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](https://cdn.mozo.com.au/images/atwood/15195/woman%20winning%20competition%20online%20and%20saving%20cash.jpg)
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:
- 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. - 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. - 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. - 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. - 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](https://cdn.mozo.com.au/images/atwood/15195/rate-review.jpg)
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
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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the Savings Maximiser
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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
- -
Read our Mozo Review to learn more about the Reward Saver Account
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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 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 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 2024 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 4 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 Savings Account
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Mozo experts choice awards won:
- Kick Start Savings - 2024
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.
CompareCompareHigh Interest Savings Account
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.
- 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 High Interest Savings Account
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Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
CompareCompareSavings+Bonus
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
Read our Mozo Review to learn more about the Savings+Bonus
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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.