The Reserve Bank of Australia (RBA) today increased the cash rate for the seventh month in a row. The cash rate increased from 2.6% to 2.85%.
Australians are feeling the pinch as interest rates rise across the board. Whether paying off a mortgage or saving to purchase your new Clarendon Home, the cost to service a loan is increasing. This combined with high inflation, growing cost of living and relatively stagnant wage growth has made it an important time to double down on saving money where possible.
While you may not be able to avoid increasing interest rates if you are on a variable interest rate or an expiring fixed rate loan, there are a number of ways you could still save money.
Some ways you could save money while interest rates continue to rise include:
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