This is my pity party vent for the week so go with me on this one.
First off I am very, very grateful that DH and I both have decent secure jobs, a roof over our head, heaps of food and can generally pay our bills. I know we are FAR better off then many others and I really do appreciate all we have and how blessed we are.
BUT FAR OUT, IF I GET ANOTHER BILL IN THE MAIL I THINK I AM GOING TO LOSE MY SH1T.
It's just insane, it stresses me out and I try to be calm and take it one week at time but holy moly I feel like we are drowning. I remember being younger and having heaps less money and also heaps less expenses. We just rented a apartment in the city and had no cars. We basically had rent, food and day to day expenses.
Now, I feel like the more we push ourselves to achieve more the worse of we tend to be. I feel like you reach a level where as the working class your income increases margianlly while your expenses increase expedenically.
Does anyone else feel like this?
In the last 6 weeks I have had a tonne of our annual bills turn up - I know they are coming its always like this this time of yr. But it seems each yr that goes on we add more and more bills but our wage doesn't increase. Sometimes I feel like we would better off on a lower income, doing less stuff and getting some support from C-link - some heathcare cards/concession etc. The extra work we do cost alot and doesn't seem to increase our income atm.
As an aside I am trying to budget better, I do know we can skim the fat on our spending and where we can do it. But I am wondering if our compulsary bills are on par with other working class families. I would love to know I am not alone. I need some motivation that other ppl in a simliar situation to us have a light at the end of their tunnel.
So this is us approx:
DH self employed company and sole trader
- Mortgage - $30,000pa
- Home + contents insurance (hobby farm w public liability) - $1400pa
- Rates - $1500pa
- Car insurance x 2 cars -$1200pa (we rural no option of 1 car/pt)
- Car rego x 2 cars - $1000pa
- Power bill - $1500pa
- Internet/mobile - not essential I spose but we not getting rid of them - $2000pa give or take
My small business that I do in addition to my full time job
- ASIC business license x2 - $400pa
- public liabilty - $500pa (increasign next yr)
- insurance of equitpment - $1500pa
- personal life insurance - $3600pa
- ASIC business license - $200pa
- Food license - $800pa
- Public liability ins - $500pa
Thats around $48,000 that doesn't include medical, petrol, presents, clothes, dentist etc. We are just about to get PHI as well because we think we really need to be covered.
- Personal taxes - $250pa
- Family trust - $500pa
- Company trust - $500pa
- Other odds and ends - $200to$500pa
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13-01-2012 07:37 #1
Finances - working class - vent/winge/advice
13-01-2012 07:59 #2Senior Member
- Join Date
- Jan 2009
a lot of that is tax deductible for your businesses so that would help, ie you're not actually paying the whole Amount.
It's the mortgage that is the killer, but that's unavoidable unless you want to sell (not in this market). the average mortgage has become unaffordable for the average income.
have you written down everything you spend? You might be able to save on food or other items?
People on centrelink aren't better off as they still have the biggest expense, being housing costs.
13-01-2012 08:09 #3
We do have to pay the whole amount, I have to find the money in our bank for each and every bill. But yeh its true about the tax - it means that with DH income last yr we didn't have to pay very much tax. But we still have the costs of running the business in addition to above like materials etc.
Yep mortgage is akiller, but I figure its just how life is. Our mortgage isn't big compared to other ppls so I don't mind too much - I think thats an investment long term.
I know we can save a fair amount of money on entertainment and stuff like that. And hopefully actually save money so we can pay our bills from savings rather then our weekly wage.
I know ppl on Centrelink don't get much money and like I said I am grateful for what we have. It just wears me down that we are entitled to NOTHING from them, no concessions on anything particually doctors and medicine. We just miss the cut offs I have been told. So its like $70 to go to dr and then I get about $30 back. And medicines are all full price. I don't know what I think a fair cut off for this assistance is because I know we not poor as such. But we pay the same expenses as my boss for this stuff who earns $200k+ minimum pa you know what I mean. I just feel like we get forgotten about in the middle and get absolultely no incentives to try to set up our own business, take 2nd jobs etc etc.
Anyway, FX in a few yrs it will pay off and we will start to see our earning capacity increase.
13-01-2012 08:17 #4
We were in the same boat. Every time I turned around something needed to be paid.
In the end I cracked & now pay someone to pay the bills. Less stress. Bill comes in, I check it's right & send it on.
13-01-2012 08:25 #5
Mind you, I don't have the stresses that you have so I should probably just suck it up and stop winging. It so hard though at times.
13-01-2012 08:31 #6Senior Member
- Join Date
- Jan 2009
The cut off for hcc is really low. I just checked and it's under 50k gross for a couple combined. So I don't think you'd be close.
13-01-2012 08:38 #7
no we don't come in under that, but we not super high either.
my wage is $60kgross + super
my business brings in about $15K GROSS with about 40% material costs + other expenses. Last yr the net income was around $4k I think.
DH is subcontracting is about $50k Gross (but he has to pay his own insurance, holiday pay, super, work cover)
DH own work brought in about $30k with material costing about 60%.
So yeh im not sure what that all works out to - I think I cleared about $50k and DH cleared about $40kish?
13-01-2012 08:55 #8Senior Member
- Join Date
- Jan 2009
It is hard. Our current gross combined is under 85k, due to my partner's internship and our pt work due to childrearing.
We are barely scraping by with a mortgage and phi, but I just focus that it's temporary. And hope for the future is priceless. I would rather have that than a government concession.
13-01-2012 08:55 #9
Same boat here. I'm desperately trying to save but the bills just keep coming. And they are increasing at a far greater rate than our income. Its demoralising. $1500 worth of bills arrived this last week. I budget, but the bills keep going up and blowing the budget. Train fare just increased 15%, rates went up, water and electricity have gone up, even though our usage has dropped. Insurance has skyrocketed. Bleugh.
I have nightmares that my credit card bill is going to eat me. Fold it in half, give it little paper teeth, and it takes on a whole new level of scary at 2 in the morning.
The Following User Says Thank You to MissMuppet For This Useful Post:
Luna Lovegood (13-01-2012)
13-01-2012 09:05 #10
I don't mean to complain I really do know we are fortunate and I am grateful TRULY. I wouldn't trade places, as tough as it is for me sometimes, I do knwo that generally even if I don't have the money for a bill when it arrives I can pay it off next week once we get paid. I know lots of ppl can't do that.
And even though I pay $70 for the dr - I generally can find the $70 to pay it.
But yeh I do feel like a rat on a wheel sometimes. While I don't like hearing about other ppl struggling too, it is nice to know im not alone.
MissMuppet - we have a credit card with about $8k on it. I am trying to pay that off too. But I am in a better position than last yr - last yr I put several big bills on it and well as having it already high. This yr although its still high, I have been able to pay the bills without using it. (we cut it up so we can't use it anyway).
I think also, because we only moved 4yrs ago and have set up two business it all costs alot of money. We are having to spend money to even think about making money, hopefully soon it will balance out.
I don't care what it take, I will not have a credit card debt by the end of the yr. I have started taking lunch to work EVERYDAY, saving leftovers, not driving into town randomly for a coffee (40km round trip!!).
I think alot of it is my poor choices too, I can't deny that. I am adjusting to not having money and having responsbility I think.
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