Being mindful about your expenses might not be suffecient to grow your savings any more 😰

Hey Gigster 👋 

Phew! Innovation always comes with a cost, am I right? With the rapidly changing scenario of the Aussie economy, cost-efficiency is no longer one way… Check out the latest stories 👇

1. 😲 Escalating tug-of-war - The wage-price competition is sky-rocketing! Inflation is rapidly increasing due to the recent wage hike but it’s going to take a good while before anything could be balanced out. A wise sole trader or gig worker would want to anticipate upcoming expenses and focus on income sources accordingly. For example, if you are a freelancer you might want to re-think the prices you offer. If you are a ride-share or food delivery partner, try to manage timing and bag more gigs on specific days!

2. 😲 A massive job shake-out - Directors of leading companies are predicting a big shake-out in the job market this year! This not only means that you should focus more on your side hustle for financial safety in case you have a full-time job but also to invest into up-skilling. A shake-out means employers would not go for traditional hiring practice, but the jobs still need to get done, therefore more scope for independent contractors!

3. 😲 RBA’s first board meeting discussed the possible fall of current inflation - the interest market right now is driven by a high risk- high gain phenomenon. However, after RBA’s first board meeting, Central bank has been given a new target of tipping the inflation by 2-3% by October this year! Investments and premiums are also active expenses, directly or indirectly, they impact each one of us. Keep an eye out!

4. 😲 Average pay tops $100K - This is a decade high wage hike! Consumer price inflation is off the charts and market is filled with exciting yet risky opportunities. Be mindful of your savings and try to opt for a tight budget if you haven’t already.

5. 😲 Weak consumer spending will not cause price drop - One person alone cannot influence the economy but grouped expense patterns can! Although ‘not spending’ will not influence the inflation, spending mindfully will! The demand and supply dis-balance is a major driving force in this scenario. Find out how you can best support the failing supply chains as well as benefit from the booming ones. As a sole trader, you can always make a difference with business collaborations that do not directly cost you money!

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Benjemen
CEO & Founder of MyGigsters