Millions of Australians are affected by the rising cost of living and high-interest rates.
A 1.8 percent rise in prices in the June quarter led to a 6.1 percent annualized rate of inflation, prices of consumer goods, bills, and other necessities. It keeps growing
To fight inflation, the Federal Reserve announced another three-quarter of a percentage point increase in the benchmark interest rate. This is the second increase in just one month. This makes the homeowner more anxious.
Times are tough and they don’t come easy! How to relieve the pain of financial stress?
Check Your Budget.
With the cost of living rising, your budget has likely changed over the past twelve months. Take the time to review your expenses and see what has increased since your last audit. You may see the cost of groceries, bills, and rent or mortgage payments increase. If your income changes, see how that change compares to changes in your expenses and how that affects your purchasing power.
Assess whether you need to make any lifestyle changes to avoid financial stress. This might mean giving up ready-made coffee for a week. Buying unused subscriptions or things you don’t need down is a great way to protect yourself from future cost of living increases and higher interest rates.
Consider Refinancing
People with financial problems can negotiate a lower interest rate. If you are unlucky enough to negotiate with your current bank or lender. You can opt for refinancing. In times of high-interest rates, it’s always worth shopping around to see if you can get a better deal. Mortgage brokers can encourage you to keep rates that allow you to breathe more air to pay it off.
Put Your Savings Into A High-Interest Account.
If you are lucky enough to have savings in a bank, take advantage of the higher interest rates. If you have savings in your bank account every day, it’s time to take smart steps that will help you save more money and save faster.
By transferring your savings to Numbers Pro Term Investments, you can earn up to 4% per annum on your savings. Save more without lifting a finger. Click on our link Accounting and Bookkeeping Services Melbourne now.
Get Financial Support.
If you are having trouble keeping track of costs and bids. We recommend that you speak to a financial advisor who can give you the right advice. Seeking professional help will give you confidence that you are making the right decision to protect yourself now and in the future.
