Where Does All The Money Go?


In an increasingly expensive world money is on everyone’s mind. But talking about money is often taboo. From people on government support to those earning more than $250,000 a year, more than 750 Australians across the country responded to an audience call-out asking readers to share their budget breakdowns and thoughts on the cost-of-living crisis. It’s no secret many people are doing it tough - rising inflation, interest rates, rent hikes and energy prices are creating a perfect storm for many Australians. However, the simultaneous rising prices of petrol, groceries and utilities means daily habits are rapidly shifting and feelings of uncertainty are setting in. What are your thoughts LiveTribers? Where does all the money go?

Posted by on 01 Nov 2022

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  • [0] [0]
    Guntis

    All the money is going to banks. More and more.

    Posted by Guntis on 20 Mar 2023

  • [0] [0]
    vlee

    I'm lucky that I don't really do things that cost a lot of money. Many years ago I started looking at ways to save. I have no interest in travelling or going out. I gave up smoking and drinking when I was young. If I still did those things I'd have no money left for anything else. We managed to get our house paid off early so we have no rent or mortgage to pay and we live comfortably on a low income and can still afford to do things like buy furniture or electronics when we need to replace something. We always go through the supermarket brochures and get the items we buy regularly on special when we can and save money that way as well. Things are getting more expensive but it hasn't really affected me and I will continue to look at ways to save money.

    Posted by vlee on 26 Jan 2023

  • [0] [0]
    Dazza1976

    My money goes on technology. Cost of living like grocery, insurances, meds

    Posted by Dazza1976 on 15 Dec 2022

  • [0] [0]
    eric

    my money gone to buy high technology for lastest laptop, delicious food, and entertainment

    Posted by eric on 05 Dec 2022

  • [0] [0]
    Paul

    My money went to paying utilities bills and too many eating out. Have to discipline myself to save.

    Posted by Paul on 05 Dec 2022

  • [0] [0]
    mact

    It goes in foolish waste of money supposed hi tech frippary. EG. the latest iphone, latest laptop, latest b/s smart phone application. Do we ever learn!?

    Posted by mact on 07 Nov 2022

  • [1] [0]
    Debra

    I recently switched energy providers and the cost reduced a bit. Shopping lists definitely reduce impulse buying.

    Posted by Debra on 04 Nov 2022

  • [0] [0]
    ayuicyi

    goes to refugees

    Posted by ayuicyi on 04 Nov 2022

  • [1] [0]
    DDTT

    Electricity charges have risen so much that my bill one quarter during which I was only home for a fortnight was 50% of my normal bill. The only things switched on at all were the refrigerator and the freezer. On past experience my freezer costs about $25.00 per quarter for electricity. No way could my refrigerator have cost $250.00 when there was nobody hear to open either of them. My light at the front door is permanently switched off. The switch for my back yard has been taped off for over 2 years. No lights were left switched on at all. I checked all of them when I eventually came home after being in hospital.

    Posted by DDTT on 04 Nov 2022

  • [1] [0]
    Kaede

    Sadly everything is more expensive because of inflation and it's not going to go away anytime soon. In some ways we are lucky compared to our cousins across the ditch who are have higher grocery and petrol costs and lower salaries.

    Posted by Kaede on 04 Nov 2022

  • [1] [0]
    Ally42

    All the money goes to the rich.

    Posted by Ally42 on 04 Nov 2022

  • [1] [0]
    June

    To me, rent and electricity expenditures are the constant two largest items in my household. Groceries prices have been also increased for literally everything, except a few junk food but since their base values are relatively low, the feeling of pressures are not as hurtful as rent and energy.

    Posted by June on 04 Nov 2022

  • [1] [0]
    Christine

    I have been shopping at Aldi for approximately 15 years. A lot of the items are a third or half price cheaper than the other supermarkets .I also have signed up for catalogue emails for coles and safeway. I generally only buy from these supermarkets when they have their half price specials or a significant discount on items. I usually like to shop at NQR for snacks and ice cream.

    Posted by Christine on 04 Nov 2022

  • [1] [0]
    Rosscoloco

    I have discovered a considerable trick when shopping. Firstly, only visit the supermarket with a shopping list. That means you only buy what you need. Secondly, check the products on the list against specials on the shelves. Where there is a considerable discount, buy several of that product. By following the above routine my supermarket spending has not increased.

    Posted by Rosscoloco on 04 Nov 2022

  • [0] [1]
    Somhatai

    I believe most money that I spent is renting and traveling. Rental prices now are crazy high but I can’t complain.

