From skyrocketing housing prices to the escalating cost of groceries, energy and petrol, Australians are feeling the pinch like never before.

To ease the cost of living, one great first step is to examine what other Aussie households are doing to save.

Raiz Invest (the “microinvestment” app that lets you automatically round up spare change into investments) have shared four key insights from their own data.

Four strong areas you can ease the pressure:

• Food On Demand or Delivery: According to Raiz Invest data, members have spent over $160 million on food delivery services, in the past twelve months. While the time-saving nature of this is cleary important, it’s a fine line between convenience and expense.
  • Tip: Reducing your deliveries to once or twice a week and invest the rest.

• Streaming Services: 59% of Raiz customers have only one streaming service, but the total spend for our customers was $38 million for the last financial year, which shows us that some of us have two, three or more streaming services simultaneously active.
  • Tip: Review how many streaming services you subscribe to and how many you actually need on any given billing period. Consider rotating between one a month for variety.

• Electricity and Gas: Raiz customers collectively spend an astounding $360 million annually on energy expenses, highlighting the significant impact of utility costs on household budgets
  • Tip: Shop around for the best deals on a regular basis; the time taken will be worth it. (And if you’re a Raiz customer, Raiz Rewards has an energy comparison cash back offer to take advantage of.)

• Set up a separate savings account: This vital safety net is so often overlooked — or set up and later neglected.
  • Tip: Do your research to find a financial provider that allows you to set up automatic deductions of small amounts from your bank account, ensuring you can steadily build savings without disrupting your daily expenses.

Brendan Malone, CEO of Raiz Invest, says their data shows more Australians and prioritising their savings as a buffer against the rising cost of essentials.

“We have seen a 19% increase in deposits from our Raiz Invest customers for the first six months of 2024 compared to the first six months of 2023,” Malone says.

“We also see 80-90% of our customers utilising our round up feature or recurring investment deposits to automate their savings. Over 15% of our customers get cashbacks directly into their Raiz accounts, by using our Rewards shopping program, to bolster their savings, whilst going about their normal day to day shopping and spending.”

This Information does not take into account your objectives, financial situation or needs. Consider the Fund's PDS & TMD available at www.raizinvest.com.au before deciding whether it's right for you. Past performance is not a reliable indicator of future performance. Instreet Investment Limited ACN 128813016 AFSL 434776 is the issuer.