Beating the Cost of Living Blues in New Zealand
Money-Saving Hacks for Coping with New Zealand's Rising Cost of Living
As the threat of recession looms over New Zealand, it's crucial to start implementing smart money-saving strategies to ensure financial stability. In this article, we'll outline some effective ways to save money and list some stores and petrol stations where you can save money.
Create a budget: The first step to saving money is to create a budget. Identify essential expenses, such as rent, utilities, and food, and cut back on non-essential expenses.
Compare prices: Before making a purchase, compare prices between different retailers to ensure you're getting the best deal. Use online shopping comparison sites or apps to make this process easier.
The Warehouse: A discount department store that offers affordable prices on a range of items, including clothing, electronics, and homeware.
Kmart: Another discount department store that offers affordable prices on clothing, homeware, and toys.
Pak'nSave: A supermarket chain that offers lower prices than other supermarkets in New Zealand.
Countdown: A supermarket chain that frequently offers deals and discounts on groceries and household items.
Reduce debt: High-interest debt like credit card debt can be particularly harmful during a recession when money is tight. Try to pay down your debt as quickly as possible. High-interest debt like credit card debt can be particularly harmful during a recession when money is tight. While we are talking debt don’t take out any more debt. A recession makes it hard to pay the debt back with having less access to disposable income.
Build an emergency fund: Having an emergency fund can help you weather unexpected expenses or a job loss during a recession. Aim to save at least three to six months' worth of living expenses in an easily accessible savings account. $1000 is a nice cushion but more is always merrier especially in New Zealand.
Save money on petrol: Petrol can be a significant expense for many people. Here are some petrol stations in New Zealand where you can save money:
Gull: A petrol station chain that offers discounted prices on fuel. They also have a rewards program that allows you to earn points for discounts on future fuel purchases.
Z Energy: Offers discounts on fuel purchases for customers who sign up for their loyalty program, Pumped.
BP: Offers discounts on fuel purchases for customers who sign up for their loyalty program, AA Smartfuel.
Shop at Pac n Save and receive a voucher for 6 cents of a litre when using their petrol station.
By implementing these strategies and shopping at the stores and petrol stations listed above, you can save money and prepare for potential financial challenges during a recession. Remember to always stick to your budget and avoid impulse purchases to keep your spending in check.
If you live in New Zealand and have had to reevaluate your spending habits and have advice for others please leave a hack in the comments.