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5 ways to save up to $6,000 in 2023

People walk down a busy street and Australian currency fanned out to represent people who save money.
Here are some simple ways to save money in the new year. (Source: Getty)

It has been a whirlwind year with the rising cost of living and interest rate hikes hitting Aussie household budgets hard but, if you’re looking to save some cash in the new year, there are some simple changes you can make.

Mozo crunched the numbers and found five money moves you could do now to make your money count for more in 2023.

“Health and wellness might be the most common new year’s resolutions but there are signs that 2023 is going to continue to be a challenging year economically, so it’s a good idea to build up your financial confidence now by reviewing your expenses and trying to minimise the cost of these outgoings,” Mozo personal finance expert Claire Frawley said.

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Investing a small amount of time reviewing your finances in the new year could save you thousands of dollars by the end of 2023.

1. Refinance your home loan and you could save up to $3,780 on average

If you haven’t refinanced your variable home loan, then now is the time to compare home loan rates, according to Mozo.

This could save you $3,780 a year, based on an average $400,000 loan paying principal and interest over 25 years. Mozo found the average variable interest rate for an owner-occupier was 5.47 per cent, compared to just 4.24 per cent if you switched to the leading rate.

2. Switching to a better NBN provider could save you $1,194 a year

“Next time you switch on the TV, challenge yourself to review your home internet plan while watching that series,” Mozo said.

With more than 100 NBN providers offering services in Australia, comparing and switching could save you $1,194 on an NBN 50 plan. Some of the best deals are from the smaller providers, rather than the big brands we all know, so it’s good to keep your options open.

3. Driving a better deal on car insurance can save you $696

Analysis for the Mozo Expert Choice Car Insurance Awards found a huge price difference between comparable car insurance quotes. Mozo found an average difference of $692 a year after comparing quotes from 55 car insurance providers.

4. Switching to a low-rate credit card could save you up to $567 on average

If you are carrying a balance on your credit card, switching to a low rate credit card could save you $567 over the next 12 months on a balance of $4,000 at 7.49 per cent, compared to a 20 per cent interest rate credit card.

5. Tapping into a high savings rate of up to 3.75 per cent could earn you $382

While rising interest rates have added pressure to mortgage customers, savers can finally earn more on their savings. By banking the leading base savings rate of 3.75 per cent instead of the average 0.87 per cent on a $10,000 balance over 12 months you could earn $295 in additional interest.

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