With New Zealanders still in the midst of a post-Covid cost of living crisis, an expert has shared how much money Kiwis will need to put aside each week to get by next year.
Senior economist Mark Smith from ASB says we’re past the worst of it, but advises Kiwis should save an extra $70 a week in 2024 to make ends meet.
"We still have a bit more of a mountain to climb, unfortunately,” he told Stuff.
In 2023, the extra cash required per week for the average family rang in at a huge $115. While we're set to see a decrease to that amount, $70 remains "pretty substantial" for most Kiwis.
Smith said inflation is slowing down a little, but warns this doesn't mean financial woes will disappear overnight.
“This largely reflects cooling goods inflation, but stickier services inflation should also cool as inflationary pressures in the labour market subside,' he said.
"Movements in food prices, transport and miscellaneous goods prices are expected to slow.”
“There are people out there struggling," Smith added. "The longer people have to try to keep their heads above water, the harder it's going to be.
“One year of a big cost increase, you can maybe get through that, but now we’re at four [years] that’s really hard for a lot of households.”
If you’re looking for ways to find that extra $70, you could try some applications that help you save money by making the most of your fruit and veg.
No need for you to search high and low, we found the crème de la crème of the crop for Kiwis to buy, swap, and grow fresh produce within their communities.
You can check them out here.
Here's hoping things get back to where they were.
