A young finance whizz has shared two photos of what $20 could buy you at the supermarket in 2018, and what the same amount can get you in 2023.
The Australian founder and CEO of Smart Women Society Téa Angelos, 25, said while you could buy a basket full of almond milk, Weetbix, pears, avocados, grapes, pasta, Milo powder, popcorn, tomato and barbecue sauce, milk and tuna in 2018, in 2023, you will get far less.
Téa said these days her $20 will only stretch as far as a carton of almond milk, pasta, three tins of tuna and a packet of popcorn.
A young finance whizz has shared two photos of what $20 could buy you at the supermarket in 2018, and what the same amount can get you in 2023 (Téa Angelos pictured)
Téa said while you could buy a basket full of almond milk, Weetbix, pears, avocados, grapes, pasta, Milo powder, popcorn, tomato and barbecue sauce, milk and tuna in 2018, in 2023, you will get far less (2018 shopping pictured)
She posted on Instagram: ‘Have you noticed the price of groceries (and pretty much everything else) getting more and more expensive? This is due to inflation’.
Téa explained that inflation is a ‘measure of the rate of increase in the overall price level of goods and services in an economy’.
It’s ’caused by increases in production costs, higher demand for goods and services and/or government fiscal policies’.
Téa said the current rate of inflation in Australia is 7.8 per cent, while in the US it’s 6.2 per cent and in the UK it’s a staggering 10.1 per cent.
Téa said these days in 2023 her $20 will only stretch as far as a carton of almond milk, pasta, three tins of tuna and a packet of popcorn (all pictured)
Thousands who saw the young finance whizz’s post were quick to comment and share their thoughts.
‘This is so depressing. Everything is going up except wages,’ one commenter wrote.
Another added: ‘Grocery shopping in Australia has become too expensive. Can’t afford to buy vegetables or any food that has nutrition. Not exaggerating but I clench my fist in aisles of Coles and Woolworths’.
While a third said: ‘We now have to be savvy with our purchases. I try to meal plan but get sick of the same thing day after day’.
Others said the only solution is to shop at Aldi or cheaper grocery stores.
Téa has built up a huge social media following for sharing handy tips and tricks (Téa Angelos, 25, pictured)
Téa has built up a huge social media following for sharing handy tips and tricks.
She previously shared the simple money habits you need to do daily, weekly, monthly and yearly in order to save thousands of dollars in 2023.
DAILY
When it comes to what you need to do daily for financial success, Téa said you need to track your spending and check your bank balance.
When you start writing down where you spend your money, you’ll realise where you can make cutbacks and what you’re actually spending your salary on.
The finance expert said many of us spend as much as $200 a week more than we think we do – and tracking your spending and checking your bank balance will help to reduce this.
She previously shared a trick for how you can quickly and easily save up $10,000 in a specific period of time (pictured)
WEEKLY
Every seven days, Téa said you need to do two more things.
‘On a weekly basis, check in with your saving and your spending and plan your meals,’ she said.
Grocery shopping once a week instead of doing top-up shops throughout the week will automatically have you spending less.
If you plan your meals, you are also further cutting costs, with many also saying the cook once, eat twice idea is a great one to follow.
MONTHLY
Each month, Téa explained you should review your budget and automate your bills, savings and investments.
Automating your transfers means you’ll be paying bills off without thinking about them, while reviewing your budget means you can cut out any excess expenditure.
YEARLY
Finally, Téa said you need to review your insurance policies and negotiate any bills where you might be able to get a better rate.
Previously, Téa revealed the three savings accounts every saver and investor needs.
The first is a high yield savings account for short-term goals like going on holiday.
The second is a high yield savings account for long-term goals like buying a house.
Finally, she said you need an emergency fund account for ‘anything that goes wrong’.
‘Keep this one with a separate bank to ensure success,’ the 25-year-old said on TikTok.
Ideally, in your emergency fund you need three to six months-worth of your living expenses saved up in case anything goes wrong.
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