Growth & Jobs | Navigating rising costs: practical financial tips for today’s households

With prices climbing, from groceries to fuel, many households are feeling the strain. Inflation, higher interest rates and general economic uncertainty have made every day budgeting more challenging than ever.

Rose Miller, financial education consultant with the JN Foundation, says the key to managing this period isn’t panicking; it’s planning.

“People can’t control inflation, interest rates or the price of fuel,” Miller says. “But what they can control is how they manage their financial resources to ensure they remain afloat.”

Her advice focuses on simple, practical steps that can help consumers reduce stress and stay financially grounded, even as economic pressure mounts.

Instead of worrying, she is encouraging households to redirect their energy towards what they can control, such as how they spend, borrow and save. Making intentional choices about these behaviours can have a meaningful impact on overall financial health.

GET EVERYONE ON THE SAME PAGE

For households, communication is critical, she noted, “If you’re in a household, you need to have a conversation and get everyone aligned,” Miller says. “And this is true whether there is a single or multiple incomes, but especially so for single income households.

“Everyone has to be on the same page about how money is being spent and the plan to get through this period.”

Without frank and honest discussions about the family’s finances, frustration and conflict can quickly arise, as a result of misaligned goals, behaviours and expectations, she added.

IT’S TIME TO REVISIT THE BUDGET

“If budgeting has fallen by the wayside, now is the time to bring it back. We’re going back to the budget, and this time, we have to be very intentional,” Miller says.

That means closely examining daily spending habits, being more conscious about purchases, and paying attention to where and how money is being spent. Shopping smarter, exploring alternatives, and cutting back on non-essentials can help stretch household income further.

“Think about what you buy, where you shop, and whether there’s a more affordable option,” she advises.

And with interest rates likely to rise, Miller recommends exercising caution when it comes to new borrowing, especially for large purchases.

“This is not the time to rush into major loans if you can avoid it,” she says. “Higher interest rates mean higher monthly payments, and more pressure on the budget.”

For those already struggling under the weight of existing debt, however, there may be relief options worth considering. Miller points to debt consolidation as one possible strategy.

“If debt is already strangling your finances, consolidating could provide a lifeline,” she explains. “By extending the repayment period, you would be able to reduce your monthly payments and create some breathing room.”

Miller emphasises that financial stress doesn’t just come from money, but oftentimes from uncertainty.

“This is going to be a trying time for many people,” she says. “But with careful planning, you can reduce stress and put yourself in a better position to cope.”

Small steps taken now, adjusting spending, talking openly about finances, and managing debt responsibly can make a significant difference to our outcome.

“The goal isn’t perfection,” Miller adds. “It’s survival and stability. And with the right approach, households can navigate this period of economic uncertainty with greater confidence.”