Seven ways to fight back against rising prices
Household living costs have been increasing faster than costs in the wider economy, which is why you might be feeling the pinch despite the sharp fall in inflation.
The cost of living for the average New Zealand household rose 3.8% in the year to September, compared to a rise of just 2.2% in the consumers price index (CPI), which measures economy-wide inflation, according to Stats NZ.
This has been an ongoing trend – in the three years to September, household living costs rose 20.3%, while the CPI rose 15.7%.
With that in mind, here are seven ways to reduce your household expenses:
- Cancel subscription services you rarely or never use.
- Bring your lunch to work.
- Try to limit your purchases of clothes and household appliances to sale periods.
- Take domestic rather than international holidays.
- Borrow books from your library rather than buying them new.
- Go out less – a night in with friends can be just as fun as, say, going to a concert.
- Consider refinancing your home loan – it might be possible to switch to a comparable loan with a lower interest rate.
Finally, you can shop around for better deals on your electricity, phone, internet and Sky TV, through Fast Connect. I can help you with that – ask me how.