Five ways to make money go further as the cost of living ramps up
February 11, 2022
The cost of living in New Zealand is going up faster than wages, putting finances under increased pressure.
But there are things people can do to make their money go further, budgeting experts say.
Inflation is at a 30-year high, consumer prices rising 5.9 per cent in the last three months of 2021 compared to the same period in 2020, according to StatsNZ figures. Petrol prices, along with rent and mortgage costs, are having a huge impact on Kiwi households. Wage rates are slow to catch up, growing 2.6 per cent over the same period.
Two budgeting experts Newshub spoke to said the level of price rises means a growing number of Kiwis can’t afford the basics.
Many had taken on high-interest debt and multiple buy now, pay later loans, which they struggled to keep track of and repay.
Sam Farquhar, service coordinator at Henderson Budget Service and Nicola Eccleton, manager social inclusion at Good Shepherd suggest five ways Kiwis can take control of their money as prices ramp up.