DP earns approx $75k a year before tax. I get approx $7.5k a year FTB. We rent in Sydney (3brm house $550 a week) and currently any savings we have goes to IVF. We could save more, but at the moment we are just happy getting buy.
I don't really know what we spend honestly, but we aren't in any debt and I can afford to buy some brand name clothes for my kids, and we go out for breakky or dinner once or twice a fortnight. Eventually we will have to buckle down but I'm studying and we know that it won't be too long before I'm working again and then we will do what we've always done - live off DPs income and save mine.
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21-04-2016 15:28 #101
21-04-2016 15:44 #102Senior Member
- Join Date
- Apr 2008
21-04-2016 15:47 #103
21-04-2016 15:49 #104
DH is at the top of his field but still manages to drop our son at school every day on way to work and attend as many school related things as he can. He's home by 630 every night (often a bit earlier).
I realise how lucky we both are to earn great salaries without working 100 hours a week but we also didn't take years off work in our 20s to travel as many of our friends did. We have also moved several times to follow better work opportunities.
Everyone has a different story.
21-04-2016 16:01 #105Senior Member
- Join Date
- Feb 2006
When I was married my now X was earning about $55k. We managed fine IMO, X would disagree.
I'm now a single parent on a very, very low income. Money sucks but we are all happy and healthy.
If I were on some of the 6 figure incomes mentioned here, I would feel like a gazillionaire!
21-04-2016 17:48 #106
OP, since starting a family we have lived of everything from government payments (newstart+PPP+FTB ) to $130k gross PA and everything in between. We've depended on unreliable, sporadic business income for a lot of that time too.
My biggest advice if you know your income is going to drop is pay off all credit cards and high interest debts now, then save yourself at least a $10k 'buffer'. The hardest thing living on a very low income is cashflow. Sometimes bills must be paid 2 days before money is due in. Using buffer money, then paying it back immediately helps. But you can't blow it on a holiday etc or you will start sinking - relying on credit cards to smooth out the bumps and start racking up debt.
Last edited by Stretched; 21-04-2016 at 19:01.
21-04-2016 18:10 #107
Similar to what stretched said, a buffer is key for us.
We have a huge buffer on our mortgage that's available as re-draw if we need it. It doubles as our savings account. It would be a lot harder to live frugally without that, because we wouldn't necessarily have the cash available when something came up that could save us money.
Honestly, I'd feel a lot less wealthy living on a high income and living paycheck to paycheck (although I can't personally see us ever doing that) compared to living on a low income with a significant buffer.
21-04-2016 18:12 #108
Dh brings in $85k AFTER tax we dont get anything off the government and have only just gotten a $15k loan for the car but will pay that off once we know where we are financially after our reno.
The last 6 mths we decided to downsize because really why do we need a big house? I would rather go on trips with my family.
Dd is in a private school but compared to others in the area it is the "cheaper" one
I have started to meal plan and have it on my fridge so I stick to it and have noticed I am going to the shops less now.
Any spare money we have ever had always goes to our homeloan or sits in an offset account.
We do put everything on the credit card to get reward points for flights but we are very strict and put money on it every couple of days so we dont over spend on our budget.
I am also someone that needs to make goals to save moneyas I find that more fun than just putting it away
21-04-2016 18:54 #109
21-04-2016 20:24 #110
If your a sahm/dad how much income?
Hubby earns around $70k before tax. We have a mortgage of about $740fn and budget $35 per day for food and other bits and pieces. We budget really tightly and have money going in to various different accounts lol it's not really stressful cause it's all so planned out. We still get to eat out and treat ourselves we just have to be mindful of hat we are spending. As we are both in the same 'industry' my working salary is similar to hubby's so when I do go back to work it'll be a massive jump.
Last edited by LaDiDah; 21-04-2016 at 20:30.
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