With the rising cost of living impacting Australian households, from fuel prices to supermarket bills, it’s essential to find ways to manage these pressures. Across the OECD, the prices of essential goods and services have continued to increase.
To better cope with these rising costs, here are 12 practical steps you can take:
Increase Your Income
- Focus on growing your business’s profitability—contact us for advice on improving your bottom line.
- Consider requesting a pay rise or exploring new career opportunities.
- Rent out a spare room or flat to generate extra income.
- Declutter and sell unwanted items online to bring in additional funds.
Cut Back on Expenses
- Cook more meals at home and reduce spending at cafés and restaurants.
- Establish and stick to a budget to manage your expenses effectively.
- Limit your consumption of premium groceries, particularly meat.
- Reduce reliance on your car by using public transport or walking where possible.
- Consider cancelling unnecessary credit cards or buy-now-pay-later services.
- Review your ongoing subscriptions, utilities, and insurance policies—switch providers or negotiate better deals.
Invest in Your Future
- Explore investment options that can potentially outperform inflation, such as stocks or property, both of which have historically provided solid returns.
- Start a side business, develop a new product or service, or consider freelance opportunities.
- Educate yourself about personal finance through free online resources or library books to improve your money management skills.
Although inflation has eased, it is still projected to remain within the 2-3% range this year, compounding recent price increases. By increasing your income by at least 4%, finding further savings, and making smart investments, you can outpace inflation and improve your financial position.
If you’re feeling the strain financially, we are here to help. With extensive experience navigating economic challenges, including previous high-inflation periods, we can provide valuable insights and tailored advice. Get in touch with us today.
