As latest statistics show that one in ten full-time workers earns more than $2,364 a week, now could be a good time for Australians to take stock of their salaries.
No matter how much you earn, knowing what to do with your money is essential, otherwise it can easily be squandered, therefore leaving you in a financially vulnerable position.
Knowing exactly what you earn and how to protect it is highly important to avoid becoming one of many Australians who struggles to keep on top of their finances month after month.
The Australian Bureau of Statistics (ABS) found that the highest average weekly cash earnings were for managers and professionals, while labourers, sales, community and personal service workers were at the lower end of the scale.
Explaining the figures, ABS director of labour employer surveys Mike Scott said: “Across industries, average weekly total cash earnings for all employees ranged from $539 in the accommodation and food services industry to $2,388 in the mining industry.
“In the mining industry, 63 per cent of full-time adult non-managerial employees earned weekly total cash earnings of more than $2,000 per week.”
He also pointed out that average weekly male earnings were higher than those for females – $1,343 compared to $904 – although the need for financial planning is just as great for both sexes.
Making the most of your earnings
Regardless of whether you are at the top or lower end of the pay scale, enlisting the help of a financial planner can be an effective way of helping to manage your finances.
They can provide guidance on various aspects of personal finance, depending on the objectives you want to achieve with your money over the long term.
The advice is designed to be easy to understand and tailored to your individual requirements – having a sound strategy in place is the first step to making the most of what you have.
Remember that your personal circumstances could change at any time – you might find yourself in a new job, with a baby on the way or suddenly unable to work.
All these situations can have an impact on how much of your earnings are taken up each month, making it important to conduct a financial review on a regular basis.
A financial plan is only effective if you realistically have the means of sticking to it, otherwise it can prove a burden on your day to day life.