Feeling the pinch? Here are some ways to find savings – and even fight inflation |
Do you ever feel like everything is getting more expensive, everywhere, all at once? You’re not alone.
Australians have been grappling with a cost-of-living crisis since the pandemic. Last year, it briefly began to look like inflation might finally be coming under control. A few months ago, however, it began to pick up again, even before the war in the Middle East sent fuel prices soaring.
The Reserve Bank has now lifted interest rates three times this year, completely reversing last year’s cuts. Many Australians will be feeling the pinch.
For those who are looking to cut back on their spending, there are some simple strategies for managing the household budget. And no, this won’t just be another lecture on quitting takeaway coffee or cancelling your subscriptions. While that might help, some of the biggest savings can be found in other places.
Before we get into cutting back on individual costs, it’s important to understand the difference between discretionary and non-discretionary spending. While there are no universal definitions, the Australian Bureau of Statistics has attempted to separate these categories in the past.
It defines discretionary spending as “optional”, for things like recreation, alcohol and........