I don't know about you, but whenever I switch on the news at the moment, there's always talk of the cost of living crisis we are currently living through.
Energy prices are going up, essentials like food seem to be getting more and more expensive, and the rental market...well, she's a mess. It's a scary time to be a young person who is learning how to 'adult' and juggle their own finances for the first time!
While the cost of living crisis obviously makes managing your money difficult, our bank accounts certainly aren't the only things suffering. According to a national survey completed by ReachOut, 1 in 3 young people aged 16-25 see the cost of living as an area they are most concerned about right now.
Of those young people who are worried about their finances:
💸 52% reported having trouble sleeping
💸 63% have experienced changes in their mood
💸 57% are lacking motivation because of their money worries
Pretty dire, right?
If you're worried about the rising cost of living right now, you certainly aren't alone, and even more importantly, there is support out there if you find yourself struggling.
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Upping Your Financial Literacy
Not really sure how to make a budget or prioritise your expenses? MoneySmart has you covered. As a free and independent site that provides up-to-date and relevant financial information, MoneySmart is a great starting point for people when making financial decisions. They have some awesome resources about saving, spending, and managing money:
- MoneySmart Budget Planner - this will help you work out where your money is going and can help you to make a budget that is comfortable and functional for you
- MoneySmart: Managing on a Low Income - this page has some fantastic resources on how to get by if you're not earning as much money as you'd like
- MoneySmart Managing Your Money Guide - this comprehensive financial guide provides an easy step-by-step approach to getting your finances in order, and has some great tips on how to reduce unnecessary expenses and what to do if you're still spread a little thin when it comes to cash
Navigating Centrelink
If you're a low income earner, a full-time student, a carer, or someone with a disability, you might be eligible for some government assistance in the form of a Centrelink payment. But how do you know what you're eligible for?
Services Australia have a list of Australian government payments that are currently on offer, so feel free to take a look at this list and what kind of payments might be a good fit for you.
Want specific advice on what you can claim? Centrelink has a Payment and Service Finder. All you have to do is enter your personal details about your living situation, employment and financial history, and they tell you exactly what Centrelink services and payments you should be able to access. They can also give you an estimate of how much money you might be eligible to receive.
Getting Help for the Essentials
Sometimes getting hold of the essentials like food and shelter can be an uphill battle, but these services are here to tide you over when you're in a tough spot:
- Ask Izzy is a national directory for food, emergency relief and community lunches/dinners.
- Salvos Assistance Line can be contacted at 1300 371 288 and provide financial assistance for essential items.
- Vinnies offers a directory for national food and emergency relief services if you need a helping hand to stay fed and warm
Talking to Someone about Money
If you're struggling to make ends meet and you want to talk to someone about your options, you can contact the National Debt Helpline on 1800 007 007.
What can they actually help with?
They can talk you through managing any hefty rent or mortgage payments that you're struggling to cover, any unpaid utility bills for electricity, water or gas that you can't pay, and they can offer advice on negotiating payment plans with the companies and organisations that you're trying to pay back.
If you're feeling uncertain about talking to a financial counsellor, or aren't sure what to say, NDH also have an online chat that's available from 9am-8pm Monday to Friday.
Looking After Yourself in the Meantime
When you're feeling stressed about money, it can be incredibly difficult to think about anything else. When you're feeling frazzled, stressed or burnt out from talking finance, be sure to make some time to look after yourself and your own wellbeing.
We have a few Weekly Wellbeings coming up that can give you some help in this department:
Thursday April 6th - How to Get a Good Night's Sleep
Thursday April 13th - Accessing Mental Health Support When Money is Tight
Thursday April 20th - Smart Saving, Smart Spending with Thornton and Portia
We also have some fantastic articles in our Money Stress section that can give you some ideas on how to look after yourself when you're on a budget or struggling with money:
💰 How to Deal with Financial Stress
💰 How to Deal with Unemployment Stress (without Freaking Out)
Now, over to you!
How are you feeling about the cost of living right now?
If you've experienced financial stress or struggled with money, what helped you to cope?
