How Are You Handling Your Personal Finances Amid Inflation?

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With inflation driving higher costs of living, you may feel that your money situation is becoming a major stress factor.

Here are five ways that you can ease that burden without overwhelming yourself.

Automate Your Regular Bill Payments

If you can, setting up automatic direct debits for regular bills to take a little each payday can assist in reducing some of the major stressors on your income. This could include bills such as your phone/internet bill, for example. You could also set up a bank transfer for a small amount into a separate account for ‘bills’ and get your direct debits to come out of that particular account.

Pay Off Large Bills In Smaller Instalments

Contact your utility and other providers to ask them about paying bills in smaller amounts more often (such as fortnightly or monthly) to avoid the shock of a large bill. This could assist with bills such as car registration or insurance.

If you get a Centrelink payment from Services Australia, you can use their free Centrepay service to do this. This can help with regular bills, such as rent.

Track How You Spend

To see how much money is going out, track what you spend over one or two weeks. Include every transaction, no matter how small. This could be by creating a simple tracking sheet (with items like groceries, petrol, personal shopping, and transport).

Look For Ways To Reduce Spending 

Look at your expenses and think about your needs and wants. You may be able to find some things you could cut back on, at least for a while.

Set A Budget

Having a budget helps you to feel more in control of your money. You can put aside money for big bills when they arrive and plan savings to achieve your money goals.

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