Aussies not eating out or going out amid cost-of-living crisis

Friday-night takeaway and going out drinking are on the chopping block, as the rising cost of living forces Aussies to reassess their budgets.

Half of Aussies (51 per cent) were cutting back on eating out and drinking out, new Finder analysis found, while more than a third (36 per cent) had limited how often they go out to events like movies, sports games and concerts.

Aussies are also being a little less generous, with a third limiting the gifts they buy (33 per cent) and more than a quarter reeling in on charity donations (27 per cent).

Weekend trips have also hit the backburner (32 per cent), as well as beauty treatments like tanning, nails and massages (30 per cent).

But it’s not just luxuries Aussies are going without. Worryingly, 15 per cent of Aussies also reported cutting back on visits to the doctor or dentist.

“Not having the funds to follow up health concerns can have serious consequences – even more so than an empty bank account,” Finder health insurance expert James Martin warned.

“If money is tight, consider reviewing your existing plan to see if it’s possible to cut any unnecessary cover.”

Aussies could also consider cancelling unused products like gym memberships or streaming services, Finder said, while making sure they were shopping around to get a good deal on products they actually did need (like energy and insurance).

 

Aussies still spending

Overall, Aussies are still spending more across all categories, according to the latest Australian Bureau of Statistics data from December.

Discretionary spending was up 8.1 per cent for the year annually, driven by spending in recreation and culture, and accommodation services.

Meanwhile, Reserve Bank of Australia governor Philip Lowe confirmed more rate hikes were on the way.

“I don’t think we’re at the peak yet but how far we have to go up, I don’t know,” Lowe said last week.

“It will depend upon inflation data, resilience, spending, and what’s happening with wages.”

 

article from: au.finance.yahoo.com