Today, the Reserve Bank of Australia raised the official cash rates by 0.25 per cent, putting financial strain on many.

However, despite the increase, there are things households can do to combat the rise.

Partner at Carbon Group Michelle Maynard told Oliver Peterson on Perth Live people need to look at where their money is going.

“It’s about conserving every dollar,” said Ms Maynard.

Press PLAY below to hear what the rises will mean for you

“Shop around.”

WACOSS chief executive Louise Giolitto also spoke with Oliver Peterson about how the rate rises will affect households.

“It’s hitting households hard,” said Ms Giolitto.