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Feeling the pinch of the cost of living in Australia? As prices for essential goods and services continue to rise1 (reaching a record high as of March 20232), it can become challenging to keep up with expenses while maintaining a comfortable lifestyle.
Having the right strategies and services in place could empower you to save, budget, and invest for a strong financial future. From shopping strategies to secure banking options, we explore the many ways to help you manage your hard-earned money amidst the economic climate.
Assess your expenses and consider eliminating unnecessary items such as unused memberships or subscriptions. You could opt for homemade meals instead of regular takeaways and pursue remote work to cut back on your daily commute.
Electricity prices are projected to increase 56% in the coming year3
You can also actively explore better deals when spending on essentials. For example, compare unit prices at the supermarket, switch to home-brand products, and seek out grocery specials to reduce your weekly spending. With a projected 56% increase in electricity prices for the coming year[3], it might be a good idea to compare energy providers to find the best way to save. If you're a frequent driver, it may also be worth taking advantage of membership fuel rewards for future petrol discounts.
Plenty of resources are available online that may help you manage and improve your financial wellbeing – many of which are available for free. These include:
You may be able to seek government financial assistance to help with your cost of living
Depending on your situation, you may be eligible for certain government programs, including:
Service NSW also offers a Savings Finder tool to help you find any further support programs, rebates, or vouchers relevant to your financial situation.
Whether you're a first-home buyer or looking to refinance your existing home loan, we offer a range of home loans to help you meet your mortgage needs.
You could also accelerate your mortgage repayment and save in the long run by making additional repayments. Consider using our extra repayments calculator to estimate your potential savings.
Alternatively, if you're looking to refinance your current home loan rate, you could get in touch with us today to find a product better suited to your needs.
Our range of savings and investment accounts could offer simple ways to help you reach your financial goals faster. Compare our savings accounts or consider a Term Deposit for consistent, low-risk returns.
Consolidating your debts allows you to roll all your existing debts into one loan, giving you a single set of repayments over a given term – rather than multiple repayments across various schedules.
If you're juggling credit card debt, you could also consider a credit card balance transfer. This involves moving your debt from one card to another, potentially reducing interest and fees.
With costs of living on the rise, it could pay to have a proactive and well-informed approach to your finances. Whether you're seeking loan assistance or simply looking to review our products and services, you could call us on 1300 747 747 today to explore the best offerings for your situation.
References
The information in this article is of a general nature and has been prepared without considering your objectives, financial situation or needs. Before acting on the information, consider its appropriateness to your circumstances.
Normal lending criteria, terms and conditions and fees and charges apply. Mortgage insurance is required for home loans over 80% LVR and is subject to approval.
You should read and consider the relevant terms and conditions (available on request) and our Financial Services Guide before deciding whether to obtain any of our financial products or services.
We respectfully acknowledge the Traditional Custodians of all the lands on which we live and work, and we pay our respects to Elders past and present. We recognise their continued connection to the land, waters and culture and we acknowledge that sovereignty has never been ceded. Our head offices are located on the land of the Wurundjeri Woi Wurrung people of the Kulin Nation in Victoria, and the land of the Gadigal people of the Eora Nation in New South Wales.
We are an equal opportunity employer that celebrates the diversity, equity and inclusion of all people.
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