“$10 for a lettuce?” I almost dropped my basket of groceries in the supermarket but then gripped the basket tighter remembering how valuable they are now!
The cost of living in Australia has soared with six cash rate hikes since May 2022 and the most recent inflation rate announcement of 6.1%. Times have certainly changed and our pockets are feeling it. Household cashflow is affected as a result of the increase of everyday living expenses, while our income remains the same.
What does this mean?
In the past, if you took home $2,000 per week and the rent, petrol, groceries etc. came to $1,500 per week, this left you with $500 for extras or savings. Nowadays, you earn your $2,000 per week but the rent, petrol and grocery costs have climbed to $1,850 so you’re left with $150 for extras or savings (a lot less cushion).
You can tell yourself “It’s ok, I have savings in the bank”, sadly, these are somewhat devalued as inflation rises plus if you have a mortgage, your interest rates have probably increased.
But hey, it’s not all doom and gloom!
If you reach into your pocket and something feels heavy, it could just be your Bitcoin wallet! Did you know Bitcoin is not affected by inflation?
You can pay any Aussie bill with your Bitcoin!
If your cash doesn’t have quite so much “flow” these days, you could try using your cryptocurrency to pay for everyday bills like electricity, car registration, mobile phone, credit card, or even to a bank account!
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