    Posted by Somhatai on 04 Nov 2022

  • [1] [0]
    Lucia

    our hard earned money definitely isnt being spent where it should be and not helping those in need!

    Posted by Lucia on 04 Nov 2022

  • [1] [0]
    CILLY0

    I was amazed when I went shopping this week - I bought half the things I normally buy in an effort to cut down on costs but paid almost twice what I normally pay - the prices have gone up horrifically. Hope it slows down soon or I won't be eating much at all.

    Posted by CILLY0 on 04 Nov 2022

  • [1] [0]
    fion

    i reckon the money goes to non Austrlaian citizen such as refugess, they have a place to stay and receiving lots of support by the tax payer money whereas the homeless are the australian.

    Posted by fion on 04 Nov 2022

  • [1] [0]
    sandra

    Every time I go out I see busy takeaway shops, lines at takeaway coffee shops, food delivery drivers on rounds, shopping centres and food courts full. There seems to be a lot of people spending a lot of money. There are simple ways to save - take a thermos, take lunch to work, a picnic on outings. Small effort, big savings and far better than being in debt. And, probably better for health, too.

    Posted by sandra on 04 Nov 2022

  • [2] [0]
    merryl

    The price of everything is rising and will continue to rise. Where does all the money go? It goes on things that people want but do not need.

    Posted by merryl on 04 Nov 2022

  • [1] [0]
    Seshachalapathi

    It is very depressing doing the weekly shopping now when you are facing $10 boxes of cereal. We have always lived frugal but the cost of living is getting crippling unless you have an extra source of money coming in.

    Posted by Seshachalapathi on 04 Nov 2022

  • [1] [0]
    meddler

    As a person whose only income is the age pension and has no children to help , more and more I am timing my supermarket shopping to the times when they mark down the food. Even if I do not need the stuff that day I buy it if I can and then put it in the freezer . I pay my bills first then depending on what is left I try and work out what food items have the higher priority to get and that is the list that goes with me to the supermarket. Politicians seem to think that families can pull jobs out of thin air and also that pensioners can exist on a benefit that is below the poverty line. I try and travel on the public transport at the times when as a senior in Perth WA I get free travel and if a friend happens to offer me a lift I grab the chance if possible. I agree with other comments, the rich are getting richer, us poor are getting poorer and unfortunately the politicians are also the ones who are getting richer at our expense.

    Posted by meddler on 02 Nov 2022

  • [2] [0]
    tassiegirl

    Australia is now a very expensive country to live in. Bills and living costs have increased enormously. It has never been more important to budget and be careful with your money. Most of our income goes on living expenses such as petrol, bills for electricity, gas, water and food. The richer are getting richer. The poorer are getting poorer.

    Posted by tassiegirl on 01 Nov 2022

  • [1] [0]
    yelsha42

    The Billionaires are buying all the property, then holding us all hostage, making us pay huge amounts of rent and making purchasing a property harder

    Posted by yelsha42 on 01 Nov 2022

  • [3] [0]
    kendallx3

    The rich are getting richer, stashing it away, while the poor are getting poorer.

    Posted by kendallx3 on 01 Nov 2022

  • [2] [1]
    roo ted

    working in finance it seems that the reserve bank is not making all good choices and it has meant that the banks have increased profits to near record levels whilst loyal clients are not getting a fair shake.

    Posted by roo ted on 01 Nov 2022

  • [2] [1]
    Sarah

    cost of food affects everyone. Often, people who have lived with very little in the past are more able to make do & source ways of saving money. Op shops, growing own veg, fruit trees, markets, home cooking even filling out these surveys can help!

    Posted by Sarah on 01 Nov 2022

  • [2] [0]
    Alex!20

    We all need to make choices and start thinking what's really necessary over things that are not.

    Posted by Alex!20 on 01 Nov 2022

  • [2] [0]
    caperteewaratah

    I have always been a saver and at the same time I think that one has to be able to learn where to spend wisely, and how to splash out now and then. Spending on credit unnecessarily to buy non essential things is not sensible, and a waste of money. Some people get into difficulties with credit cards, spending money they will not have to pay at the end of the month. My credit card I use as my bank and got it when banks started charging to take money out of atms. I have ut set to automatically get paid on the due date. I never pay interest on it. Money needs to be managed, not to be a victim of silly spending habits. All talk of increasing interest rates, I know is hard when you have a mortgage, which got to 15% around when I had one in 1980's, and I had to be careful and watch my spending,. But I was also not living in luxury booking up credit. I went without, had used cars, 2nd hand furniture, and made do. I think people will need to get back to basics, and learn how to retrofit, buy 2nd hand grow food, and other things I had to do to survive or end up on the street.

