Two recently released reports have drawn attention to the high levels of pressure that is put on Australian households, mainly on students, sole parents and the unemployed. One of the reports was made by the Australian Council of Social Services, and the other by the Wesley Mission charity; they both provided a glimpse of the huge impact that the recession has on the people.
Sydney is the financial capital of the nation, where the medium household income was of approximately $90,000 in 2007. As of 2010 the median income decreased and middle class families are now part of the low-class; their annual income does not go beyond $70,000 and now this new lower class must learn how to cope with financial stress. .
Get Angry Enough To Make a Change
It’s never too late to go back to school. If you have a career that is going nowhere and the pay is placing you on the lower end of the class spectrum; it may be time to give school another chance. Just by changing career fields you may find not only the satisfaction and challenge of a new job, but also the rebirth of an increase in salary. You may only need to change careers. Did you know that in Australia those in the Mining, Resources and Energy fields make an average salary of $121,913 according to Yahoo Finance? This and other high paying jobs can help to take away your financial stress.
Identify the things that are causing you financial anxiety
Paying your child’s way through college can if it is not planned for can really add anxiety to an already stressful situation. If you are straining the family budget to pay, then stop paying for it. Let your student use student loan packages to pay for their education. Is frivolous spending by your spouse causing you financial anxiety? If so, sit down with your spouse and go over your spending plan. Give them a set amount each month that can be used for their miscellaneous spending and not a penny more. Let them know how much it bothers you to watch hard-earned money go out the door on items you don’t really need. Sit down and set goals together that are easily attainable. A financial crisis is often an opportunity to rethink your priorities.
When money is not an issue, we don’t think about what tomorrow may bring. Many of us live as if there is an endless supply of money in our savings accounts. However, a financial crisis makes us rethink our priorities. Always keep in the back of your mind that any day can potential have a financial crisis if we are not prepared. Many financial emergencies only come to those that are ill prepared to handle them. Set your priorities by putting yourself first.
If you do find yourself in a bind and need immediate help with everyday living expenses, there are different government and nonprofit based initiatives to help out during these tough periods. There are even Centrelink based loans to help individuals and families get by.
Have a well-balanced life that includes saving for the things you want and need. Then plan for the enjoyment you desire. Although this may be a tough economic time for Australians; the decisions that you make about your personal finances can make it a great time for you. By following the tips above you can make your financial stress a thing of the past.