Inflation may have peaked at just over 7 per cent in the last quarter of 2022, according to Stats NZ, but ongoing high prices, rising interest rates, and a looming economic recession have many New Zealanders wondering just how they’ll get by, with households budgets being stretched even further than ever before. In a bid to help you navigate these tougher financial times, here are some tips on what to do when facing an economic storm.

Compare prices and price match

Who doesn’t love a good deal? Many New Zealand retailers offer a price match promise, whereby if you find the same item listed for less at another retailer, they’ll match the price and even throw in a discount or a bonus if you choose to buy from them.  

Retailers such as The Warehouse, Noel Leeming, Bunnings, and Briscoes – to name just a few - offer a price promise. So you can choose where your hard-earned dollars get spent, without getting forced into spending more than you should. Here’s a useful list of retailers that offer a price match promise.

And be sure to check out priceme.co.nz and pricespy.co.nz – two online comparison websites that can help you find the best prices for most household items and appliances.  

Review your utilities

Thousands of New Zealand households are guilty of paying “loyalty tax” by staying with their existing energy or phone provider simply because it’s too hard to switch. But with so much competition in market, there’s never been a better time than now to compare prices and find the best price options available for power, phone and broadband plans.

There can be hundreds of dollars’ difference between the most and least expensive utility providers, which is why it pays to regularly review your utility plans to ensure you’re getting the best price available. Use these websites to compare prices and plans and to find the best deals for internet and broadband and for energy plans.  

Reassess your budget

With higher prices and an increased cost of living straining already tight household budgets, it makes sense to take a closer look at the budget and pay particular attention to spending habits and ways to increase savings.

Start by reviewing all outgoings for the last three months, and if you haven’t already done so, set up a budget to track where your income is going. Are there any expenses you could cut back on or cut out altogether? Online subscriptions such as Netflix, Spotify, Neon or Disney: Cancelling these even just for a few months could mean a few extra dollars in the budget.

Is there any wiggle room for an emergency saving fund that you could tap into if you encounter financial hardship? Saving a few dollars each month adds up to a significant amount over time.

For more advice on weathering a financial storm, managing your money, consolidating debts or applying for finance, get in touch with a Mortgage Express branded mortgage adviser today.