It’s no secret that most of us have been faced with an onslaught of financial hurdles over the last couple years. From those pesky interest rates, to soaring petrol prices and the ever prevalent rental crisis, it’s safe to say that we’re living in one of those ‘times are tough’ eras.
For families in Australia, this challenge is further exacerbated by the rising cost of childcare, household essentials, educational costs and everything in between. However, the good news is that it doesn’t have to be all doom and gloom.
In this article, we explore how families can effectively cope with rising costs, and dive into a few expert tips to weather the financial storms.
1. Consult With A Financial Planner
If you’ve been struggling to keep on top of the rising cost of living, one of the best things you can do for your family and bank account is to consult with a financial planner. You can find a suitable financial planner in Melbourne just by jumping online or even by securing referrals from financial services providers.
But what are financial planners exactly, and how can you benefit from securing yourself a consultation? These expert financial gurus are there to help you navigate your unique financial circumstances, and tailor a budgeting plan that accommodates rising costs without compromising on your family’s well-being. Simply put, they are able to offer advice, investment guidance, and even debt management strategies to ensure your family’s financial stability. Most families will find that financial planner consultations really do end up paying for themselves.
2. Explore Government Assistance Options
One of the best things about living in Australia is the plethora of government assistance options that are there to help families in times of need. From childcare subsidies to family tax benefits, the government has implemented various initiatives over the last few years to alleviate the economic burden on families.
With that, one of the best tips we can provide to Aussie families that are paying for childcare or even just have multiple dependents, is to jump on Centrelink or into your MyGov account to look into the government programs that you may be eligible to participate in. Alongside this, consult with your family accountant to ensure that your family is taking full advantage of the family tax benefits that you’re also eligible to receive.
Learn more about government assistance options that you may be entitled to here.
3. Be Savvy With Your Shopping Habits
Everyone loves a bargain, but even more so when times are tough. This is where being savvy with your shopping habits can make all the difference in the cost of raising your family. For example, rather than doing a full grocery shop at one supermarket, consider doing a few separate shops at different stores to get the best prices and weekly deals on offer.
You can easily compare prices by downloading apps on your smartphone, allowing you to make smarter shopping choices that cut down on your weekly grocery bills. Often, supermarkets like Coles, Woolworths and Aldi rotate their special deals on different weeks, so while this may take a little more time and effort on your part, the savings will be well worth the sacrifice.
Top Tip: It can also be worthwhile to explore local discount or bulk food stores such as Cheaper Buy Miles, where you’ll find pantry staples and household items at significantly reduced prices.
4. Live An Energy Efficient Life
With a household full of children, it’s safe to assume that rising utility costs are an unwelcome change for families all around the country. Don’t worry, we feel your pain. Over the last financial year, network rates have risen by around 5-10%, causing electricity, gas and water bills to go through the roof. Yikes. While these factors are entirely out of our control, the good news is that there are few small changes that you can make to live an energy efficient life.
For example, switching all your bulbs to LED lighting can significantly reduce your energy consumption, while simple measures like turning off lights and unplugging devices when not in use can also make a world of difference. Additionally, ensuring that your home is well insulated will also help to ensure that you are using costly heating/cooling as little as possible. It’s all about small changes that add up to big results over time, so don’t underestimate the power of minor adjustments.
5. Master The Art Of Petrol Savings
Driving the kids to and from school and ferrying them off to extracurricular activities, all whilst having to commute to work on a daily basis, can quickly add up to petrol costs that make you feel a little light-headed. Fortunately, there are a few simple tips and tricks that will help to ensure you’re spending as little as possible at the petrol station.
For starters, handy websites such as PetrolSpy allow you to look at real-time prices in petrol stations in your area. This is particularly helpful, as even a 20 cent savings can add up to big bucks in the long term. Another option is to download the 7-11 app, which allows you to lock in fuel prices for up to 1 week. Finally, if you happen to have a Costco membership, be sure to make full use of their petrol stations, which often boast some of the lowest fuel prices in the country.
6. Look Into Side Income Opportunities
If you happen to have a little spare time each week, another great idea is to look into income opportunities such as creative freelancing, part-time work, or driving for Uber/UberEats or DoorDash. One of the greatest things about the gig economy is the flexibility it offers when it comes to working hours, making it the perfect choice for busy parents who may not be able to commit to extra work on a standard 9-5 basis.
Side income opportunities can be done at your own pace and convenience, ensuring that you’re able to make extra cash, without having to compromise on your work/life balance. Whether you’re freelancing, driving, or even selling handmade items on Etsy, the gig economy provides a plethora of opportunities for generating additional income on your terms.
So, is the cost of raising a family in Australia on the rise? It sure is. However, by taking some of these tips and tricks onboard, your family will be much better equipped to brave the current financial storms. At the end of the day, it’s all about finding practical ways to manage your budget, prioritise spending, and save where you can.
Remember, every small change adds up, and with the right approach, you can weather the financial challenges and create a stable foundation for your family’s well-being.
