for life-changing prizes, like a new home, or minor expenses, like movie tickets, anything that keeps cash in your pocket is a help. Especially now, as families are looking for every possible way to cut back on expenses, adding in some free fun is always welcome!

“I never win anything,” you sigh, and start to abandon hope. Just you wait – it’s much easier than you think. Here are our top 5 tips from a lifetime lover of competitions:

  1. You have to be in it to win it 
    If you’re scrolling past a competition thinking “I’m never going to win that,” then you aren’t going to win it. Remember that everyone else is thinking the same thing, so by just entering you’re already a step ahead.
  2. The more difficult it is to enter, the more likely you are to win
    If all you need to do to enter a competition is enter your email address or tag someone in an Instagram comment, everyone else has seen just how easy that is. The more annoying it is to enter a competition, whether that means composing an answer in 25-words-or-less or finding a code word on a television show, the smaller the pool of entrants will be. The same goes for competitions that require a purchase or are skill-based, like prizes for reviewing a product you’ve purchased from a specific company, or photography competitions.
  3. Create a dedicated email for competitions
    If you’re getting serious about entering competitions, you’ll likely end up signing up to a lot of mailing lists. You can’t use a fake email, because you’ll never know if you win, but you can create an account or address specifically for competitions and mailing lists.
  4. Find unique places to enter competitions
    The big prize draws from major radio stations and television channels are going to have far bigger pools of entrants than niche competitions you find on your favourite Instagram account or a movie review blog you follow. Follow the newsletters of your favourite brands, shops, and web pages to find unusual places to enter that might be missed by the average online competition aggregating website.
  5. Read the terms and conditions
    We’re always telling you to read the Product Disclosure Statement of financial products, and it’s much the same with the terms and conditions of a competition. Here’s where you’ll learn exactly how the competition is being judged – sweepstakes or game of skill – and can make sure you’re eligible for entry. You might find out that living in a certain state excludes you from entering, or that you can’t enter a competition if you’ve won a prize from that outlet in the last month.

mozo rate and review

Looking to try your hand? We are currently running our Rate and Review Competition, where you can review your bank or insurance provider for a chance to win one major prize of a $1,000 Prezzee eGift card or one of 5 runner up $100 Prezzee eGift cards. 

At the same time, you get a chance to help out your fellow Aussies with an honest review of your provider. Just steer clear of personal attacks and naughty language!

Need somewhere to store the money you’re planning on saving? Check out the savings accounts below, or see some of our picks for Best Savings Accounts.

Compare savings accounts - last updated 23 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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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

    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.

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  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

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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, Bills 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.

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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.

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^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.