Due to the aftershocks of the global financial crisis, this year has seen spending trends change as people have had to make lifestyle changes to protect their finances. Now more than ever, reviewing your spending patterns and considering debt consolidation are crucial for effectively managing your finances.
Mobile phones have used a larger percentage of the household budget than petrol. Spending on food, electricity, gas and water have increased as part of the changing patterns of consumption.
A study by the Australian using unpublished official data shows spending on motoring fuel was at historic lows at just 2.4% of household expenditure in the June quarter, while the share that went to telecommunications reached a point higher at 2.5%.
This is part of a wider pattern in which Australians are spending more time at home to cut back on lifestyle expenses. The report shows that the cost of household utilities and food has increased.
Purchasing vehicles has dropped from 3.7% to 3.2%, while motoring fuel slipped from 3.1% to 2.4%. This data suggests the typical family put off the purchase of a new vehicle in 2008-09, drove their existing car less often, used the savings towards being at home more (having home-cooked meals), and spending time in front of the television… and unfortunately for the household budget, their mobile phones.
If the global financial crisis has affected your financial status, or perhaps you are not earning enough to cover your rising rental repayments or general living expenses, then we may have a solution tailored to you. Call Australian Lending Centre on 1300 138 188 to find out how we may be able to assist you with debt consolidation, or simply fill in an enquiry form to your right and our staff will contact you shortly.