MMS #27 | Tips n' tricks to tackle the cost of living crisis PART ONE

07/14/24 • 17 min

In this episode of Money Made Simple, join Jennie and Liv as they dive into the hot topic of the cost of living crisis, offering insights and practical suggestions to help you navigate what can feel like ever-increasing expenses. This episode covers:

An exploration of the factors contributing to the cost of living crisis, including the pandemic, supply chain issues, labour shortages and geopolitical tensions
A look at how the impact on everyday expenses in New Zealand, from housing to groceries, bills and beyond
Discussion on practical cost-cutting strategies, such as smart grocery shopping, optimising household bills, and managing non-essential spending
Personal experiences around how we've adjusted own spending in response to the cost of living increases
Some great tips from other reliable sources
Creative solutions for reducing expenditures while still enjoying your life, like entertaining at home and making the most of free communities activities

Resources we mention in this episode:

Money Hub's guide on lowering your power bill
- Sorted.org for budgeting tools
- Genesis Energy’s advice on reducing hot water costs
- Repair Cafe

By the end of part one of this two part episode, you’ll gain some valuable insights into some of the drivers of the current economic situation and discover practical ways to stretch your dollar further during these challenging times.

---
Please help us share the good word (and make Kiwis richer and smarter with money) - the more we grow, the more good we can do %) Don't forget to follow, subscribe and rate the podcast if you found it useful!
Find us:
Instagram
Facebook
LinkedIn
Disclaimer: This podcast contains personal opinions and is intended to provide educational information only. It doesn't relate to your particular financial situation or goals and is not financial advice or recommendations. Simplicity New Zealand Limited is the issuer of the Simplicity KiwiSaver scheme and investment funds. For product disclosure statements please visit Simplicity's website simplicity. kiwi.

An exploration of the factors contributing to the cost of living crisis, including the pandemic, supply chain issues, labour shortages and geopolitical tensions
A look at how the impact on everyday expenses in New Zealand, from housing to groceries, bills and beyond
Discussion on practical cost-cutting strategies, such as smart grocery shopping, optimising household bills, and managing non-essential spending
Personal experiences around how we've adjusted own spending in response to the cost of living increases
Some great tips from other reliable sources
Creative solutions for reducing expenditures while still enjoying your life, like entertaining at home and making the most of free communities activities

Resources we mention in this episode:

Money Hub's guide on lowering your power bill
- Sorted.org for budgeting tools
- Genesis Energy’s advice on reducing hot water costs
- Repair Cafe

Previous Episode

MMS #26 | The Rainy Day Fund, your financial umbrella for life's nasty little surprises

In this episode of Money Made Simple, join Liv and Jennie as they dive into the essentials of setting up a rainy day AKA an emergency fund. With the current economic climate bringing uncertainty for many of us, having a financial safety net is more crucial than ever. This episode covers:

What a rainy day fund is and why it's critical for our financial security
Practical steps about how to get started, including how to determine how much you need in your emergency fund
Tips for setting up and managing your fund to keep it accessible yet secure
Insights on adjusting your fund over time to adjust to life changes
And a few thoughts about ways to get your emergency fund working harder for you, while there is no emergency

Resources we mention in this episode:
- The Barefoot Investor
- Money Made Simple book by Sam Stubbs
- Sorted.org savings calculator

By the end of this episode, you'll understand the importance of an emergency fund, how to calculate your needs based on your lifestyle, and smart strategies for growing and maintaining your fund over time. Tune in to gain the knowledge and confidence to build a financial buffer that ensures peace of mind and preparedness for any unexpected expenses.

Next Episode

MMS #27 | Tips n' tricks to tackle the cost of living crisis PART TWO

In this episode of Money Made Simple, Jennie and Liv continue their discussion on how to beat the cost of living crisis. This is part two of our (hopefully super practical and helpful!) two-part episode. While part one focused on smart cost-cutting strategies, part two shifts to exploring ways to potentially increase your income, as well as outlining the resources where you can find immediate, additional support. This episode covers:

A list of ways to boost your income through freelancing, side gigs, and part-time jobs
Opportunities to monetize hobbies and craft skills, potentially turning your passion into profit
How to turn your household clutter into cash
If you're a homeowner, how you could explore additional ways to help cover the deathly high mortgage costs
Longer-term ways to increase your income for future wealth
A look at the government assistance available to Kiwis that are doing it particularly tough right now (including accommodation support, KiwiSaver withdrawals and family help)
Community resources that can offer additional help for anyone in need in the short-term

Resources we mention in this episode:

Upwork: https://www.upwork.com
- Fiverr: https://www.fiverr.com
- Freelancer: https://www.freelancer.com
- Felt: https://felt.co.nz/
- Work and Income New Zealand (WINZ): https://www.workandincome.govt.nz
- Citizens Advice Bureau: https://www.cab.org.nz
- Community Law Centers: http://communitylaw.org.nz
- Salvation Army: https://www.salvationarmy.org.nz
- Auckland City Mission: https://www.aucklandcitymission.org.nz
- New Zealand Federation of Family Budgeting Services: https://www.familybudgeting.org.nz

By the end of this two-part episode, we hope that you'll have a full suite of practical options to help you both cost-cut and increase your income during these extremely challenging times. And remember - you don't need to do everything all at once; baby steps are the way to go! So maybe start with one small change/step and see how you go %)