Here, 7NEWS Network Finance Editor Gemma Acton, admits her family isn’t immune from struggling through the cost-of-living crisis — and here’s how she’s facing it head on.

When we hunkered down back in May 2022 for the first interest rate rise to counter the first signs of inflation, I was among the many who thought we might be out of the financial trenches by Christmas.

Now, more than two years later, not only have we endured a further 12 rate hikes since then but also relentlessly sticky inflation which is delivering a new shock every day.

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This week my shock was being charged $32 to dry-clean a short, plain corduroy dress.

After two-and-a-half years of steeply rising prices, I can count on one hand the number of people I know who aren’t feeling the pinch and continuously adjusting their habits.

Every household has its own pain points — with a toddler, a newborn and two full-time working parents in our household, our prickliest is childcare.

Whatever yours might be, here are some basic principles to guide you through this time.

It can be very confronting to take a long, hard look at your finances, but knowledge of your circumstances really is power.

Sometimes we devolve the responsibility to a partner or a family member but even if you don’t manage the household finances yourself, you should understand them and be a part of the conversation and decision-making.

It’ll reduce the likelihood of being walloped by financial shocks that could have been avoided — and help you to ensure your lifestyle suits your financial reality.

Start today — learn a little bit more each week and you’ll be up to speed by later this year.

It’s a skill that you’ll never lose and will protect you for the rest of your life. Keeping to a budget is key. In its basic form this is simply a tally of money coming in versus money going out.

You can do this with simply a pen and paper, but today there are lots of free phone apps that are visually compelling and can deliver you a better understanding of exactly where your money is going and where you can cut back.

High-interest debt is a trap that’s very difficult to escape. Try whatever you can to avoid having credit card debt (the average credit card interest rate is above 18 per cent) or a payday loan (which can be up to 48 per cent).

If you’re nearing the point where this looks like the only option, or if you already have a growing debt with these devices, pick up the phone and call a financial counsellor — today.

It’s a free service and the wonderful staff will help you to change course onto a better track. Finally, always negotiate, and then negotiate again.

Call your energy, phone, internet, home loan providers every few months and see what they can do for you.

It’ll often be a fantastically well-rewarded use of 15 minutes of your time, and a tremendous feeling when you manage to lock in some savings.

Join Gemma Acton, Michael Usher, David Koch and a panel of financial experts who can provide invaluable insights and strategies into finances today.

7NEWS Spotlight: Creating Change – A Cost of Living Special, 8.45pm on Channel 7 and 7plus