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Times are tough - even for those on average and above-average incomes.��Interest rate hikes, rent, mortgage and food costs mean skipping takeaways just isn’t cutting it.��Kirsty Wynn��finds Kiwis are looking at bigger sacrifices such as Kiwisaver holidays and selling the car - to stretch the pay packet further.��

Kiwisaver holiday:��Taking a break or a “savings suspension” from contributing to��Kiwisaver��is becoming more common. If you have been with the retirement fund for 12 months you can take a break for up to a year. A household earning $160,000 and contributing 3 per cent means an additional $639 a month in the budget.��Pros:��Instant relief and money to get through the struggle.��Cons:��Tom Hartmann from budget planning website Sorted said taking a break should be seen as a last resort. “You are forgoing the future investment returns that money will earn you,” he says. “It’s tens of thousands you lose and once you get used to having that extra money it’s hard to go back.��

Renting out a room:��There has been a significant jump in the number of New Zealanders sacrificing personal space and privacy to rent out a room or host a homestay student. Language schools in Auckland say they have more people than ever offering to host short and long-stay students.��Pros:��You can earn around $325 or $365 a week for a homestay depending on how many meals a day you provide.��Cons:��Personal space and privacy and if you’re a homestay host you’ll have to cook every night of the week.��

Visits to the hairdresser are getting the snip as more New Zealanders struggle to get to the next paycheck. Photo / 123RF��

Less cut and colour:��More of us are pushing out visiting the hairdresser, and are doing our own nails. With a full head of highlights and a cut priced upward of $300, returning to more natural tones or going with a lower maintenance style are growing trends.��Pros:��You can save hundreds by delaying your salon visits a few extra months.��Cons:��Split ends and regrowth.��

Cook your own:��With the cost of food at an all-time high, the average Kiwi household is feeling the pinch. A lot of people are cutting back on takeaways and some have cancelled or downgraded meal subscription plans for cheaper options. One-pot meals and pastas make meat go further and home cooks are turning to Instagram and cost-cutting social media groups for budget-friendly meal ideas.��Pros:��With the right preparation and planning, savvy shoppers can save hundreds a month.��Cons:��Preparing healthy high-protein food on a strict budget - alongside with long working hours - is hard work.��

Expert tip:��Shopping online once a week removes temptations in-store and it’s easier to stick to a budget without walking the aisles with a calculator.��

Streaming service cost increases have had some households cull what they subscribe to.��

Cull the streaming service:��A year ago, it was common for larger households to have��multiple subscriptions for services such as Netflix, Neon, Disney Plus, Apple TV, Amazon Prime and Spotify. The cost of all six was more than $100 a month. Membership costs have jumped and more people have cancelled subscriptions or picked their favourite.��Pros:��The savings are huge.��Cons:��Nothing to watch could mean money saved here will be spent elsewhere.��

Expert tip:��TVNZ on Demand and Three Now have plenty of free content on demand - including binge-worthy series’ and blockbuster movies.��

Selling a car and becoming a one-car or no-car household will save thousands of dollars every year. Photo / Sarah Ivey��

Selling a car:��Becoming a one-car or no-car household is a growing trend and this sacrifice gets the tick from financial expert Tom Hartmann. As well as the instant cash injection from off-loading a car there are ongoing savings from costs such as registration, WOF, insurance and maintenance. Even if you’re paying more for public transport and the occasional Uber you’ll save thousands each year.��Pros: The savings are huge and the environment will thank you.��Cons: It’s a juggling act for a one-car household to get everyone where they need to be and can be particularly difficult for those in towns with no proper public transport options or those facing long or complex commutes.��

Downgrading insurance:��More New Zealanders are reassessing what they are paying and what coverage they have. Some are raising excesses to lower monthly premiums or enlisting the help of a broker to get a better deal.��Pros:��You can save hundreds a month by tweaking policies.��Cons:��Not having adequate cover for the big things can be life-changing and needs careful consideration.��

Expert Tip:��Insurance doesn’t have to be all or nothing. Work with an insurance adviser and tell them what you can afford. If they are good they will find something to fit your budget.��

Ditching a gym membership for at-home workouts can save thousands of dollars a year.��

We are going DIY:��Gym memberships, lawn mowing and home maintenance are all things we are now more likely to do ourselves to save. Instagram is your friend if you’re looking for a whole-body workout with a set of dumbbells and pushing the lawnmower will save you upwards of $25 a week and add to the cardio.��Pros:��You can save thousands a year by ditching a barely-used gym membership and doing more around the house.��Cons:��If the gym is your happy place you might need to find another expense to cull.��

Consolidate that debt:��High interest rates of around 27 per cent on credit cards and store cards have led more New Zealanders to talk to their bank and microlenders about options to reduce debt. This gets the tick from Tom Hartmann at Sorted who says it’s the biggest saver for anyone struggling to pay off a storecard or credit card.��“Microfinance providers are giving low-interest and even no-interest loans to get this debt under control,” he said. “You will save more by getting debt on a lower interest rate than going without or cutting subscriptions.”��

Don’t drop what brings you joy:��

Before ditching Friday night takeaways or your favourite streaming service Tom Hartmann at Sorted suggests listing your costs and rating them on the emotional return.��

“Some things bring real happiness so if you cut something that brings you joy you are going to feel meh and it is going to be harder to stick to,” he said.��

“You might realise Spotify brings joy but you can find other free entertainment sources rather than Netflix.”��