Five smart financial strategies everyone should be doing as interest rates and the cost of living continues to rise have been revealed.

Personal finance expert Melissa Browne, founder of My Financial Adulting Plan, encourages others to become financially literate to reach personal money goals by saving for an emergency fund, thinking long-term, diversifying investments and living below your means. 

The Daily Mail Australia reports: 'The problem is, we're also in a time of falling financial literacy, which means we know we should be doing something, we're just not sure what,' Ms Browne said

The Reserve Bank of Australia hiked up interest rates for five straight months this year in attempt to curve inflation.

Read the full report here.

Photo: Josh Appel/Unsplash

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