Cancel the take-away, pare back on your streaming services and think about putting that holiday on hold.
That's the message for the just over a third of Australians who have a mortgage should be looking to see where they can budget as interest rates are set to rise for the tenth consecutive month today, according to the experts.
More than 93 per cent of experts surveyed in the Finder's RBA survey are confident of a cash rate rise.
In the study of 42 experts and economists almost all believed the RBA will raise the cash rate at its official meeting on interest rates on the first Tuesday of the month today with the majority forecasting an increase of 0.25 per cent - brining the rate to 3.6 per cent in March.
Anthony Waldron from Mortgage Choice said he was anticipating another rate rise.
"I expect the Reserve Bank to raise the cash rate in March in its continued effort to contain inflation, however we are likely nearing the end of this rate rise cycle," Mr Waldron said.
That sentiment was also expressed by AMP Capital Chief Economist Shane Oliver.
"The RBA has indicated repeatedly over the last few weeks that it expects to increase interest further as inflation remains too high," Mr Oliver said.
Those interest rate rise are set to hurt homeowners.
"Despite all the elevated scrutiny of the RBA's processes recently, the scene appears set for more rate rises to follow, and with them more pain for people," said Laing & Simmons CEO Leanne Pilkington who also predicts an official interest rate rise today.
Mathew Tiller, Head of Research and Business Intelligence at LJ Hooker also sees a rate rise on the cards today.
"Despite early signs that inflation has begun to ease, it remains very high," he said.
Others meanwhile may see a rate rise for March but predict that there may be some light at the end of the tunnel.
"The RBA are close to a pause in rate hikes but appear almost certain to hike 25 basis points in March, before one more hike around May," said chief economist at Bendigo and Adelaide Bank David Robertson.
"By then there will be more evidence that inflation has peaked and will slowly but steadily decelerate through the year," Mr Robertson said.
Another rate rise in March but a pause on increases in rates in May is also the take from Sean Langcake, Head of Macroeconomic forecasting at BIS Oxford Economics.
"The RBA have made it abundantly clear that they have not yet finished raising rates. Inflation remains very high, and the RBA is intent on avoiding a 'price-wage' spiral where inflation expectations drift upwards and high inflation becomes entrenched. There are few signs this is underway, and by the governor's admission this is a low probability possibility - but a very high cost one," he said.
"We expect the RBA will hike through to May. By that time, data on the real economy will be patchy, warranting a pause in the rate hiking cycle."
