Sophie Wong

Have you felt the pinch while paying up at the grocery checkout counter lately, surprised that the cost of your usual weekly shop has gone up? Well, this might have something to do with inflation. In the September 2023 quarter, the Annual Consumer Price Index (CPI) inflation was 5.4%, keeping the cost-of-living high.

The next wave of retirees may face challenges in retirement without improved access to financial education in super. According to a 2023 discussion paper about “reimagining” retirement by the Actuaries Institute, Aussies are worried about outliving their retirement money and could be living more frugally than necessary. This suggests a lack of confidence when it comes to managing finances and reflects how things have changed over time.

With the end of the year almost here, you may be hanging up your Christmas decorations and looking ahead to your New Year’s resolutions. A home deposit? Holiday? Rainy day fund? While saving up during a time of high living costs can seem a daunting task, it’s certainly do-able by making some lifestyle adjustments. So let’s have a look at some expert tips to help you meet your savings target in the new year. 1.