The rising cost of living has increased the price of groceries, fuel, and supplies around the world. How is the changing economic environment impacting your budget?
The cost of living is on the rise and becoming a growing concern for households across Australia.
The pandemic, a global shipping crisis, and increasing inflation have all contributed to the financial pressure being placed on families.
As the cost of living continues to surge, where are families feeling the pinch?
How is the rising cost of living impacting prices?
Around the country households are paying more for groceries, household items and pet products.
Most noticeably, Australians are feeling the pressure of rising prices at the petrol bowser.
Fuel prices have jumped at the pump, with the biggest annual increase reported in three decades, according to the latest consumer price index released by the ABS.
In the space of one year national fuel prices have risen by 35% from the first quarter of 2021 to the first quarter of 2022.
The soaring price of petrol is just one piece of the cost of living puzzle – groceries, food products and beverages are also experiencing a price hike.
According to ABS data the cost of groceries and non-alcoholic beverages rose by 6.7% in a year, the price of meats and seafood increased 6.2%, and dairy products increased by 4.2%.
The rising cost of living can have an immediate, short or long term impact on families, particularly when wage rises are barely keeping up at 2.3% for the year.
Navigating the rising cost of living
The rising cost of living can exacerbate the stress, worry and anxiety for Australian households managing their weekly expenses, household budgets and one-off costs.
To straddle rising expenses as well as one-off payments for a holiday, a new laptop, or a wedding gift households often use a credit card.
Different cards will suit different households depending on their financial situation, weekly expenses, and upcoming bigger buys.
There are a number of credit cards for customers to compare and contrast. From low fee cards, to low rate cards, to long interest free cards – different cards serve different purposes.
Low rate credit cards typically have an interest rate between 8% and 15% p.a, according to credit.card.com.au meaning you’ll pay less interest compared to cards with higher rates.
On the other hand low rate cards don’t often come with top perks like rewards programs, complimentary travel insurance or lengthy interest free periods.
For cardholders who can pay the full balance each month a long interest free period can lessen the stress of managing repayments for bigger purchases, growing expenses and household bills.
A long interest free period on a credit card allows customers to replace the couch, work on their new laptop, or upgrade their bike immediately, while finalising payment down the line.
The humm90 Platinum Mastercard has a range of long interest free offers that give customers that valuable breathing space to make gradual repayments over time.
Visit humm90 to learn about how you can access long-term interest free offers today.