Keep an eye on the cost of your takeaway coffee. 

A very close eye. 

That’s the message from Mirandah Shields, a financial counsellor for CatholicCare Wilcannia-Forbes who will be at Coonabarabran Library on May 23 providing “free and confidential appointments” about debt management, credit negotiation and financial literacy to anybody who wants to attend. 

Shields told the Western Plains App that rising cost of living was making people think more carefully about their finances. 

While Inflation has declined to 7% in the latest figures from the Australian Bureau of Statistics, it is not far down from a 30 year high of 7.8% in the December quarter. 

In its release, the Australian Bureau of Statistics noted that the most significant price rises were gas and other household fuels, which soared by 14.3%; medical and hospital services, which rose by 4.2%; tertiary education costs, which were up 9.7%; and domestic holiday travel and accommodation, up 4.7%. 

But every household is affected in different ways so a chat with a financial counsellor is all about your specific situation.

“Each of these appointments will be tailored to an individual’s circumstances” Shields told the Western Plains App. 

“We will teach people the importance of sticking to a financial plan and not to beat yourself up if you don’t stick to that plan”. 

“Prices for medical and hospital services typically rise in the March quarter as GPs and other health service providers review their consultation fees, and the Medicare Safety Net is reset at the start of the calendar year. This year some prrivate health insurance premiums also increased in January, adding to the price rise for medical and hospital services,” Michelle Marquardt, ABS head of prices statistics. 

Shields said that “People are having to be more mindful where they are putting their money because even cost of groceries is so high” 

“That’s why its important to draw up a budget and plan out for instance before you go the supermarket so your not impulse buying”.

Image: Pixabay

Which brings to us to the salient point - the cost of takeaway coffees. 

CatholicCare Wilcannia-Forbes provides free and confidential services to educate people facing financial difficulty and to help them develop the skills and ability to effectively manage financially in the long-term. 

“A lot of people don't have a budget. So money goes in and money goes out, they don't think too much about it," said Mirandah.

"Now think about this. A coffee works out to about $4 a day. That may not seem like much, but when you add it up that’s $150 a month, over $1200 over 12 months.” 

“I don’t wanna be the fun police, but mix it up, have more coffee at home. It's just mixing it up. That’s $1200 which could be spent on great outfit or a wonderful road trip to the coast”. 

Shields said another advantage of budgeting can be avoiding buy now, pay later products and negate the need to use a credit card or payday loans which have high interest rates. 

Her final bit of advice - just as the cold is settling in - “Put on an extra jumper, get a hot drink, keep the blinds closed, keep the heater off as much as you can.”