Why are the costs of living high?
One word: inflation refers to a general increase in the price of goods and services.Inflation means that in the future not as much money can be purchased as the reserve Bank of New Zealand, which strives for an increase in consumer prices by an average of 2% per year.But annual inflation has been much higher in recent years.
How to take action
Check your expenses
It's a good starting point to plan your expenses and create or revise your budget. This will give you some clarity about the money coming in and going out and can help you see where you can cut back.
Need help in assessing your finances? MoneyTalks offers free, confidential and non-judgmental budget services throughout New Zealand.
Lower your grocery bill
It is likely that groceries will be one of your biggest expenses. This can be difficult because they are a must -have. But there are some ideas that can help you keep the costs low. From meal planning to bulk purchase, look how you areit could beReduce your grocery bill with these six hacks.
Reduce fuel costs
We all feel the bottleneck at the pump.Consider boarding the bus, train or ferry instead.If you have to refuel, google one of the handy apps that follow the cheapest petrol prices in your area.
Shop around for the best deals
When it comes to products and services, there are always offers to be had. Shop around and take advantage of the best deals, or see if your existing provider can offer you a better deal. We have also collected a few moreways to save without sacrificing things that you love.
Know your expenses
Ignorance is not bliss when it comes to saving money. View your recent transaction history, including your direct debits. Are there any auto-billed apps or services you can remove? It can help you make some quick decisions about what stays and what goescleaning up and saving on subscription services.Small savings are added.
Settle your home loan
A home loan is usually a long-term agreement and we understand that financial situations change over time. Rising costs of living, rising interest rates and other unexpected events can make it more difficult to meet your mortgage payments. For options and resources that can help you, seeManage your mortgage.
If you're having trouble offering refunds, talk to us about your options.
Assess your debts
It can be difficult to keep debts under control, but some types of debts can be useful.For information about when borrowing money can be useful or a burden, plus ideas for repaying what you owe, seeDealing with debt.
We also have articles about:
- Determine or debts such as a red or a credit card are suitable for you
- Selection of a limit or loan amount
- Tips to lower your interest payments.
Insight into the credit card
Understanding Overdrafts
Understanding personal loans
We are here to help
Don't wait until you're in financial trouble. If you can see it coming, the sooner you talk to us, the better. If rising costs make things unaffordable, there are a number of ways we can help.
If you experience a difficult event, e.g.job loss, illness or a divorce to which you may be entitledfinancial help.
Financial assistance from the government
If you have difficulty providing for your livelihood, work and income may help you with:
- Housing costs, including assistance with paying rent or other housing costs
- Food costs
- Power, gas, water bills or heating
- School costs including uniforms, stationery and school costs
- Urgent or unexpected costs.
Look forward to
Prices can feel uncomfortable high, but inflation is expected to fall in the coming years due to rising interest rates (the pumping of the economic brakes to delay demand).
It is a good idea to plan now when inflation is purchasing, so that you can bring your money into a better long -term shape. Financially good -is not about how much you have. It is about getting the maximum out of what you are in good and hardlyhave good times.
Plan your consumption
Tips to understand your needs and wants and then track how you spend your money.
Plan your consumption
Dealing with debts
Tactics for keeping debt under control, plus tips for borrowing money, can be helpful.
Dealing with debt
Related tools and content
Budget Calculator
Plan your expenses and save with our budget calculator. Set your after-tax income and major expenses to create a budget that suits you.
Budget Calculator
Start of conversations about financial good
Thinking about money can be difficult enough, let alone talk about it with friends.These conversation starters can help.
Financial wellness conversations
Financial wellness webinars
Free webinars to learn about planning your consumption, debt treatment, setting saving goals and protecting your future.
Financial wellness webinars