New research shows Australians are cutting costs on everyday items and delaying the purchase of larger necessary items.

One in four Australians have recently reduced their spending on takeaways and entertainment as the cost of living rises, according to a new study.

Across the country, people are looking to make their money grow by cutting non-essential spending as well as more important items, the National Australia Bank study showed, including one in two switching to cheaper brands or actively seeking cheaper products. some products.

Around 28% of Australians are reducing or canceling subscriptions such as newspapers, magazines or apps and a quarter have reduced or stopped streaming services or got rid of gym subscriptions.

Meanwhile, 22% have canceled or reduced the outsourcing of home services like lawn mowing and house cleaning and one in five can no longer afford activities such as sports, dancing or hobbies .

Rachel Slade, director of personal banking at NAB Group, said the survey showed Australians were creative and flexible when it came to managing their money.

“We can see the impact of inflation beginning to be felt with rising prices and we know that many Australian households are already feeling pressure on the cost of living. This research reflects conversations I have had with our clients – people are finding ways to make short-term changes and gain control over their money,” she says.

“Customers have options to help them stay in control of their money, whether it’s creating a budget, pooling funds, immediately transferring savings to a separate account to reduce the temptation to spend, or to make the accounts invisible.”

Australians are also being forced to change their daily habits to cut spending too, the survey showed.

About 40% have reduced or stopped buying micro-treats such as coffees, snacks and lunches, while one in three have cancelled, delayed or made smaller travel plans.

But Australians are also postponing larger purchases, with three in 10 canceling or delaying the purchase of a TV, fridge or washing machine.

Meanwhile, 43% have started a budget to better track their spending.

For many Australians, paying off a home loan is a significant monthly cost, the NAB said, and suggested homeowners could consider compensation to pay off the loan faster or fix interest on all or part of your loan. may give a period of certainty of reimbursement.