Coping with the skyrocketing cost of living

Posted 14 Mar

Coping with the skyrocketing cost of living

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard.

Across the world, everyday essentials have surged in price. What can you do to try to keep up with the increasing cost of living?

Look for ways to earn more

• Grow your business’s profitability (talk to us about improving your profits) or ask for a pay rise.
• Sell your unwanted items online.

Cut back where you can

• Create a budget and keep your spending under control. Plan your meals and your grocery purchases.
• Find ways to use your car less.
• Review all your ongoing expenses like utilities, insurance and subscriptions – cancel, switch providers or get better deals.

Invest in your future

• Consider starting a new business, launch a new product or service, or try a side hustle.       
• Get advice to consider investments that are suited to you.  
• Teach yourself about money and finances using free tools online and books from the library. Better money management helps you make the most of what you’ve got.

While inflation has slowed, it is still estimated to be in the 2 - 3% range this year on top of the recent increases. By increasing your income by 4%, and making up additional through savings, while also investing for the future, you can come out on top of inflation.

Want help in understanding your finances or tips on growing your business? Reach out to your WDF team member today.

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