With inflation stubbornly high, wage growth stagnate and rental prices on the rise, Australians are feeling the pinch in a way many have never experienced before.
Today the Reserve Bank of Australia raised the cash rate by 25 basis points for the tenth month in a row, meaning another hit to the hip pocket of hundreds of thousands of Australians.
In a survey conducted by 9News.com.au, readers have shared how they are making their dollars stretch, from organising their mobile phone plan around saving on their food bill to utilising pay-ahead money-saving apps.
READ MORE: How much you need to earn to avoid housing stress in Sydney
Groceries
"Bulk cooking and freezing meals. It is less wasted food because you buy and bulk cook and freeze so nothing goes bad, saves on water because there's less washing up." - Rose-Cherie
"Woolworths Prepaid mobile is where it starts. It's $65 for six months. That's only $11 per month for the mobile phone, unlimited calls and text on the Telstra network. Being a Woolworths mobile customer entitles you to 10 per cent off one food shop per month (we make sure it's a big bulk buy shop for the month) . You also get extra Woolworths reward points for being a mobile customer and every 2000 of those gets you $10 off. Overall we are saving almost $1000 per year on food shopping, plus the mobile phone which was on a $150 per six months prepaid with Telstra (the lowest they advertise) also saves an extra $170 per year." - Jim from Perth
"Make use of foods in your cupboard and fridge and try to make meals out of (them). Always make a food list." - Gail from Perth
"Buying the end-of-the-week produce at the local greengrocer and preserving it pickling, making jams, dehydrating and freezing. Sometimes you can get really greats deals e.g. a few weeks ago I picked up a dozen mangoes for $5 and froze them for smoothies." - MT
"I have learned at what times the supermarket discounts food close to expiry. I duck in at those times and meal plan around what I can find." - Stacey from Western Sydney
"Meal plan and grocery shop only once a week where possible as daily shops with no meal plans add up quickly." - Nerida
"Eat cheaper cuts of meat. Eat in-season fruit and veggies which are actually quite cheap at the moment." - Francis
"Shopping online has made a big difference in our grocery bill. Shopping the specials, less impulse buys and taking advantage of rewards programs help keep the costs down. As I live in a rural area, having groceries and other items delivered, rather than paying even more for fuel is also helping." - Kylie
Electricity
"i do everything up to turning the TV off at night at the power point just to save the few cents of it running on stand-by (turning of when leaving the home is also something we do)." - Mark from Melbourne
"Install LED lights." - Suzanne from the Central Coast of NSW
"Shop around for different options for energy and insurance." - Rafi
"If your home has a solar system and air conditioning, experiment with settings to find how to run it most efficiently, along with other high demand household appliances." - John
"I have monitored my electricity meter until I have managed to get the bill to a reasonable amount. I pay more per month than my bill so that I have built up a credit for when things get really tight... The biggest thing with electricity is making sure that everything is turned off at the wall. Don't leave things on standby. Don't leave lights on. Don't use air conditioning unless it gets to 38 degrees." - anon
"On hot days keep curtains and blinds shut to keep the house cool to avoid using air conditioner." - Nerida
Healthcare
"Get on public wait lists for health services. Even though it will take a long time, being on the list now will help later down the track." - Rose from outer Melbourne
Entertainment
"Plan ahead your monthly entertainment expenses and stick to it - no spontaneous nights out." -John
"All my family and relatives have agreed to eliminate mailing cards for Christmas, Easter and other occasions including birthdays and use social media and free phone calls in their place." -Angelo from far north Queensland
"Try do things that aren't costly. If you want to spend time with friends maybe invite them over instead of going out to places. Buy some nibbles or make something at home where it will be cheaper." - Brooke from south-west Sydney
Petrol
"Skateboard to work - saves fuel. Use the fuel lock option on the 7/11 app to lock in a cheaper fuel price." - Derek from the Gold Coast, Queensland
"Car pooling - riding 15km to work and 15km back - to save on diesel." - Kym
"I buy discounted gift cards to save on daily essentials. For example, ShopBack sells discounted gift cards... ShopBack offers 3 per cent Cashback on Ampol gift cards. I could buy a $100 gift card and save $3 - essentially I'm spending $97 for $100 Ampol credit and can stack this with 4c fuel discounts. The same principle applies to other brands they sell gift cards." - Jimmy
"Working from home more (less travel costs)." - Rach
Rent/mortgage repayments
"Talk to your banks and negotiate interest rates where possible." - Sapna
"A longer-term decision was to estimate a higher interest rate at the time of obtaining our mortgage, opting for setting our repayments to match a 10 per cent interest rate and paying that from the beginning. That way we have had a buffer and have never been impacted by interest rate fluctuations. We have provided that advice to others in our family who are now reaping the benefits. The aim was to ensure we live within our means, which has worked out for us." - Sonia
Budgeting/ managing finances
"Use the full advantage of the sub accounts many banks offer now - easy to open up and create where then one can put one's car money, holiday money, insurance money, savings money I found that was how I got myself out of debt." - Rick
"Before buying anything, ask yourself - do you want it, or do you need it? Only buy what you need." - Michael
"Plan your household budget. Iterate through the budget and have checkpoints throughout to ensure no overspending. Do not do any impulse buying... Invest in the right thing so you can still generate income from your savings." - Harjyot from north-western Sydney
"Don't fall down the rabbit hole of afterpay services as they ruin your budgeting." - Brooke from south-west Sydney
"Contact a free financial planner through agencies like Baptcare and CapMoney, they can help structure your money and suggest ways to save money on things you need and where you can save. Take advantage of schemes where you can buy white goods and car repairs with no interest if you need to, they are run by non profits and will work with you to get what you need in emergencies." - Rose from outer Melbourne
Employment
"(I) unintentionally discovered after looking at a few other advertisements that the market rate for roles comparable to my own were paying about 40 per cent higher than the salary I was receiving at that time. After raising this with my employer at the time, I was offered a 5 per cent increase in my salary. I ended up securing a new job that ended up paying about 45 per cent more than my previous employer... I think it's very important to understand the current market rate for your role, because I felt quite silly to have stayed in that position for many years without really questioning if I was being compensated fairly." - John
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
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