5 savings tips to help get you through the holiday season

new years fireworks marks the beginning of saving up

With the end of the year almost here, you may be hanging up your Christmas decorations and looking ahead to your New Year’s resolutions.

A home deposit? Holiday? Rainy day fund?

While saving up during a time of high living costs can seem a daunting task, it’s certainly do-able by making some lifestyle adjustments. So let’s have a look at some expert tips to help you meet your savings target in the new year. 

1. Determine your savings goal

There are a few questions you may want to ask yourself first, such as the amount you’d like to save up, or how much you’d have to put away each week to reach your goals. 

Is your savings goal manageable based on your circumstances? Or does it need a bit of an adjustment? If you’re not sure, drawing up a budget is a helpful way to gain further insight into your finances. 

2. Set a budget

A budget can be pretty useful as it gives you an overview of your finances so you know exactly where your money is going with each transaction.

And there are a myriad of ways to keep track of your finances - check it out:

  • Old-school budget diary. Taking up the pen-to-paper approach means that you’re more aware of every expense made from your bank account.
  • Budget spreadsheet. Using a program to draw up your budget spreadsheet will usually generate an automatic calculation of your incomings and outgoings, giving you a better idea of whether you’re in the red or in the clear.
  • A budgeting app. Some apps allow you to link your bank account to the app, making it easy to track your finances at a glance.

3. Limit your spending

Now that you’ve got a budget drawn up, you might notice some areas where you can rein in your spending, such as:

  • On restaurant dining or takeaway. Food delivery services tend to charge delivery and service fees while marking up the cost of dishes. By eating more meals at home, you may be able to save some dollars (plus, it’s probably healthier too)! 
  • Streaming services or memberships you don’t use. For example, let’s say you have a monthly gym membership fee of $55 along with a streaming service that charges $23 each month. But maybe you’re not using them! You could be saving a total of $936 in a year by cutting out services you don’t use.  
  • Retail spending. The cost of clothing and the latest tech can quickly add up, and limiting your spend in this area could help you reach your goals faster. 
  • Utility bills. According to Mozo’s Cost of Energy Report for 2023, there are potential savings to be found when you switch energy providers

4. Take advantage of specials to save money

using your savings to take advantage of boxing day sales poster

Whether it’s retail or groceries, there are savings to be found when you’re out shopping. For example, supermarkets tend to offer some good discounts this time of year!

Likewise, if you’re looking to buy electronics, clothing or sports gear, you may want to consider making a list of items to target in sales. In some cases, you might find your desired product at a discounted price, and doing your shopping at the right time means you’ll be able to benefit from these deals.

5. Review your savings account

Speaking of savings, it’s a good idea to check whether your savings account is still right for you. Currently, there are some rates as high as 5.70% p.a. on savings accounts!

What’s the result of a good rate? Well, if you were to lock away $10,000 for a period of 5 years at an interest rate of 4.60% p.a., you could earn up to $2,580 in interest. Meanwhile, for this same amount of $10,000 over 5 years, a 5.70% rate would earn you $3,289 in interest - a difference of $709!

Just bear in mind that there are usually conditions you’ll have to meet in order to benefit from the full interest rate. It’s important to do your research and shop around. 

Compare savings accounts

Getting a jumpstart on your savings goal in the new year? Have a look at some of the best savings accounts our experts have tracked this month, or compare your top picks below!

Savings accounts comparison table - 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.

    Compare
    Details
  • 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.

    Compare
    Details
  • 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.

    Compare
    Details
  • 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.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

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