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Cost of Living: Here's how much extra money per week NZ households will need to get by in 2024
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Cost of Living: Here's how much extra money per week NZ households will need to get by in 2024

It adds up to nearly $4k a year.

With New Zealanders still battling a post-Covid cost of living crisis, Kiwis will need to save a little more money to cover things 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, earlier this year Jay Jay & Flynny chatted to Bridget Abernathy, CEO of the Electricity Retailers' Association of New Zealand, and asked her how Kiwis can save money on power

Bridget points out that a household's biggest money-wasting points are around the way we use water and electricity. Changing the time your family uses the shower time, to the appliances you aren't using can save you hundreds collectively.

Here's hoping things get back to where they were.