$2653: That's how much we spend on bills every month
THE rapidly rising cost of living is hurting NSW residents, who say their monthly household bills are rising at almost twice the rate of their income, according to new research.
The Kantar TNS research study, commissioned by iSelect, revealed NSW residents spend an average of $2653 on their monthly mortgage/rent and household bills.
That's the highest in the nation, and an increase of 42 per cent in the last two years.
Meanwhile, household incomes have only increased by 23 per cent.
Laura Crowden, spokeswoman for iSelect, said the research showed 40 per cent of people in NSW felt "overwhelmed” by their bills and 51 per cent believed their household bills were preventing them from "living their life to the fullest”.
"In an effort to regain control of their finances as they struggle with record house prices and ever increasing energy bills many NSW residents are tightening the purse strings on everyday essentials as well as life's luxuries,” she said.
The research also showed:
- 38 per cent of people have forgone a holiday to pay their bills and expenses
- 27 per cent used less heating over winter
- 14 per cent have cut back on fresh fruit, vegetables and meat.
Ms Crowden said cutting back on some expenses was important, but also said residents were missing out on savings by sticking with the same household service providers.
"Reviewing your energy, insurance and personal finance costs is well worth it but doing it yourself can be pretty tedious and many people put it off because they think it isn't going to be worth the effort,” she said.
Ms Crowden said people should take the time to shop around - it could save you up to $1200 a year.
For help, or more information, visit www.iselect.com.au