10 WAYS TO HANDLE HIGHER PRICES

1. Take a closer look at your living costs, checking banking transactions to spot expenses that may not be necessary. Where prices have increased, adjust your budget.

2. Examine the unit price or products at supermarkets to get the best value for your money.

3. Use petrol price apps to find the cheapest fuel in your area – most metropolitan markets move in price cycles where there can be 30c swings.

4. Technology such as money-saving apps and comparison websites can help you find better deals, bigger discounts and areas where you’re wasting money.

5. Shop for local and seasonal produce where you can, to help local businesses and save on transport costs, and be flexible when buying to take advantage of available supply.

6. Review debts, consolidate high-interest loans and consider refinancing your mortgage, which Mybudget’s Tammy Barton said could save $400 a month.

7. Insurance is vital but you may save money by bundling policies with one insurer, paying upfront annually if it attracts a discount, and checking if extras are necessary.

8. Can you supplement your income by taking on part-time work or starting a side hustle?

9. Look at what lifestyle costs you can potentially trim, but don’t give up on all the things you enjoy, Ms Barton said.

10. Don’t fear the worst-case price rise scenarios: “Sometimes it’s businesses buttering us up so we will accept them more easily,” One Big Switch’s Joel Gibson said. Source: Frugl, Mybudget, One Big Switch