15 simple ways to save money
On this page:
- 1. Be a budgeter
- 2. Give up a vice
- 3. Choose the right account
- 4. Review your power bills
- 5. Cook at home
- 6. Limit subscription services
- 7. Automate your savings
- 8. Take public transport
- 9. Refinance your loans
- 10. Consolidate your debt
- 11. Double check internet providers
- 12. Leave shopping for sale days
- 13. Follow a consistent saving strategy
- 14. Start a side hustle
- 15. Coupon hunting & rewards
Saving up cash doesn’t have to be a complicated process. At the most basic level, it requires spending less than you earn. Normally, this means having to cut out discretionary spending.
We’ve compiled a list of 15 different money-saving actions you can take so that you can save more.
1. 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. 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.
See also: The seven budget and savings apps every Aussie needs
2. Give up a vice
Foregoing expensive habits is an important step when cutting back on spending. For instance, going to the pub every weekend might be enjoyable, but the cash you’re spending over time can build up. This doesn’t mean you have to give up on what you enjoy completely since there are always more cost-effective options available. If we take the pub example, this could include having drinks at home, which would reduce the temptation to overspend.
3. Choose the right account
One way to save more is by getting your cash earning more with a high interest savings account. 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.
4. Review your power bills
As last year energy price hikes taught us, energy can be a big cost on what you use. Make sure to review your energy providers so you get the best deal possible on what you’re paying. Alternatively, if the option is available, installing solar panels, home batteries, and energy efficient appliances can pay themselves off in the long run.
5. Cook at home
Ordering takeaway can cost a lot. By cooking at home, you reduce the amount that you spend on single meals. Try looking for recipes that leave a good chunk of leftovers, that way you’re getting the most out of the ingredients you can.
6. Limit subscription services
Keeping 5 different streaming services isn’t the most efficient way to save money. Try cutting out the ones you don’t use or alternating with a plan of what you’re going to watch before switching over to the next service.
7. Automate your savings
Since most banks have gone digital nowadays, a bunch of handy app features have also come along with it. For instance, you can choose to have your savings automatically transferred at a set date (like when your salary is deposited). You can also take advantage of round-up features which let you round purchases to the nearest dollar and deposit the difference into your savings account.
8. Take public transport
Public transport can be a cost-effective way of saving travel costs. Not only do you save on fuel costs but also on maintenance too.
9. Refinance your loans
If you’re currently signed up for a variable rate home loan, then it may be time to think about switching your loan. By comparing interest rates and features that providers have on offer, you can refinance your home loan and end up paying a lot less over the long term.
10. Consolidate your debt
If you’ve got high interest debt, you can use a debt consolidation loan to lower the amount you’re spending in repayments. This is especially helpful in the case of credit card debt as the interest rates on these can be quite high. The Mozo database currently puts the median rate at 19.49% while the median (unsecured) personal loan is 9.49%.
11. Double check internet providers
The internet has become an important part of our lives, so make sure that you’re signed up with a provider that’s offering a good deal. You can compare providers on our broadband page to get a good idea of what you could be paying each month.
12. Leave shopping for sale days
Stores both online and offline usually have special sale days (Black Friday, clearance sales, Amazon Prime Day, etc.) so holding off purchases to these days can help you save a bit extra.
13. Follow a consistent saving strategy
Haphazardly throwing cash into your savings account won’t get you too far. When deciding how much of your income should you save, try following a simple strategy like 50/30/20. This involves allocating 50% of your income to needs (rent, groceries, etc.), 30% towards wants (tv, takeout, etc.), and 20% towards savings.
14. Start a side hustle
If you’re feeling ambitious and want to get a bit of extra cash on the side, the internet age offers pathways to do so. If you’re talented or skilled in a specific area, you sell tutorials and creations on some seller websites. Just make sure that you’re clear on what your tax obligations are.
15. Coupon hunting & rewards
Shaving off even a couple of dollars can be helpful when trying to save. Lots of retailers offer rewards programs that can come with discounts or cash back rewards. Alternatively, coupon codes are usually readily available on websites that specialise in gathering them.
How you can get started saving
As we mentioned earlier, getting a high interest savings account can be a helpful part of the savings journey. Mozo’s database has 204 accounts you can compare between, just head over to the savings account hub page. Alternatively, you can check out some of the providers in the tables below…
Savings Account Comparison Table - last updated 29 March 2024
-
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
-
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 . 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
-
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 IMB Bank Reward Saver Account
-
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
CompareCompareReward Saver
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
- Maximum rate
- 5.25% p.a. (for $0 to $100,000)
- standard interest rate
- 0.30% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Grow your balance each month and must have linked Bendigo Everyday or Student Account to be eligible.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Bendigo Bank Reward Saver
-
Mozo experts choice awards won:
- High Interest Savings - 2024
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.
CompareCompareAMP 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.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
^See information about the Mozo Experts Choice Savings Account Awards
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