Cost of living, in basic terms, is the price people pay to meet their needs in their everyday lives — think the money we spend on food, housing and utilities.
So, when people say “cost of living crisis”, what they mean is that the cost of these items (you know, the ones we need to survive) are rising disproportionately to wage growth. In the current situation, many of us are struggling to afford the basic necessities of existing and our budgets are being stretched to capacity.
Numerous reports have indicated that young people are bearing the brunt of this cost of living crisis — particularly given the spike in rental costs, and the proportion of young people who are renters. It makes sense then, that many of us are having to make tough choices and cut costs wherever and however we can. And however small or big, these losses have an impact on our daily lives and they can be hard to stomach.
For some, that looks like stocking up on cosy blankets for the couch to avoid cranking the heater 24/7 during winter. For others, it means foregoing treatments like remedial massage for a lifetime of chronic neck and shoulder pain because, at $110 a massage, the cost doesn't seem feasible anymore when rents are on the rise.
Unfortunately, these experiences are becoming all too common. Ahead, we hear from 11 Australian women to find out the one thing they’ve had to cut back on this year.