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Picture this: I’ve got my bags packed, I’m on the road, headed down the coast for the long weekend. Next moment, I hit the brakes and do a U-turn back to work.

That’s what the central bank’s about to do on Tuesday with the cash rate, because unfortunately, Wednesday’s inflation figures confirmed that the inflation job is not done.

A return to rate hikes isn’t a massive policy slip-up and we’re not about to get hammered with 13, like we did back in 2022 and 2023, but if you’ve got a mortgage, it’s time to start preparing for one, if not two rises. On a $600k debt, five years into a 30-year loan, that’s about $90 more a month in repayments for a single hike, $180 for two.

You can beat a hike, potentially even before it hits, by haggling with your bank for a rate cut, especially if you’re on the wrong side of average, which, for an owner-occupier is 5.52 per cent.

You can also refinance to a sharper rate. There are over 40 lenders on the Canstar website with rates under 5.25 per cent and while the natural inclination is to say, “I’ll just see what the RBA does first”, this might be a good time to jump the starter’s gun.

Quarterly results show inflation is back on the rise, making a February rate hike almost certain. See how much your mortgage repayments could jump.

Your grocery shop just got a lot more premium. Coles has launched its latest cookware collection, and this time it’s partnered with KitchenAid.

Can older Australians get a stamp duty concession if they downsize? What a great question from Kiran in NSW, and a practical way to incentivise this transition, particularly in areas where family homes are limited. The reality is, it’s a postcode lottery. Victoria and the ACT offer stamp duty concessions for pensioners, however, terms and conditions typically apply (think price caps, contingencies on the sale of your existing home and a clock ticking in the background between the sale and purchase dates). The rules differ between states and territories across the country, so check your state’s government website to see what’s available to you. If there are no concessions on offer,  you may need to write a letter to petition your state/territory government, but know that RBA Governor, Michele Bullock, is in your corner.

The kids wanted to see Zootopia 2. It was a hot Sunday and the perfect antidote–why not let the cinema keep the kids entertained and air-conditioned at the same time? But before you next head to the cinema to cool off, check if your health insurer, energy provider or bank offers discounted movie tickets or even gift cards. Some insurers and banks offer two-for-one movie tickets, while gift cards often have a 5 per cent discount. Sure, it takes a couple of minutes to purchase, but it’s worth it to knock a few dollars off those pricey movie tickets. On a $100 voucher, a $5 saving might seem small but if you do the maths, that’s an hourly rate of $150. Not bad, even for a Sunday. 

With a rate hike round racing the corner, think about pivoting the traditional no alcohol FebFast into a fiscal detox. This involves cutting out all discretionary spending, such as takeaway, clothes shopping (assuming you still have clean socks), TV subscriptions, and probably alcohol as well, for a full 28 days. It’s perfectly timed for the shortest month (just be thankful it's not a leap year), making it the easiest psychological sprint of the year. Where to redirect those savings? Straight into your mortgage, if you have one, because while your discretionary spending is set to go down, your interest rates unfortunately are not 🙄.