How to save money in the home, the office and your dining room
Posted On July 28, 2021
As the economic downturn enters its fourth year, many of us are facing a growing financial burden.
The rising costs of living have created a situation where we are unable to afford the things we want and need, as well as the expenses of maintaining a family.
While some may choose to take some comfort in the fact that they are not responsible for the costs of their childrens education, we know the reality of life and the impact that living costs can have on families.
One of the most common misconceptions about working life is that we live in a bubble.
It is simply not the case.
Working life is not a bubble, but the financial realities of today’s economy are.
The average household has an annual salary of $62,000, or $15,000 less than a decade ago.
In Australia, the median family income is $60,000.
The majority of Australians work in professional or managerial positions, including health and education services.
The median pay for a professional is $92,000 a year, while the median salary for a manager is $130,000 per year.
In the same time period, the average wage for a nurse is $48,000 and the median wage for an office worker is $73,000 (a difference of about $1,400).
The average wage is $52,000 for a new mother.
And the average income of a new-home buyer is $42,000 – not a drop in the bucket.
What about the other costs of working life?
The average cost of living in Australia is $1.25 million, according to the Australian Bureau of Statistics.
That’s a $5,000 increase since 2013.
While many people work long hours, there are some costs associated with that.
For example, the costs associated each day with managing a business, or a new business venture, are substantial.
The cost of owning a home is $3,500, or 20 per cent of the median home purchase price in Australia, according the Bureau of National Statistics.
This is a $25,000 financial burden for most families, even though they have the opportunity to live comfortably on their own.
The other cost of working is the cost of child care, childcare, housing and health care.
A child born to a single mother in 2015 is likely to spend around 40 per cent or more of their time at home with their mother, according a survey of parents by the Australian Institute of Family Studies.
In some countries, childcare is free, but in Australia it is often quite expensive.
A 2016 report by the Child Care Industry Australia found that parents spend between $1 million and $4 million a year on childcare, with a total of $11.6 billion being spent in Australia.
In contrast, in the United States, the cost to a parent of a child born under 25 ranges from $800 to $1 billion a year.
The financial burden on families working full-time and in part-time work is also a burden.
Working from home, or at home part-timers are more likely to be on government assistance.
As a result, the amount of assistance available for families working part-times increases with household size.
Families on the low end of the income scale, on average, have a lower income than families on the middle and higher income scale.
The Child Care Workforce Australia (CCWA) report from 2015 found that the median weekly wage of families on low income was $13,400, while families on middle and high incomes earned $23,000 more.
A further cost to families working at home is the time spent on the phone, the internet, emails and social media.
Working in a part-timer’s role is a burden for parents, and the longer a part time employee is in the workforce, the greater the cost they will be to the system.
Working part-times and working from home may not seem like a burden, but they are a burden that is not unique to the working class.
In a recent survey by the Institute of Economic Affairs, more than half of all Australians aged 20 to 29 (56 per cent) said that they work part-day, and more than one-third of them work full-hours.
These figures indicate that working part time is not the only financial burden in the Australian workplace.
In fact, more Australians are struggling to cope with the cost associated with childcare, childcare costs, child care and health insurance.
The Australian Bureau the Australian Social Services (ASSA) report found that more than 50 per cent (42 per cent in the 20-29 age group) of the people surveyed did not have access to child care.
This could be because childcare costs are out of sync with the rest of their pay packet, or because they have difficulty getting on a phone or internet service.
While childcare costs can be high, they are often not considered a financial burden by most families.
Families who are working