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  1. #21
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    and all that the Lorax left here in this mess was a small pile of rocks with the one word...UNLESS
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    Another aspect to consider is that whilst a mortgage may appear cheaper than rent, a renter doesn't pay rates, or significant maintenance on the house (eg. if the hot water system blows up) etc.

    Sometimes it's hard to realise the totality of expenses that other people have.

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    Quote Originally Posted by ProudMumma34 View Post
    I'm finding it hard to process that some people still find it hard to live on 100-150k?? I know no one said that here but some said it's not much money to live on. My husband and I must be at the upper end of lower class cause we live way below that!!

    What are ppl's expenses?? Is it a lot of loans? Lifestyle? I've been told that for some ppl their mortgages and cheaper than rent? I guess also its got to do with where u live. I know Sydney is expensive!

    Sent from my GT-N7105T using The Bub Hub mobile app
    We live in Sydney, did a big extension last year so our mortgage rose considerably. Yep, that was our choice and I accept that. We also choose to live in a suburb that is 5 minutes from the beach, close to trains that take 10 minutes to get into the city, and about 15 minute drive from the city. We are 2 minutes from a main motorway leading into the city and out.

    A lot of our money goes on our mortgage. Childcare costs us $387.50 a week. That's 2 children attending 2 days and my third attending 1 day a week. Our other big expense is food. We eat well. I buy a lot of free range and organic meat. I also buy a lot of other organic products. I meal plan so not much gets wasted. I do admit that with 3 children, I do not shop around as much as I possibly could. We have no other loans apart from my car which is leased through smart salary. My husband is self employed as his own company so I have set up a direct debit of $300 a week for his BAS. He also has to pay workers' compensation insurance which is $540 a quarter and public liability insurance which is about $100 a month. On top of all our other insurances, like private health, home and contents, income protection, car, it all adds up

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    Bathing in champagne, obviously.

    Seriously though. Let's look at a family in Sydney earning $150k. For the purposes of the comparison I will assume they both earn $75k. They have two children.

    Before any other expenses they lost $30k in tax. So the income they have to play with is $120k.

    Childcare in the city (where they work) costs $600 a week per child. So that is approximately $60k a year. Minus the tax rebate and it is $45k a year.

    That takes them down to $75k.

    Because they can't afford to live near the city they live in an outer suburb. Their mortgage is around $400k (about the national median I think). So that is about $36k a year ($700 a week).

    That takes them down to $39k for play.

    Then there would be about $4k a year for rates and household insurance.

    So $35k.

    Then at least $80 a week in petrol - more if they drive to work. Then there are tolls and commuting costs. That's about $10k all up.

    So $25k.

    Then even at only $150 a week groceries are around $8k a year.

    $17k.

    So that's about $300 a week left over for 'lifestyle'.

    This isn't designed to be a 'people are $150k a year are so hard off' post. Just demonstrating to a PP that it's hardly a champagne lifestyle in most instances and you can't directly compare your own circumstances with someone else's.

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  5. #24
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    Exactly. Plus rates, water, body corporate fees, life insurance, contents insurance, car insurance, PHI. The list goes on.

    Nobody is saying six figures isn't a great salary and nobody is complaining but it's hardly living a life of luxury.

    People who earn higher salaries almost always have much higher outgoings due to where they live, and they get higher salaries in certain areas. Chicken and the egg!

    Oh to earn six figures and live in the sticks!!

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    Quote Originally Posted by F&A View Post
    It's not welfare though? It is to address the issue of 1 v 2 parents working. 1 person working and earning 100k gets $18,200 tax free verses 2 people earning 50k each getting $36,400 tax free.
    Yes this true, but 2 parents working also usually have to pay high Childcare fees that a single income family usually don't need to pay.

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    Quote Originally Posted by ProudMumma34 View Post
    I'm finding it hard to process that some people still find it hard to live on 100-150k?? I know no one said that here but some said it's not much money to live on. My husband and I must be at the upper end of lower class cause we live way below that!!

    What are ppl's expenses?? Is it a lot of loans? Lifestyle? I've been told that for some ppl their mortgages and cheaper than rent? I guess also its got to do with where u live. I know Sydney is expensive!

    Sent from my GT-N7105T using The Bub Hub mobile app
    Perth is more expensive than Sydney now. We have a combined income of $150k and aren't well off... General living expenses (food, utilities, rent etc) here are insanely high

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    I personally didn't think it was worth the paperwork and felt that it was a waste on my income with our living expenses. If other people are on that income and feel the need to claim it, that's up to them. I claimed it when she was younger because of the daycare fees, but not once she started school. I do now because of the uncertainty of the future.

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    Quote Originally Posted by ProudMumma34 View Post
    I'm finding it hard to process that some people still find it hard to live on 100-150k?? I know no one said that here but some said it's not much money to live on. My husband and I must be at the upper end of lower class cause we live way below that!!

    What are ppl's expenses?? Is it a lot of loans? Lifestyle? I've been told that for some ppl their mortgages and cheaper than rent? I guess also its got to do with where u live. I know Sydney is expensive!

    Sent from my GT-N7105T using The Bub Hub mobile app
    My dh earns $98k, I lost my job and am now pregnant so wont be returning to work for a while. We have a mortgage on a small 2bed apartment in Sydney. That is our only debt. We drive a 15 year old car, don't have credit cards. While we are ok at the moment, we dont live an extravagant lifestyle, I'm not complaining at all just answering your post ;-) We only go out to eat occasionally and to cheap places, budget for bills and groceries only buy things we need not want. We are definitely not well off. When the baby comes it will be a bit harder so hopefully dh can get a higher paid job. Our utility bills-water, gas, elec Telstra (not sure how much they are), and strata is $780per quarter, council rates-$280pq are our biggest expenses then insurances (medical/house /car) and groceries. The cost of living is so expensive, not sure if its just Sydney or all over Australia. It is definitely a lot cheaper to rent.

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    Quote Originally Posted by NancyBlackett View Post

    So that's about $300 a week left over for 'lifestyle'.
    Yeah... I think I'd be ok with that...

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    Also too (please correct me if I am wrong) but isn't the average around $75k so those family's living of $100-$150k a year are actual below average or average? Not luxury at all!
    I think it's easy to see a 6 figure number & go wow, that's alot of money but as a PP mention usually those higher earnings attract higher outgoings.
    Some of those outgoings maybe self indulgent but others are needed.


 

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