At Super-Advice we are about all things financial, but more importantly, helping people understand so they can get ahead financially.
In today’s blog post we share with you how interest rates and inflation are going to hurt you in 2023 and what to do about it.
2023 is gonna be a lot of pain for a lot of people. We say prepare yourself now!
What’s gonna be happening is the bite of interest rate increases is gonna start hurting people. If you are a homeowner, obviously you’re gonna have to start giving more to the bank to repay your mortgage. If you are a renter, your landlord is gonna have to pay more to the bank for their mortgage, and they are not gonna wanna pay that. They’re gonna pass it on to you.
Inflation & Supply Chain issues
We’ve also got rapid inflation, so everything in the supermarket is getting dearer and dearer. We’ve got supply line issues, which means stuff coming from overseas to get to New Zealand is taking a lot longer it’s costing more so things are getting more and more expensive.
Rising Fuel Costs
Fuel, well that’s just unbelievable. It’s up around three times compared to pre-covid. So you combine all of those things together, and you are gonna feel the pain because your income will go up slightly, but probably not as fast as inflation.
What can you do?
So what to do? Get a PlayStation or learn to love board games.
Stay home. Don’t spend money. Find ways to have fun without money. Ask your grandparents what they used to do because most grandparents had way less money than people do today. If you are having trouble paying back some of your debts,
Do not stick your head in the sand. Pick up the phone, ring the people that you owe money to explain the situation. They will appreciate the call and work something out with you. But just really take your foot off the gas and spend less. There’s really nothing else you can do.
Look through your bank statement. Have you got anything in there that you are, not using, like a gym membership? Really look at your groceries. Buy everything from the value brand. Cut back. Don’t care if people judge you for it.2023 is gonna be a year of pain.
Reduce your spending
The new interest rates for home loans are gonna bite. Personal loan interest rates are gonna bite. So we say stop spending. Look through and find all the tips you can from our blogs and your tube channel and implement them and get ready to go for 2023. We should start to come right by 2024
That’s a wrap
So what do you think? Did you learn something new today? We love educating and helping people learn all about insurance and finances.
If you need any financial help or advice please get in touch with us at Super-Advice.