Coping with the skyrocketing cost of living

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard.

Across the world, everyday essentials are surging in price, up 7.2% year on year across the OECD. Unfortunately, experts predict that prices will keep rising for at least the rest of the year.

What can you do to try to keep up with the increasing cost of living? Here are our 12 top tips:

Look for ways to earn more

  • Grow your business’s profitability (talk to us about improving your profits) or ask for a pay rise.
  • Take in a boarder or flatmate.
  • Sell your unwanted items online.

Cut back where you can

  • Prepare more meals at home and spend less at cafés and restaurants.
  • Create a budget and keep your spending under control.
  • Reduce the amount of meat you buy.
  • Find ways to use your car less.
  • Cancel your credit cards and your buy now pay later accounts.
  • Review all your ongoing expenses like utilities, insurance and subscriptions – cancel, switch providers or get better deals.

Invest in your future

  • Think about investing in ways that are likely to outperform inflation – both shares and the property market have historically provided returns higher than inflation.
  • Start a new business, launch a new product or service, or try a side hustle.
  • Teach yourself about money and finances using free tools online and books from the library. Better money management will help you make the most of what you’ve got.

If prices rise by 7% this year, it won’t be easy to increase your income by the same amount. But if you can increase your income by 5%, then make up the rest through savings, while also investing for the future, you can still come out on top once inflation settles down and prices stabilise.

Talk to us

Worried about money and the cost of living? Talk to us. We have years of experience through many economic cycles, including previous periods of high inflation – and we’re always here to help.

Book a Complimentary 1 Hour Consult

What our clients say

We have been dealing with the team at DFKOGC since last 10 years and we have always found them to be very professional and supportive to all our accounting needs.They do have full range of professionals available in the team to cater for all the accounting related Services and very responsive to all the client requirements.

Munish Singla

Very efficient and has a personal touch. If you have questions, they respond in a timely manner and even visits you to explain things face to face.

Marlo Camacho

We have found DFK OGC’s approach to everything from services provided to how they build relationships one that had worked well for them. We’ve found them to be down to earth, obviously knowledgeable about what they do and approachable as well. They always welcome the phone.

Any time I need them – any of the partners – they’re there to pick up the phone.
And they provide that service after hours as well, which is just great.

Dipak Bagia – CEO Petrochem Group

It’s not so big that you feel like just another number, but it’s also big enough that they can cover everything I need.  I feel comfortable with the fact that as my business grows, DFK OGC will be able to handle the demands that come with it.

Lee Chang Woo

My Company has been utilising the services of DFKOGC for many years and this itself speaks volumes for the excellent professional services rendered by them. I have been interacting with the DFKOGC team for the past 2 months and I have found them to extremely responsive, very professional and always willing to go the extra mile to service us.

Mary Abraham

The team at DFKOGC is incredibly knowledgeable and experienced in the field of accounting. They took the time to thoroughly understand our financial situation and provided tailored solutions that perfectly suited our business needs. Their attention to detail and accuracy in handling our accounts give us complete peace of mind. On behalf of Maungakiekie Golf Club, I wholeheartedly recommend DFKOGC to anyone in need of professional accounting services.

Hugo Littlejohn
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