WEATHERING THE STORM

According to the Australian Bureau of Statistics (ABS) new data has shown that working Australians have experienced the highest yearly jump in the cost of living on record. While the consumer price index (CPI) is currently running at 7 per cent per annum, actual cost of living increases are 7.1-9.6 per cent, all higher than the CPI.

Right now, everything feels very uncertain in the economy. I have certainly noticed that client spending is slowing as well as the number of new job leads. Now is a great time to look at your finances and see what you can tighten up to give yourself a bit of breathing space and prepare for whatever lies ahead.

Here is a list of things you can do straight away to help you free up some of that all-important cash flow.

1. Create a Budget Make a list of your monthly expenses and compare it to your income. This will help you see where the gaps are. You can then cut back and prioritise your spending.

2. Avoid Unnecessary Expenses Take a hard look at your budget and cut out anything that’s not essential. Cancel any subscription services that you’re not using, like gym memberships or app subscriptions (I just saved $200 a month by reviewing mine – some I didn’t even realise I had). Consider lowering your data plan if you’re not using all the data you’re paying for each month.

3. Downgrade Subscription Services If you can’t bring yourself to cancel those subscription services, consider downgrading instead. Netflix, for example, offers a basic plan for only $8.99 per month, which gives you access to a wide variety of movies and TV shows without breaking the bank.

4. Cut Back on Energy Usage Big businesses do this constantly. A few small changes in the way we live and use energy can add up to big savings over time. Turn off lights when you leave a room, switch to LED lightbulbs, and unplug electronics when they’re not in use. Leaving things like printers and computers plugged in with all of their glowing lights are known as parasitic loads. They consume much more energy than you think. You’ll be surprised at how much you can save on your energy bill each month.

5. Pay off Debt Interest rates are skyrocketing. If you have credit cards or loans, prioritise paying off your debts as soon as possible to avoid accumulating more interest charges.

6. Negotiate Bills Call your service providers (internet, phone, etc.) and ask if there are any promotions or deals you can take advantage of. You might be surprised at how much money you can save.

7. Take Advantage of Free Entertainment There are plenty of free events in your area like concerts, art exhibits, and outdoor movies. Check out local listings to see what’s available. much cheaper. Give them a try and see if you notice a difference.

8. Bargain Hunting We all like this one. With a bit of research, you can find amazing deals on everything from groceries to clothing. Don’t forget to compare prices before making a purchase either – you might be surprised at how much prices can vary between stores.

9. Cook at Home Eating out or ordering Uber Eats can be tempting, especially when you’re short on time, but it’s also one of the easiest ways to overspend. Cooking at home is not only cheaper, but it can also be healthier and more enjoyable. Try meal prepping on a Sunday afternoon to save time during the week or take turns cooking with friends to mix things up.

10. Shop Second-Hand Charity stores and online marketplaces like Facebook and eBay are great places to score good quality used clothing, furniture, and homewares. Vinnies is a great place to pick up quality clothing at bargain prices. Not only will you save money, but you’ll also be doing your part for the environment by reducing waste.

Remember, every little bit counts when it comes to saving money. By implementing these tips and tricks, you’ll be able to increase your savings and weather any economic storm.

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