Aussies are shelving milestone plans because of cost of living, but there's a way to make them happen
The cost of living crisis has forced many of us to cut back on daily expenses but it seems we're also shelving plans for life's milestones as well.
New research from Finder reveals that 53 per cent of Aussies – equivalent of 10 million people – have paused plans to fulfil their dreams because of rising costs.
Holidays are the most common goal being put off, with 37 per cent of Aussies not going on vacation due to money.
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Europe might not be on the cards but a regional holiday could be. Getty
Renovations, moving out of home, career progression and starting a family were other milestones people admitted to putting off.
However, Finder's Sarah Megginson tells 9honey Money that milestones don't necessarily need to be shelved.
"It's all about managing your expectations and working out what sacrifices you can live with," she says.
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"If you've always dreamt of a big wedding and you don't want to let go of that, then set a date for two or three years in the future, set some financial goals, and start planning and dreaming now... You can get excited about the planning and stretch it out over a longer period, so you're not missing out.
Planning for or adjusting the end goal allow us to enjoy milestones while budgets are tight. Getty Images/iStockphoto
"But if the big dream wedding isn't as important to you as saying 'I do' to the love of your life, then start investigating more affordable options for a small wedding, sooner."
Looking for other ways to either enjoy the future milestone moment now by planning, or tweaking the plan so that it can happen sooner means you don't necessarily have to shelve or pause these goals altogether.
This could be having a regional holiday in Australia instead of heading to Europe or considering an apartment instead of buying a house.
"You can't control the financial influences of the economy, but you can control your attitude and energy towards it all. Look for what's possible and the steps you can take, rather than focusing on what you can't do," Megginson says.
"And remember that research is your very best friend. There are so many grants, incentives and offers available for first home buyers. You could plan to have a baby in a public hospital instead of private, and see if you're eligible for government parental leave to help you manage a loss of wage during maternity leave.
"Look up all of the options before you give up on your dreams just yet."
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