Struggling with interest rates and living costs? Here’s what to do  

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Team MONEYME|31 March 2023| 3-minute read

Between interest rates and the cost of living, it’s hard to know where to turn. 

We can’t make the uncertainty disappear overnight. But, we can do our bit to help. So, we’ve pulled together our top tips for financial relief. 

Fight interest rates by repaying your debts 🦸🏿‍‍️

Now is not a great time to be in debt. One interest rate hike after another has sent repayments soaring. You might feel like you’re going to be in debt forever. 

Here’s how to take control.

If possible, prioritise repaying your debts. The sooner you sort them, the less interest you’ll pay. Start with the one with the highest interest rate or highest fees.

Got multiple debts? Roll them into one. You’ll probably be able to get a better interest rate. Plus, you’ll make a single repayment per month–instead of many. 

Be timely – and get help 🤙🏼

Be strict about repayments. Every time you’re late, you’ll cop a fee. If you’re 14 days past the deadline, you’ll hurt your credit score, too. If you’re over 60 days late on a payment of $150 or more this leaves a mark on your credit score for five years. Ouch.

Seriously struggling? Get in touch with your lender as soon as you can to see if you can negotiate a longer term. This won’t save on interest, but it will reduce your monthly repayments and help you stay on top of things. 

Or you could go further–and sort out a hardship plan.

Talk to your energy provider 💡

Energy costs have been going through the roof. But, that doesn’t mean you can’t do better.

Research the competition to see if anyone out there is delivering more for less. A comparison website might help. 

Find the biggest discount you can, then call your energy provider. Request the same discount (or, if you’re cheeky, a little more). Be firm – and ask for the best possible deal. 

Don’t be afraid of starting a new plan, if that’s what it takes to save. 

Check out government support payments 🧑‍⚖️

The government is under the pump to help. $1 billion in relief has been announced, to be paid via the states. 

Support payments range from lump sums towards your energy bill, to vouchers for families, to discounts on council rates. 

Don’t miss out. Find out what’s on offer where you are. 

Learn hacks to spend less at the supermarket 🛒

Been spending more at the supermarket, but leaving with less in your trolley? Growing grocery prices are central to inflation.

Given you must eat, what can you do? For a start, shop by unit price rather than overall cost. That way, you’ll get more bang for your buck. 

Also, nab specials when you see them. And, when it comes to staples, buy the cheapest options, such as home brands, whole veggies (instead of pre-cut ones) and product refills.

Be patient–and keep keeping on

As tough as things are right now, inflation and rising interest rates won’t go on forever. 

While you’re waiting for the storm to pass, hang in there, see what you can do about your debts, and save where you can, when you can.