The easy, achievable steps you can take today to deal with the rising cost of living

The cost of living has been on the rise ever since we emerged from the pandemic in 2021 and it’s showing no signs of slowing down. $10 is no longer enough for a full meal from Coles and the margin of disposable income is shrinking by the month.

However, there are some simple, effective ways you (and your loved ones) can start combating these changes — starting today.

We recently sat down with Brendan from Raiz Invest (the easy ‘round up’ app that can turn spare change into microinvestments) to discuss how we can do our part to get through this crisis and support the people around us to do the same.

Watch the interview below, or continue scrolling for key tips you can put into practice right here and now.

Look at your “small” subscriptions and fees: they add up.

First and foremost, it’s important to know where your money is going and be honest with how you’re spending it.

“Do you really need two or three [streaming services]?” asks Brendan. “$15/$9.99 a month might not sound a lot today, but if you times it by 12, times it by 24, it makes a hell of a difference.”

Whether it’s on-demand food, streaming services or otherwise, there are always opportunities to cut down on what you don’t need and take stock of what you really, truly want.

Australians who use the Raiz Invest app are able to track their finances more accurately and round up their spending to generate microinvestments. According to surveyed data, over $360 million dollars was spent on electricity over the last 14/15 months.

“Look at your suppliers,” recommends Brendan. “It’s much easier to switch these days. Be honest where you’re spending your money… and look for a better alternative.”

Explore ways to generate passive income

Reducing your expenditure can help, but it’s also important to secure an incoming cash flow. Through the Raiz Invest app, you can discover ways of integrating your everyday spending with long-term savings — not just for you, but also for your loved ones.

Using the Raiz Invest app, you can explore multiple investment portfolios. Raiz Invest will guide you through the process to help you make the most out of your finances. They also boast an Australia-based support team that can tend to any queries you might have.

“It’s an app that you download from Google Play or the Apple Store and it’s all about having it in the palm of your hand,” says Brendan “What we do is we break down bite-sized information for financial education.”

One of Raiz Invest’s most popular choice of investment is round-up investments. “What round ups mean is you link your debit card or your credit card to Raiz; we see that you’ve bought a coffee for $4.50 and then we round that to $5 and we take that 50 cents and we put it in the portfolio of your choice,” says Brendan.

By breaking down barriers to entry, Brendan and the team at Raiz Invest hope to create opportunities for Australians to take their finances into their own hands and build a more secure future for both themselves and their loved ones.

Easy investing in your kids and grandkids

One of these incentives is Raiz Kids. This feature allows customers to set up accounts for your underage grandchildren, not yet able to invest themselves, and contribute as much and as often as you want. You can then transfer to them once they turn 18.

Brendan’s own parents use Raiz Kids for his children, who are simultaneously getting smarter about their own finances.

“These kids, these under 18s, are getting hands-on experience they can see… and it’s giving it to them in the palm of their hands in real time.”

According to Raiz Invest’s consumer data, over 40,000 Raiz Kids accounts have been set up over the last 14/15 months and they’re being set up by grandparents who want to assist in this cost of living.

It’s not just the bank of mum and dad anymore — everybody’s leaning on each other for better help. By employing a “cradle to grave” approach, Raiz Invest hopes to provide ways for their customers to generate returns on their investments at every stage of their own lives as well as others.

To learn more about Raiz Invest and how you can sign up, click here.