The provincial government has been talking about the possibility of layoffs in the civil service to help cut down on the looming $1.6 billion deficit.
Last week, the house of assembly's management commission cast a unanimous vote to freeze MHA salaries until at least after the next provincial election in 2015.
Liberal leader Dwight Ball said the decision was an easy one for every member.
"From what I saw of the MHA's that I've been speaking to was they were quite willing to actually see all the wages frozen for the next at least four years," Ball said.
"I think the public will look at this and I'm hoping that they will see that there's leadership provided by the MHAs here," he said.
NDP leader Lorraine Michael said that she does not want other public sector workers to think they should accept a wage freeze just because she did.
"I do not think that somebody who is working for $40,000 a year should be taking a freeze in salary right now," Michael said.
"I think the leadership I'm giving is to say I know I'm well paid, and I can ride this out, and I think we should ride it out as MHAs, but I'm not telling them they should be taking freezes."
Both Michael and Ball said one possible way to help reduce spending would be to reduce the number of MHAs in the province.
They were featured guests on this week's On Point with David Cochrane.