Yahoo Finance NAB reveals 'emotional' trend saving Aussies $320 a month
Aussies like Sian Langridge are cutting back on everyday purchases like coffees and eating out to free up space in their budgets.
The skyrocketing cost of living has forced Aussies to take a closer look at their money priorities. A major bank said this “emotional” type of budgeting is allowing consumers to save hundreds.
New research from NAB found Aussies are sacrificing smaller everyday purchases to free up their cash to spend on the things they value the most - their kids and their pets.
More than half of Aussies have cut back on eating out (57 per cent), treats like coffee and snacks (49 per cent) and entertainment (49 per cent) in the last three months. These small cutbacks are saving the average Aussie $320 a month.
RELATED
Melbourne woman Sian Langridge said she prioritises spending money on her cat, Carrie, and has been cutting back on extra coffees and eating out during the week to free up her budget.
Over the past month, the 32-year-old said she’s spent around $380 on her cat’s vet bills, cat food, toys and bedding to keep her warm in winter.
“Carrie has been a big part of my life for nearly six years and I get a lot of joy out of treating her and buying things that will make her more comfortable and happier,” Langridge said.
“I would much rather bring my lunch to work if it means I can buy her an extra treat that week or her preferred cat food.”
Do you have a story to share? Contact tamika.seeto@yahooinc.com
‘Entrenched’ savings trend
NAB personal everyday banking executive Paul Riley said Aussies were finding smarter ways to save.
“When the cost-of-living crunch started, we saw early signs of people making cutbacks here and there, what we’re seeing now is that pattern of behaviour has become entrenched in our everyday lives,” Riley said.
Riley said there was an “emotional element to budgeting” and this was helping people save.
“You can see that cutting back on daily treats or bringing your lunch to work is clearly worth it for those who want to make brunch with friends on the weekend,” he said.
“And while streaming services are great, we’re seeing parents pause those to provide their kids with more live experiences.”
Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.
