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  1. #21
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    Quote Originally Posted by turquoisecoast View Post
    this!

    a girlfriend of mine is on decent coin ($85-$90k range) but it always in debt and broke. has zero assets to her name.

    I earn less than her (employed 3-4 days per week plus do my own clients from home) but am in a much better position.

    income is largely irrelevant I find. it's how you spend/save/invest. no use earning $250k pa and having fruck all to show for it!
    Agh... We don't have much to show for $200K. My PP listed the tax, CS and schools fees that come out. Once phone, Internet, car insurance, home insurance, mortgage (we have a small one), PH (which id happily cancel if the Medicare levy surcharge didn't exist), fuel, groceries, daycare, etc are paid for there is nothing left over. I haven't brought anything 'indulgent' in forever. I know you weren't quoting my situation but honestly $200K doesn't get us far DF gets no super either so we should really been putting money away. I honesty don't know where we are going wrong.

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    We pay 4,200 for 820k - or there about. We did really well on our last home, so our mortgage is much less than home value.

    Totally doable when we're both working, but tight while I'm on gov PPL.

    Regarding people making more having less money on hand, I think it really depends on how you were raised. My father was terrible! Made a lot, spent even more. Luckily my mum taught me to save etc, so while I spend on things I like, I've never carried a lot of debt. DH is pretty tight too, so we pay more on out mortgage each month to pay it down.

  4. #23
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    SpecialPatrolGroup is offline T-rex is cranky until she gets her coffee.
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    Quote Originally Posted by babyno1onboard View Post
    Agh... We don't have much to show for $200K. My PP listed the tax, CS and schools fees that come out. Once phone, Internet, car insurance, home insurance, mortgage (we have a small one), PH (which id happily cancel if the Medicare levy surcharge didn't exist), fuel, groceries, daycare, etc are paid for there is nothing left over. I haven't brought anything 'indulgent' in forever. I know you weren't quoting my situation but honestly $200K doesn't get us far DF gets no super either so we should really been putting money away. I honesty don't know where we are going wrong.
    Somewhat off topic, but can't your husband set aside super from his poor tax income which would reduce his tax liability?

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    Default If your a sahm/dad how much income?

    Quote Originally Posted by SpecialPatrolGroup View Post
    Somewhat off topic, but can't your husband set aside super from his poor tax income which would reduce his tax liability?
    I don't think so. It's foreign income and my understanding is that you can't claim any tax deductions against it. I might be wrong though!
    Last edited by babyno1onboard; 20-04-2016 at 21:17.

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    I am SAHM with 3 children under 4 years. I haven't worked since I was 30 weeks with the first baby 4 years ago.
    My husband earns around $85 000-$90 000 a year. And we receive family tax for the three kids.

    We live pretty comfortably and do save money as well. Our mortgage is not very big $290 000 so with interest rates quite low at the moment it very manageable.

    We do have a budget and I am very god at meal planning for food. We aren't in any other debt, we only have one car which we paid cash for. Never really use credit cards.

    What helps us the most is we work in cash- when payday comes we withdraw our money for food- petrol/ leisure/ activities. Helps us see when we are running out of money or over spending.

    I also believe it is all about what you spend more then what you earn.

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    Quote Originally Posted by lileitak View Post
    We pay 4,200 for 820k - or there about. We did really well on our last home, so our mortgage is much less than home value.

    Totally doable when we're both working, but tight while I'm on gov PPL.

    Regarding people making more having less money on hand, I think it really depends on how you were raised. My father was terrible! Made a lot, spent even more. Luckily my mum taught me to save etc, so while I spend on things I like, I've never carried a lot of debt. DH is pretty tight too, so we pay more on out mortgage each month to pay it down.
    I'm not saying people with more income are worse with managing money as a generalization, apologies if my post came off that way.

    my point was that a larger income doesn't necessarily mean a better lifestyle or more disposable income.

    yeah we pay extra on our home loan each week, we settled a year ago and are about $20k ahead on our home loan. I'm not a big fan of debt either so I don't mind living frugally day to day if it means getting ahead in the big picture.

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    Quote Originally Posted by babyno1onboard View Post
    I don't think so. It's foreign income and my understanding is that you can't claim any tax deductions against it. I might be wrong though!
    foreign rental income? he can claim foreign rental expenses against it.

    never thought about whether a concessional super contribution would be an allowable deduction in a case where the taxpayer has only foreign income. interesting scenario. I would've thought they could off the top of my head?

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    Default If your a sahm/dad how much income?

    Quote Originally Posted by turquoisecoast View Post
    I'm not saying people with more income are worse with managing money as a generalization, apologies if my post came off that way.

    my point was that a larger income doesn't necessarily mean a better lifestyle or more disposable income.

    yeah we pay extra on our home loan each week, we settled a year ago and are about $20k ahead on our home loan. I'm not a big fan of debt either so I don't mind living frugally day to day if it means getting ahead in the big picture.
    None taken by me.

    I agree, more money doesn't mean you're good with it. I also think it's very easy to get carried away with spending more the more you earn.

    Since I've been on leave I've made a game out or how little I can spend per week. I've fallen in love with Aldi, and can do about 75% of our shopping there for heaps less than Coles. (I'm still sus on their meat & produce so I get that at a local market.) I know this is a game to me, and life to others, so I'm not making light of it, but I'd like to stop working with the next bub so want to see how well I do .

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    Quote Originally Posted by turquoisecoast View Post
    how do people have such little mortgages!! I'm envious!

    ours isn't $5k a month but it's over double what yours is!!
    Sold up in the city and put down a 60% deposit on a farm in the country. Helped that the place we sold had a capital gain of 67% in 2.5 years. So basically, almost pure luck with the property market!

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    Default If your a sahm/dad how much income?

    We're earning the least amount of money we ever had. I've left my 100k+ job and DH is a sub contractor so work is sporadic. It's so weird but we're not worried at all about money anymore and probably the happiest we've ever been.

    We also moved regionally and our mortgage is 75% paid off and monthly payments are about $800 so that definitely helps. This was an intentional lifestyle move because we didn't want to work to live anymore.
    Last edited by babyla; 20-04-2016 at 21:42.


 

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