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  1. #1
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    Default What's the right household income?

    We all know Sydney is expensive from school fees, rent/mortgage and even groceries! What's the correct $$$ income to sustain your lifestyle?

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    LifeInShadesOfGrey is offline Just a little bit silly :)
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    ETA think I read q wrong. I'm tired.

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    I think the question should read, "what is the ideal spending for your family?". And the answer should be "less than my income".
    Most people I know spend outside of their means.

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    Jellyfishie  (05-09-2013),saxonrose  (06-09-2013)

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    Wow what a question...that is so difficult to answer.

    There is no right or wrong. Just whatever is best to suit your lifestyle and family.

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    You can make cuts.

    Private school fees are unnecessary IMO!

    Meal plan. Shop at aldi.

    There are loads of ways to save.

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    I genuinely believe my family is only spending decently and even conscious with all the cash outflows but it seems like we are just break even. I thought with our spending perspective, we can save a lot. Little things here and there DO add up!!! DH and I both work with 2 small kids that's our life. How do single income families make it? Or how do families with say 4 kids manage it? Say you have Gross $100k income, can you say wow! that's a lot already for my family. Or can you say, not enough or barely surviving?

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    Quote Originally Posted by sweetpeamummy View Post
    I think the question should read, "what is the ideal spending for your family?". And the answer should be "less than my income".
    Most people I know spend outside of their means.
    I heard about this too! What will happen if in the long run they will be in so much debt?

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    How long is a piece of string?

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    We're on the right income for us. Enough meet necessities, have a few treats & to budget for the big things.

    We've stopped worrying about buying a house, are happy using the public school & health systems and big holidays are on our Tattslotto list. It works for us.

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    The medium house price in Sydney is nearly $700,000 so to repay a $550,000 mortgage (80%) is approx $880 per week, the average private school here is $15,000 per year per child so add another $288 per week per child plus then add normal living expenses


 

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