    Posted by caperteewaratah on 01 Nov 2022

  • [1] [0]
    Foz

    The increases in medical, petrol, utilities and groceries take a large proportion of most people's money

    Posted by Foz on 01 Nov 2022

  • [2] [0]
    tutti_cutie

    You can survive on very little. My parents had nothing and had 5 kids to raise. They now have a nice car and mansion by the river. It’s about only buying what you need. Everyone seems to think they are entitled to luxuries like takeaway coffee and dining out. Those things are not essential at all

    Posted by tutti_cutie on 01 Nov 2022

  • [2] [0]
    Debra

    Increased costs are just the reality of life. The best way to deal with it is to manage costs as best can be and try a bit of ingenuity like growing some herbs and vegetables.

    Posted by Debra on 01 Nov 2022

  • [1] [0]
    Briana

    Its definitely becoming more about needs rather than wants. It is often about making choices about what is more important rather than having everything we want. Its hard to budget when the cost of things is rising weekly

    Posted by Briana on 01 Nov 2022

  • [0] [0]
    Zi

    It gets lost in the market.

    Posted by Zi on 01 Nov 2022

  • [1] [0]
    Brian

    Tough times require tough actions in order to same money….standing in the checkout line of the supermarket service desk…the person in front paid $120 for 2 packets of cigarettes…and as a pensioner …I thought that’s over half my weekly shopping bill….!!!!!

    Posted by Brian on 01 Nov 2022

  • [2] [0]
    nk_amara

    Everyone is different, it depends on people's priorities. I went out to lunch for a friend's birthday recently, and one of her friends kept complaining about having no money (my friend bought her lunch) then she whips out her new $1000 + flip phone to take photos. I would love one of those phones but can't justify the cost. That is why I can afford to pay for my own lunch.

    Posted by nk_amara on 01 Nov 2022

  • [1] [0]
    Suit

    I'm glad not to be living payday to payday! With insurance premiums also on the rise those who opt out will probably be the ones who need it the most.

    Posted by Suit on 01 Nov 2022

  • [1] [0]
    Kittykato

    I feel sorry for those people who are struggling generally through no fault of their own. I'm so lucky to be able to afford to live as I want to after 30 years of working hard.

    Posted by Kittykato on 01 Nov 2022

  • [1] [0]
    caperteewaratah

    Not lucky, just hard working, and maybe ingenuity comes in too.

    Posted by caperteewaratah on 01 Nov 2022

  • [0] [0]
    Turbotom

    Bills bills and more bills mostly

    Posted by Turbotom on 01 Nov 2022

  • [1] [0]
    Footywife

    I find that the constant negative conversations regarding increasing cost of living is really causing huge anxiety for me at least. Yes we do need to economise & that's an individual decision - needs v wants but it doesn't help mental health to be reminded everyday that prices are increasing & are likely to continue to rise. I don't know what the solution is. As an individual I can only spread a little more kindness

    Posted by Footywife on 01 Nov 2022

  • [2] [0]
    Vie88

    We need to classify our expenses between needs and wants.

    Posted by Vie88 on 01 Nov 2022

  • [2] [0]
    Nenester

    Everyone finds themselves thinking about rising costs and some family's are facing financial hardship living from week to week. We all need to make choices and start thinking what's really necessary over things that are not. Very few seem to want to save and wait...

    Posted by Nenester on 01 Nov 2022

  • [1] [0]
    DebNev78

    Too bad successive governments have chosen to sell this country out! I mean, who owns and generates a commodity, yet sells it cheaper to an overseas market while charging top dollar to Australians here at home? Manufacturing in Australia is just a memory now, pity, 'cause we no longer are able to support and sustain ourselves.

    Posted by DebNev78 on 01 Nov 2022

  • [0] [2]
    Spiderwoman

    On fossil fuels burning up the planet!

    Posted by Spiderwoman on 01 Nov 2022

  • [1] [0]
    Tara Rata

    Daily struggle and nothing left over for the little pleasures in life. Just the way of ever increasing cost of living . When will it stop?

    Posted by Tara Rata on 01 Nov 2022

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