Australians have revealed how they plan to cut costs as soaring cost-of-living prices continue to cause pain for households across the country.
New research shows Aussies are thinking twice before spending money on takeaway food, entertainment and gym subscriptions and even coffees.
National Australia Bank data has revealed households are buying cheaper brands while doing the weekly shop while putting more costly items on the back-burner.
About a quarter of those surveyed have cancelled streaming services and forfeited their gym membership as everyday costs continue to hurt Australian’s pockets.
Australians have revealed how they plan to cut costs as soaring cost-of-living prices continue to cause pain for households across the country (pictured, a shopper in Sydney last December)
New research shows Aussies are thinking twice before spending money on takeaway food, entertainment and gym subscriptions and even coffees (pictured, shoppers in Melbourne)
Meanwhile, 28 per cent had cancelled subscriptions for magazines, newspapers and apps to cut corners as experts recommend cutting ‘forgettable comforts’.
At least 22 per cent have had to relinquish expensive hobbies such as sport or dancing as they are bombarded with a series of price hikes.
Despite being a nation obsessed with coffee, many are thinking twice before spending up to $6 on a takeaway or splashing out on lunch or snacks.
Up to 40 per cent have sacrificed such ‘micro-treats’ while one in three Aussies have cancelled or delayed travel plans as prices skyrocket.
One in three are waiting before spending hundreds of hard-earned dollars on big ticket items like televisions, fridges or washing machines.
The surge in prices have forced 43 per cent of those surveyed to start budgeting amid financial pressures that continue to build.
NAB data has revealed households are buying cheaper brands while doing the weekly shop while putting more costly items on the back-burner (pictured, patrons dine in Surry Hills)
Despite being a nation obsessed with coffee, many are thinking twice before spending up to $6 on a takeaway or splashing out on lunch or snacks (pictured, a stock image of a cafe worker)
NAB group executive of personal banking Rachel Slade said the data shows how households are willing to be flexible and make sacrifices.
EXPERT’S TOP TIPS TO SAVE CASH
Cut back on meal delivery services by walking to get takeout or meal prep and ditch the takeout entirely.
Subscribe to one streaming service to binge then switch to the next, rather than having multiple subscriptions.
Purchase normal household items where they are cheaper, which can be found by an internet search.
Try to find a cheaper gym or exercise outdoors.
Holiday closer to home rather than paying fuel costs for a long trip.
Setup a regular automatic transfer into a savings account.
Pay off credit cards before they charge interest.
‘We can see the impact of inflation starting to show with prices moving up and we know many Australian households are already feeling cost-of-living pressures,’ Ms Slade said.
‘This research reflects the conversations I’ve been having with our customers – people are finding ways to make short term changes and get on top of their money.
‘There are options available to customers to help them stay in control of their money, whether that be creating a budget, bucketing funds, immediately transferring savings into a separate account to reduce the temptation to spend or making accounts invisible.’
It comes as petrol prices surge to all-time highs, electricity bills jump 141 per cent, and mortgage repayments increase by hundreds of dollars.
SQM Research, which observes property trends, found the average house rent in Australia’s major cities jumped by 16.3 per cent to $657 a week in the past year.
According to the latest NRMA weekly fuel report, the highest NSW prices for E10 reached 224.9, unleaded topped 237.9 and unleaded premium sold for 249.9.
This was despite the government halving the fuel excise as part of an $8.6 billion cost-of-living assistance package in the March budget.
In the year to March, wholesale electricity prices have soared by 141 per cent in Australia, prompting one power company boss to urge his 70,000 customers to switch provider.
Many Aussies are skipping out on ordering takeaway meals while others have been forced to give-up costly hobbies like sport or dancing (pictured, a stock image of a Deliveroo driver)
Financial comparison group Finder is predicting electricity prices for some households to climb by up to 100 per cent from July 1, effectively doubling the price.
Experts have urged Aussies to cut down on ‘forgettable comforts’ that they won’t really miss to try and deal with soaring cost-of-living.
They also suggest using apps that round up transactions into saving accounts, and finding where regularly bought items are sold cheaper.
HPH Solutions financial planner Matt Hearn suggested walking to pick up takeaway from nearby rather than forking out for delivery.
Even better, meal prepping rather than buying takeaway was a big money saver, as was turning off electronics and air-conditioners when not using them.
It comes as petrol prices surge to all-time highs, electricity bills jump 141 per cent, and mortgage repayments increase by hundreds of dollars (pictured, fuel prices in Perth in March)
Experts have urged Aussies to cut down on ‘forgettable comforts’ that they won’t really miss to try and deal with soaring cost-of-living (pictured, shoppers in Sydney in October, 2021)
‘Rather than having multiple streaming services at once, subscribe and binge one service every three months,’ he told NCA Newswire.
‘Consider replacing more expensive fitness memberships with cheaper alternatives or free outdoor exercises.’
Treasurer Jim Chalmers promised to do all he could to ease cost of living pressures, but warned inflation was ‘high and rising’.
‘There is no use mincing words, this is a serious economic situation that we are inheriting from our predecessors,’ he told ABC radio.
‘What will change, you now have a government that understands these cost of living pressures and has a plan to deal with them over time.’