These days, it seems like everything is getting more expensive, and many Aussies are feeling the pinch when it comes to making ends meet. It's a constant struggle to have enough money left over at the end of the day to do the things they really want to do, and it can be a major source of stress and worry.

Given the financial difficulties, it's no surprise that many are changing their habits and cutting back on their usual Friday night and weekend activities.

Instead of going out and spending money, more and more Aussies are opting to stay home and save their dollars. It's not ideal, but it's a practical way to make their money go further in these tough times.

According to a recent analysis by Finder, a lot of people are tightening their belts and making some changes to their budgets.

As the cost of living continues to rise, more and more Aussies are cutting back on expenses such as dining out with friends and ordering takeaways. Credit: Unsplash/Luisa Brimble.

It's not just fancy dinners or nights out with friends that people are avoiding - many Aussies are even cutting back on simple pleasures like takeaway dinners. In fact, half of those surveyed said they're being more careful with their money when it comes to dining out and going out for drinks.

And it's not just the fun stuff they're skipping out on - people are also cutting down on expenses that they would rather not go without. For example, one-third of all Australians surveyed are limiting the gifts they buy, while just over one-quarter are cutting down on charity donations.

It's tough out there, and people are doing what they can to make ends meet.

Worryingly, there's more to the story than just cutting back on fun stuff and gifts. Unfortunately, some Australians are having to make even tougher choices. In fact, 15 per cent of those surveyed by Finder said they've had to cut back on visits to the doctor or dentist.

This is a serious concern because not being able to follow up on health concerns can have serious consequences. As Finder health insurance expert James Martin points out, it's even more serious than just having an empty bank account.

It's important to find ways to address this issue so that people can get the healthcare they need without breaking the bank.

Some Aussies are reducing their visits to healthcare providers like doctors and dentists in an effort to save money. Credit: Unsplash/National Cancer Institute.

In a recent post on an online forum, one person asked their fellow Aussies what items they had stopped purchasing due to rising prices, and needless to say, the responses were relatable.

One user expressed their love for watermelon but refused to pay the exorbitant price of $20+ per melon. Another had to cut down on their beer consumption and opted for cheaper options. A third user mentioned giving up potato chips, not because they couldn't afford them but because they refused to pay such high prices.

For one user, even their small luxury of buying Mainland butter had to be sacrificed when the price rose to over $7 for a small tub, so they settled for a cheaper option like Western Star. They also mentioned trying to buy whatever is on special for everything else.

Lastly, a user revealed they hadn't eaten at a restaurant in over a year because of the high prices, feeling like they would have to spend a full day's wages just to eat out.

These responses show how rising prices can impact people's daily lives and make even simple pleasures, like eating watermelon or enjoying butter, a luxury.

With more price increases on the horizon, Australians will need to continue tightening their belts throughout the year. Credit: Unsplash/Tim Gouw.

According to Lowe, the Governor of the Reserve Bank of Australia, the rate hikes are not finished yet, and it's uncertain how much more they will go up in the near future.

The decision will be based on factors such as the rate of inflation, people's ability to withstand the increase, how much people are spending, and how much wages are increasing.

'I don't think we're at the peak yet but how far we have to go up, I don't know,' he said.

Key Takeaways

• Aussies are cutting back on eating out, drinking out, going to events, buying gifts, donating to charity, taking weekend trips, and beauty treatments due to the rising cost of living.
• Worryingly, 15 per cent of Aussies are also cutting back on visits to the doctor or dentist.
• According to the Reserve Bank of Australia, more rate hikes are expected.

Members, if you're feeling the financial pinch at the moment, here is some advice to help you make your hard-earned money go further.

Making a budget can help Aussies manage their finances better and save money. Credit: Unsplash/Towfiqu barbhuiya.

We recommend trying to come up with an effective budget that considers your cost-of-living expenses first, before anything else. It might help you to identify potential places where you can try to save.

It's also definitely worth looking into cancelling any products you're no longer using, like gym memberships or streaming services, as well as shopping around for cheaper alternatives for the expenses you do need.

Most importantly, though, remember never to forego important medical expenses. Your health is the most important thing - no matter how difficult times get.

Tip

We recently shared an article about money-saving and budgeting tips that can help you get started. Feel free to check it out - it might give you some useful insights to make budgeting a breeze.

We understand that many of you may be going through a tough time with the rising cost of living. It can be challenging to make ends meet, and we want you to know that you're not alone. We're all in this together, and we would love to hear your stories and experiences.

Have you had to give up some of your favourite activities or items just to stay on budget? Please don't hesitate to share with us in the comments below. We can all learn from each other and support one another during these trying times.

 

[Jumping Jack Flash]

Lowe and the Reserve Bank are clueless. You keep rates down so people have can keep their employment, can pay their mortgages, rent, bills and have money to buy groceries. Buy that pair of shoes that they and/or their child requires. Have some money to get that take-away pizza and go to the movies. People not spending means that companies Go Under, even big companies will see the the down-turn and put staff off. I got put off because people did not insure for a few years and took the risk of not insuring their cars. Maybe insuring their home building but not the contents. So, people lost their jobs.

It's already happening.

It means a Recession and massive unemployment figures. Massive costs to the tax-payers and we are already in the $red because of Covid and the wasted money just handed out even to companies that used Covid $$Payments as $profits.

Lowe and the others should be arrested by the Australian Federal Police and put in prison. But 'No' he is getting $12 Million a year annual salary. Can you believe that. $12 Million a year. That figure was disclosed on the news just last week when he fronted House Economics Committee.

As long as the 'little man' loses his job, these fools don't care. How can anyone be worth 12M??

 

[Stanier123]

Unfortunately yes .... first your Super and then money you have in your bank account. As a safeguard and because I do not trust these slimy bastards, I will be closing both accounts!

Margaret Thatcher famously said “ with socialists you realise they soon run out of other people’s money! Just watch whilst the big spending continues on things not essential your super will be raided. Inflation means tax creep at a faster rate. When you get a pay rise it puts you 8nto another bracket.