Cost of living weighing you down? Here are 4 tips to help you out

Consumer fintech Douugh has shone a spotlight on the growing uncertainty and lack of confidence among young Australians, with 9 in 10 worried about their financial situation. 

Furthermore, one in three say home ownership remains the biggest financial goal.

Additionally, more than half of Australians aged 18 to 32 are concerned they won’t be able to retire comfortably (54%). 

These findings in Douugh’s Wealth Health Report show that many Aussies feel the same way. They’re finding that navigating the world of money is tricky and they are uncertain of where to begin. 

Cost of living continues to bite

What’s behind these worries? Well, it’s clear that higher costs are having an impact. The cost of living crisis has made it hard to set aside some money for a rainy day. 

Having the means to cover car repairs or medical fees might be weighing on your mind, for example, and you wouldn’t be alone. Home loan costs have gone up, too, as has rent and grocery expenses. Energy bills are higher. So is filling up your fuel tank.

We all need some help with this stuff, and taking a closer look at the basics is a great way to kickstart your goal of saving money. For example, avoiding an extra cup of coffee everyday could make a difference in the long run.

So, in that vein, here are a few tips to help cut costs and boost your savings. 

Tips for a better budget, tighter spending

There are some simple tools that can simplify your money management journey. Let’s have a look.

1. Use a budget diary. Spreadsheets can be your new best friend – or a pen to a notebook if you prefer. This is an excellent way to monitor your ingoings and outgoings.
2. Track grocery spend. Ordering takeout on a fairly regular basis can quickly eat into your budget, but supermarkets often have products on special and they sometimes have great deals you can take advantage of.
3. Reduce discretionary spending. There are lots of things that add up here (clothes, restaurant dining, memberships), but streaming services have become a big one. Consider sharing the cost of streaming services with your friends, for instance.
4. Set some goals. Every dollar counts. By determining your budget with the above steps, you can find out what your limit is in terms of spending, and how much you can conserve. Aim to save a reasonable amount based on your income and the outflow of necessary expenses.

Need some help with saving?

Saving money can be challenging especially as we all face rising living costs. However, there are ways to improve your bank balance, and one place to start is to get a better savings account. At Mozo, our experts track some of the best savings accounts on the market. You can start comparing them below!