Ris­ing cost of sur­vival

Study finds we pay more than $2000 in bills a month

The Coffs Coast Advocate - - ONLINE NEWS -

THE rapidly ris­ing cost of liv­ing is hurt­ing NSW res­i­dents, who say their monthly house­hold bills are ris­ing at al­most twice the rate of their in­come, ac­cord­ing to new re­search.

NSW res­i­dents now spend an av­er­age of $2653 on their monthly mort­gage/rent and house­hold bills.

That’s the high­est in the na­tion, and an in­crease of 42 per cent in the last two years.

Mean­while, house­hold in­comes have only in­creased by 23 per cent.

They have been the find­ings of the Kan­tar TNS re­search study, com­mis­sioned by iS­elect.

Laura Crow­den, spokes­woman for iS­elect, said the re­search showed 40 per cent of peo­ple in NSW felt “over­whelmed” by their bills and 51 per cent be­lieved their house­hold bills were pre­vent­ing them from “liv­ing their life to the fullest”.

“In an ef­fort to re­gain con­trol of their fi­nances as they strug­gle with record house prices and ever in­creas­ing en­ergy bills many NSW res­i­dents are tight­en­ing the purse strings on ev­ery­day es­sen­tials as well as life’s lux­u­ries,” she said.

The re­search also showed: 38 per cent of peo­ple have for­gone a hol­i­day to pay their bills and ex­penses

27 per cent used less heat­ing over win­ter

14 per cent have cut back on fresh fruit, veg­eta­bles and meat.

Ms Crow­den said cut­ting back on some ex­penses was im­por­tant, but also said res­i­dents were miss­ing out on sav­ings by stick­ing with the same house­hold ser­vice providers.

“Re­view­ing your en­ergy, in­sur­ance and per­sonal fi­nance costs is well worth it but do­ing it your­self can be pretty te­dious and many peo­ple put it off be­cause they think it isn’t go­ing to be worth the ef­fort,” she said.

Ms Crow­den said peo­ple should take the time to shop around - it could save you up to $1200 a year.

Visit is­elect.com.au for more in­for­ma­tion.

PHOTO: MACTRUNK

BILL SHOCK: NSW res­i­dents now spend an av­er­age of $2653 on their monthly mort­gage/rent and house­hold bills.

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