Tips to Help Manage the Rising Cost of Living

Global events and inflation has impacted the cost of living for all Australians. The cost of everything from groceries, fuel, utilities and mortgages or rent repayments have gone up! Most people are trying to tighten their purse strings or cut back on extra spending. So we’re sharing tips to help manage the rising cost of living.

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1.Track Your Spending
If you’re not already, start monitoring your spending. Update your budget to reflect the changing cost of everything and identify where you can cut back and spend less. Are there subscriptions or services you don’t use? Cancel them. Are you getting takeaway four times a week? Cut it down to two, then eventually once a week.

2.Plan Your Groceries
Food prices are going up, especially meats and fresh veggies and fruits. Have a quick look online or in catalogues as you create your shopping list. Plan your meals around the weekly special items, find alternative cheaper brands, buy half-price and non-perishables in bulk, order online, and track what’s going in your basket.

3.Switch Lenders
‍If you are a homeowner feeling the pressure of rising interest rates, it might be time to change your repayments. Most people tend not to switch banks because they believe it’s too complex or complicated–but this only helps the banks, not you. Chat with your bank or mortgage broker (if you have one) and negotiate a better deal.

4.Shop Around
With the cost of living rising fast, shopping around to bringdown the cost of your bills has never been more important. This includes gas, electricity, insurance and anything else you pay for regularly. It can be as simple as making a phone call to your current provider to ask for a discount before shopping around. Or utilising our free Concierge Utilities Comparator(hyperlink to Utilities Hub page)service that reviews your electricity, gas, internet, pay TV, home phone and more and presents comparable providers to save money. Once you’ve provided basic information about your current provider, Moving Hub will be in touch with competitive providers to consider. They can even transfer your service to the new provider.

5.Sell Stuff You Don’t Use
If you aren’t using it, sell it. Places like eBay, Gumtree, and Facebook Market place are free platforms you can utilise to get rid of items you no longer use or need. Unwanted clothes, electronics, books or furniture could be flipped, netting you some easy cash for your savings.

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The current economic climate has seen a significant increase in everyday expenses. But being mindful of the above tips to help manage the rising cost of living, you can start staying in control and on top of your finances. It takes small changes in behaviour now to create huge benefits for your personal financial position in the future.

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