Australian financial expert and commentator Noel Whittaker says families can get help to manage the rising costs by getting into good savings habits and using tools to help keep costs down, including petrol pricing apps and savings websites.
Doing an annual stock take of your outgoing fixed expenses and putting money from every wage aside to cover these costs is another tip from Mr Whittaker.
He also advocates putting aside small amounts of cash every day, including loose change that you might not otherwise miss.
“I like piggy banks and think they are one of the great savings tool,” he says.
Small and consistent daily savings could go a long way, he says.
“If you invest small amounts you can then sit back and let the compounding interest work its magic,” he says.
When it comes to our fixed household costs, which are often the ones causing the most headaches, experts suggest shopping around for better deals.
CHOICE Head of Media and Spokesperson, Tom Godfrey says remaining loyal to one company is not necessarily a guarantee you’ll get a good deal.
“While most people don't want to go to the trouble of switching, remaining loyal to one insurer or energy provider is no guarantee you’re onto a good deal,” he says.
“Service providers will often offer you a better deal if you threaten to take your business elsewhere, especially in highly competitive markets like telcos.”
He recommends reviewing your current needs and spending habits and then shopping around on comparison sites.
Some of the top sites to try, according to CHOICE are:
“Write down the details of the best deal available for you including the name of the provider and rate on offer and if your current provider can't match a better offer, it might be time to switch,” he says.
And beware the “lazy tax.”
“The best deal today might not be the best deal in 6 months so be prepared to switch again,” he says.