Everybody break out the piggy bank, it’s time to save, save, save! Remember that rainy day we all keep talking about? The one where you might need an umbrella made of money stashed away to avoid getting drenched in another global economic storm similar to that of 2008? Well chances are we will all be ducking for cover fairly soon if America’s mounting debt issues are anything to go by.

There has been a lot of hubbub around the traps of late about borrowers having access to some great deals due to revitalised competition in the finance sector. But while this might have brought a smug smile of self importance to Wayne Swan’s face, many smaller lenders are not quite so jovial.

Yes, there is a battle being waged for your business; that I won’t deny. But the reality is, while the big four boys are stomping around, making lots of noise and flexing their lending muscles, the little guys are struggling to be heard.

With the cost of living increasing significantly in recent times and interest rates hitting Aussie working families hard in the hip pocket, you’d think a nice little top up of the weekly wages would be welcome news.

But experts are warning that Fair Work Australia’s latest offering of a 3.4 per cent pay rise for the 1.4 million odd workers on award wages, along with an expected boost in mining sector wages off the back of the resources boom, could actually cost us all more in the long run.

Some would consider it discrimination…and in a way, they’d be right. It seems banks are taking the old adage; “Never work with children or animals” – on board and slashing the amount they’ll lend to couples with children as opposed to childless applicants.

It’s not that the banks don’t like kids, it’s just that new legislation introduced as at January 1st this year dictates that banks must practice “responsible lending”. In other words, they have to do everything in their power to ensure borrowers have the capacity to meet their monthly repayments.