Money management. It's the conversation most Australians don't want to have, yet is a critical part of our everyday lives.
While there are some people around us who control and track their spending tightly (with the price of what seems like everything continuing to rise) even those with the best wealth management skills need some help from time to time.
If you're an IT contractor with more than a million admin tasks on your plate, the team at Oncore Services can help ensure your money management is set for the future. So, why is wealth management important for modern contractors?
Rising cost of necessities a concern for many
Have you noticed that you have less money at the end of the week than previously? Well, you're not alone. In a survey of 1,500 people by ME Bank this year, 44 per cent noted the rising cost of necessities such as fuel, groceries and utilities as their biggest worry.
In fact, 51 per cent of respondents didn't have any spare cash at the end of each month – highlighting the considerable increases that we are all facing.
"The cost of necessities remains the biggest concern for Australians and when combined with stagnating or falling income for up to nearly 70 per cent of households, expected further rises in the cost of necessities like power prices, as well as rises in mortgage rates, the future doesn't look as bright for some," ME Consulting economist Jeff Oughton said.
This means that even those who are 'middle class' by definition are starting to feel the stress in the back pocket. So, is saving the answer for rising costs?
Are your savings is shape?
If you're 'lucky' to have money left at the end of the week or month, what do you do with it? Whatever your answer is, if it's not "saving for a rainy day", you might need to address your money management techniques, according to a recent research.
Based on UBank's Science of Spending & Saving Experiment, 35 per cent of Australians don't have a dedicated saving account and, of those who do, two million have less than $1,000 set aside.
"So while almost one quarter (22 per cent) of Australians are actively trying to save, the pursuit of immediate reward is proving a frequent distraction," UBank noted.
These findings are echoed in data from the Australian Securities & Investments Commission. According to its infographic on How Australians Save Money, 43 per cent of the population don't save at all, while 41 per cent save a little and just 16 per cent easily save money.
"The pursuit of immediate reward is proving a frequent distraction."
Oncore financial services and wealth management – how can we help?
Reaching your financial goals at critical times in your contracting working life can be tricky these days. This is why the Oncore Wealth Management team are here to help – providing you with a full range of independently managed financial solutions including investments, estate planning, insurance and superannuation.
Whether you need a little advice on how to save for your first home or want to be able to set aside some money for your retirement, we can support you in those key decisions and ensure you and your family are put first.
At Oncore, we understand that financial pressures and stress can impact anyone and even affect your work. As such, let us take care of your wealth management and help secure your financial future.
For more information about Oncore Wealth Solutions, get in touch with our helpful team today – we look forward to working with you towards your goals.