10 Best Ways to Deal with New Zealand’s Rising Cost of Living

Living in New Zealand has always come with its own unique set of financial pressures, but lately, it feels like everyone’s wallet is being squeezed. Prices seem to be going up faster than we can keep up with them, from the grocery store to the gas station. This rise in the cost of living is affecting families all over the country, making it harder to pay for basic needs, let alone save for the future.

You’re not the only one who is feeling the pressure. A lot of Kiwis want to find practical ways to save money and lower their living costs without giving up their quality of life. The good news is that you can take back control of your budget and get through these tough economic times with a few smart changes. This guide will show you ten proven ways to deal with rising costs. It will give you useful tips on how to save money and make your financial future more secure.

1. Make a budget and keep track of your spending.

The first step to managing your money is knowing where it’s going. It seems easy, but a lot of people are shocked by how much their daily coffees or random online purchases add up. Making a budget helps you see exactly how much money you have coming in and going out, which lets you make smart financial choices.

Make a list of all the ways you make money. After that, keep track of your spending for a month. You can use a budgeting app, a spreadsheet, or even just a notebook. Put your spending into two groups: necessities (rent/mortgage, utilities, groceries) and non-essentials (entertainment, eating out, subscriptions). Once you see the full picture, you can identify areas where you can cut back. This isn’t about not spending; it’s about being careful with your money and making sure it’s working for you.

2. Talk to your creditors and subscriptions about lowering your bills.

Your bills don’t have to stay the same every month. Many service providers, including your gym, internet and power companies, are willing to work with you to keep your business. Spend an afternoon calling your providers and ask if you’re on the best possible plan for your usage. You might be surprised to learn that they can give you a discount for being a loyal customer or a cheaper package.

Also, now is a good time to look over your subscriptions. Do you really need all of those streaming services? Are you getting any use out of that magazine subscription? One of the fastest ways to save money is to cancel services you don’t use very often. A quick check can often save you hundreds of dollars each year.

3. Cut down on the cost of getting around

For a lot of Kiwis, getting around is a big weekly cost. Driving can be very expensive because gas prices go up and down. Think about ways to lower these costs. Is it possible for you to share a ride with a coworker? Could you use public transportation a few times a week? Walking or biking for short trips is not only free, but it’s also good for your health.

There are still ways to save money if you need your car. To save gas, plan your errands so you don’t have to make as many trips, make sure your tires are properly inflated, and don’t let your car sit around for no reason. Every little bit you do helps you use less gas and spend less money.

4. Learn how to plan meals and shop for groceries smartly.

The weekly grocery bill is one of the biggest pain points for families dealing with the rising cost of living. A little planning can make a big difference. Before you go to the store, plan your meals for the week and create a detailed shopping list. This easy habit stops you from buying things on a whim and cuts down on food waste.

Check for sales and think about switching to store brands, which are often just as good as the more expensive ones. Shopping at local markets and buying fruits and vegetables that are in season can also save you a lot of money. Another smart way to save time and money on busy weeknights is to cook a lot of food at once and freeze it for later.

5. Save energy at home

Small changes can also help you save a lot of money on your power bill. Pay attention to how much energy you use in your home. When you’re not using your electronics, unplug them. Many devices still use power when they’re not in use. Change to LED light bulbs that use less energy, and always turn off the lights when you leave a room.

To keep your home warmer in the winter, block drafts from windows and doors. When you need to buy new appliances, look for ones that use a lot less energy. These little things will add up to lower your utility bills.

6. Look for cheap ways to have fun

You don’t have to stop having fun just because you want to save money. There are a lot of free or cheap things to do in New Zealand. Visit the parks, beaches, and hiking trails in your area. Visit your local council’s website to find out about free concerts, festivals, and community events.

Have a movie night at home instead of going to the movies. Instead of going out to eat, have a potluck dinner with friends. Libraries are another great resource because they let you borrow books, movies, and sometimes even take classes and workshops for free.

7. Use the resources and support in your community

Don’t be afraid to ask your community for help when things get tough. There are a lot of groups and services in New Zealand that can help people deal with the rising cost of living. Food banks and community pantries can help you get the groceries you need, and organizations like Citizens Advice Bureau can help you with a wide range of problems, such as budgeting and knowing your rights as a consumer. Looking into these resources can give you the help and comfort you need.

8. Go over your insurance policies

It’s important to have insurance to protect your money, but you should check your policies often to make sure you’re not paying too much. Your coverage should change as your needs do. Get quotes from different companies for your car, home, and contents insurance.

You might also be able to lower your premiums by raising your excess, which is the amount you have to pay out of your own pocket when you make a claim. Just make sure that the extra money is something you could easily afford if you needed it.

9. Think about getting a side job to make more money.

The next step is to find ways to make more money if you’ve cut your spending as much as you can. A side job can help you make extra money and ease your financial stress. Take a look at your skills and interests. Are you good at writing, making graphics, or gardening? You could work as a freelancer.

Freelancers can find work on sites like Upwork and Fiverr, and local Facebook groups can be a great place to advertise services like lawn mowing or pet-sitting. A few extra hours of work each week can have a big effect on your monthly budget.

10. Get professional help with your money.

Managing your money on your own can be hard, especially when prices are going up. Seeking professional advice can provide clarity and a strategic plan tailored to your situation. A financial advisor can help you make a long-term plan, look into different investment options, and give you expert advice on how to handle your debt and save for your goals. They can give you an unbiased view and help you make the best choices for your financial health.

Take charge of your financial future

It is possible to deal with the rising cost of living in New Zealand, but you need to be proactive. You can take charge of your finances and build resilience by using these ten tips, which range from careful budgeting and smart shopping to looking for new ways to make money. Pick one or two tips that seem doable and add more to your routine over time.

The experts at Business Kiwi can help you with your finances if you need  personalized advice. We can put you in touch with financial advisors who know what Kiwis go through and can help you make a good plan for your future. Make an appointment with us today to begin your path to financial security.