Data from NAB has revealed one in four Australians have recently swapped out non-essentials including food delivery and entertainment services for a little more cash in their back pocket. 

With cost of living pressures felt everywhere from the petrol pump to supermarket shelves - looking at you lettuce prices - the survey of 2,000 people revealed one in two Aussies are switching to cheaper alternatives. 

Further in terms of non-essentials, the data revealed:

  • About 28% cut back or cancelled subscriptions such as newspapers, magazines or apps.
  • About 25% reduced or stopped streaming services or cut back on gym memberships.
  • About 22% cancelled or cut back on outsourcing home services like lawn mowing and house cleaning.
  • About 20% cancelled or cut back on activities such as sport, dancing, or hobbies.

Everyday spending behaviours saw a more significant reduction, with 44% of Australians cutting back on 'micro-treats' such as coffees, snacks, and lunch.

As fuel prices surpass the $2 per litre mark, some 34% of Australians delayed, cancelled or made modest travel plans. 

Cutting costs is also evident across major household purchases with some 30% of Australians delaying or cancelling purchasing such items.

NAB Group Executive Personal Banking Rachel Slade said the survey showed Australians are being creative and flexible when it comes to managing their money.

"We can see the impact of inflation starting to show with prices moving up and we know many Australian households are already feeling cost-of-living pressures," Ms Slade said.

"People are finding ways to make short term changes and get on top of their money."

Factoring in the longer-term, the RBA's June decision brought some much needed relief for savers with a number of banks passing on savings rates and term deposit increases

The likes of Macquarie Bank went one step further, breaking the shackles of record-low everyday transaction account interest rates, increasing their transaction account product to 1.50% p.a


Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money

    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

    Save Account

    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 26, 2024. View disclaimer.

        Image by Marques Kaspbrak via Unsplash