Well, more Aussies are working more to try to ease financial stress.
In fact, a new Finder survey of 1,078 respondents revealed 1 in 4 (24%) – equivalent to 4.8 million people – are being forced to take on additional employment, work longer hours or come out of retirement to make ends meet.
The survey says that as food prices continue to soar and many struggle to pay their mortgage or rent, 14% say they have started working longer hours to earn more money.
A further 7% – equivalent to 1.4 million people – have taken on a second job to bring in extra cash.
Sadly 3% of people admit they had no option but to come out of retirement.
Sarah Megginson, money expert at Finder said:
“Living frugally is not enough as paying for everyday basics is becoming an impossible task for many of us.
Households are having to buckle down and find ways to increase income as inflation increases the cost of everything from groceries and petrol to energy and insurance."
Finder’s research found 1 in 5 (22%) Aussies are thinking about finding extra work to keep their head above water.
Megginson said that while it’s disheartening to have to look towards a second job to keep your head above water, there are a few ways you can increase your income alongside your 9-5.
She further commented:
“There are options like pet sitting and rideshare driving, or handyman work via platforms like Airtasker and Gumtree.
Whatever your skills or experience, there are some options you could explore for increasing your income.”
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Megginson encouraged Aussies to set savings goals and track progress to help them stay motivated.
Furthermore, she advised the following measures to help lower the cost of everyday household bills:
1. Don’t be ripped off on your home loan rate.
Home loan interest rates exploded last year, and many Australian borrowers will be shocked to find their rate has doubled in 12 months.
Check your home loan's interest rate and then look at your lender's website. Lenders love offering lower rates to new customers while leaving existing customers on worse deals.
2. Shop around for a better internet deal.
If you haven't switched internet plans in the last 12 months, it's a good idea to compare and see what offers are available on the market.
Your current provider might be willing to price match to keep you as a customer, or you can probably score a better deal for the same speed with another company.
3. Switch your home insurance.
According to Finder’s awards research, there was a $ 930-a-year difference between the cheapest and most expensive home and contents insurance policy.
Lots of home insurance brands also offer discounts for the first year, which can knock up to 30% off your bill.
Don't set and forget though – reassess every year.
4. Adjust your air con thermostat.
It might be tempting to blast the aircon.
However, every degree can add about $100 to your running costs over a season.
Finder analysis shows that in some states, the difference between the cheapest and most expensive energy plans is $200–$300.