Unveiling the 2023 Cost of Living in Perth for Millennials

Picture this: It's a sunny Sunday morning, and my partner and I are following our usual routine, a leisurely walk with our dogs to one of the many local cafes. The cafe is a gem – friendly staff, a play area out front, and that old architectural charm. But we leave thinking, 'this will be the last time we come here in a while.' So, why the sudden decision to stay away? Well, our beloved toastie and coffee special, which used to be an affordable $13, has now soared to an eye-watering $22.

Welcome to the 2023 cost of living in Perth, where every dollar counts, and it's affecting us millennials big time. Below, I'll break down how this cost of living crisis is shaking things up in Perth for our generation.

Housing Hustle

Housing is a beast, especially for us millennials trying to make it in Perth. The real estate scene here has been on a wild ride, with property prices hitting the roof. Most of us are renting, and boy, budgeting is our new middle name.

To tackle the housing drama, consider scouting different suburbs within Perth, where rent might be a bit kinder. Co-living with roommates or embracing cozy living spaces can also free up cash for your home deposit. Take advantage of First Home Buyers government schemes, as well look into the First Home Super Saver scheme. And if you're dreaming of a mortgage, just make sure those repayments stay under 30% of your income.

Foodie Finance

Perth has a culinary scene worth drooling over, but eating out every day is a luxury we can't always afford. Groceries aren't cheap either, thanks to our isolation from major farming hubs.

To save on munchies, hit up local markets (Golden Choice, anyone?), grab budget brands at Coles (they're usually just as tasty), and plan your restaurant outings around mid-week specials. Here's a money-saving tip: get yourself the Entertainment Book app – we're talking saving at least $1,000 annually!

Transportation Tactics

Let's talk about that infamous car loan - a massive pitfall that many of us millennials stumble into. We're young, still learning the ropes, and often place blind trust in what the loan brokers tell us we can afford.

But before you know it, you're in your late 20s or early 30s, juggling a mortgage and car loan, and finding your bank account balance consistently hovering around $0 more often than you'd prefer.

Here are some quick tips to help you make a savvy decision when it comes to a car loan:

(1) Keep the loan term short: opt for 4 years or less. shorter terms mean less long-term financial commitment.

(2) Save up a 20% down payment: a bigger down payment can help you secure a better deal and reduce your monthly repayments. 

(3) Think about your other goals: consider your broader financial objectives, like travelling or saving for a house deposit. Don't let a car loan overshadow these dreams.

(4) Balance car payments with your income: make sure your car repayment doesn't exceed 1% of your income. This way, you can comfortably cover your car expenses while still having enough to enjoy life and save for the future.

Health Hacks

Perth's got great healthcare, but the bills can add up. If you're an Aussie resident or have the right visa, Medicare's got your back. Just be sure to dodge the Medicare levy surcharge come tax season.

Education Exploration

Perth offers a range of educational opportunities, but tuition fees can be a hurdle. If you're planning on upskilling or have kiddos, dig into scholarships and government aid to keep those costs in check.

Thrifty Thrills

Perth isn't short on fun – from beaches to festivals and sports galore. But pricey tickets can cramp our style. Here's a hack: tap into freebies and low-cost gems like public parks, beaches, and community events for a wallet-friendly good time.

In a Nutshell

Perth's cost of living in 2023 might feel like a rollercoaster, but it's part of the adventure. With savvy budgeting, a dash of creativity, and a knack for finding the best deals, we millennials can soak up all the goodness Perth has to offer without emptying our wallets. Embrace the Perth lifestyle, ride the wave of opportunity, and you'll find that this coastal city is the perfect canvas for our millennial dreams.