Financial wellbeing and the cost of living
Rising living costs are affecting many Australian households. Higher petrol prices, increasing grocery bills, and ongoing economic uncertainty are placing pressure on everyday budgets. Setting up or reviewing a household budget to find where you might be able to reduce your expenses is really important.
Prioritise essential expenses and review your budget
During periods of economic pressure, focusing on essential expenses is critical for financial wellbeing. Prioritise housing, food, utilities, transport, and minimum loan repayments before discretionary spending. Consider changing your billing cycles to make smaller more frequent payments e.g. from quarterly to monthly, as this may reduce the impact on your household budget.
Using banking tools and resources to track spending can help identify areas where temporary adjustments may ease cost of living stress. Visit the BankVic Financial Wellbeing Hub to learn more.
Managing petrol prices and transport costs
Fuel costs are one of the most searched and most felt cost of living pressures. While prices fluctuate, members can reduce the impact of petrol costs by making small, practical changes below:
- Planning trips and combining errands
- Using petrol price comparison apps for example, PetrolSpy, My 7-Eleven
- Considering public transport, carpooling, or flexible work options
- Reviewing vehicle efficiency and maintenance.
Take small steps to improve financial confidence
The current economic climate is challenging, but proactive steps and early access to hardship support can make a real difference. Managing petrol costs, reviewing spending, and seeking help when needed, all contribute to stronger financial wellbeing.
You don’t have to manage cost of living pressures alone - support and guidance are available.
We’re here to help
If you've been struggling to pay your loan or credit card repayments, you may be experiencing financial hardship. If you get in touch with us, we can look at ways to help you get back on track. Call us on 13 63 73 to discuss how we can help or visit BankVic's Financial Hardship page for more information.
