The Important Role of Expense Tracking During Cost of Living Crises
In the ever-changing money world, with prices going up, we find ourselves amidst a cost-of-living crisis.Now, more than ever, using an income and expense tracker to see how much you spend each month could never be more important.
How it Affects People with Home Loans
The Reserve Bank of Australia raised interest rates in 2022 and 2023, making it harder for people with home loans. For a regular Aussie with a $600,000 loan, Finder.com.au concludes the higher interest rates added $12,061 to their yearly payments. For those with bigger loans, it’s even tougher, showing why using a personal finance tracker to know more about where your money is going is crucial.
What Happens to People Who Rent
Because homeowners are paying more, people who rent are also having a tough time. More people are finding it hard to pay their rent. This means we need to be careful about how we spend our money.
Difficulties for Parents and Families
As reported by the University of Melbourne, 45% of individuals grappling with housing costs and 20% contending with food or energy bills are uncertain about covering unforeseen expenses. Moreover, single parents with children are particularly prone to uncertainty regarding unexpected costs, often resorting to borrowing money from family or friends.
Problems for Young Australians
Amidst the soaring cost of living, 82% of Australian Gen Zs, aged between 18 and 26, are experiencing financial stress. However, they are twice as inclined as other generations to seek improved financial management strategies in response, as reported by ASIC.
Using an Expense Tracker
In these tough money times, using an expense tracker is like having a guide for your finances. Knowing where your money goes is crucial for making good choices. Utilising apps and tools to track expenses allows you to identify areas where you can save money or simply spend less money. This helps you make smart decisions for your wallet.
Crunchr app revolutionises your money management, offering a quick way to track and categorise your expenses. Its user-friendly design simplifies capturing and organising expenses, providing instant insights into your spending patterns.
Unlike traditional monthly statements, Crunchr displays your expenses in real-time. This allows you to stay informed about your spending, prevent unexpected surprises, and make wise decisions regarding your budget. Crunchr goes beyond mere tracking – it changes the financial management game. Using Crunchr means effortlessly handling your finances, bringing you closer to achieving financial well-being, meaning a lot less stress.
Building Strong Money Skills
As prices go up, food costs more, and everything gets more expensive, it’s more important than ever to be smart with money. Expense tracking helps you take control of your finances, adjust to changes in how much things cost, and make sure that you have much better control of your money and expenses. Now is the perfect time to learn more, use expense tracking tools, and confidently deal with the money challenges we face today.
