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  1. #101
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    Quote Originally Posted by kim85 View Post
    I'm really curious to know if anyone is OK to tell me.
    If you are a stay at home mum or dad can I ask how much is your household income to be able to do that? Do you live comfortably or stress about money and not have any to save?

    Curious as to how so many people can manage this. We earn good money but taking my wage away would be a massive drop..
    H earns 80K currently, but was getting $160K plus my 80K. We had 150K (now 100K) in easily accessed savings plus if needed we have 250K put away for a house.

    I also get about 40K a year from an estate I own overseas.

    Honestly, we could live on H's 80K.

  2. #102
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    Quote Originally Posted by BornToBe View Post
    The thing is, no you can't spend $50 (or $60, or $70) on take out when you are on a strict budget. You just can't. It's a luxury that people work to afford. If you would prefer to work more, then you can buy regular expensive take out meals, and have every type of insurance you prefer, and buy new clothes regularly, and spend $500 a month on car repayments. If you prefer to work less, or have one parent at home then you simply do not buy these things. You buy second hand, buy an older car without finance, use an older phone without a plan, eat at home, budget, and save for big items. That just how it is, it's a lifestyle choice.

    We live happily & healthily on 52k per year in a fairly affordable area about half an hour from a city.
    Not everyone on higher incomes works more. DH and I would have what most would consider very high incomes. I work 3 days a week school hours only. I'm available by email all other times but it never takes me long to respond to queries.

    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.

  3. #103
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    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!

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  5. #104
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    Quote Originally Posted by BornToBe View Post
    "they didn't have anything, but neither did anybody else".
    We've moved around a bit and this sums up the difference between a lot of areas. Cost of living is somewhat dictated by rent/house prices but, when all your neighbours have a boat, strangely you start thinking that you need a boat. (Or a takeaway coffee, a late model car, PHI, or whatever).

    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.

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  7. #105
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    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.

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  9. #106
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    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

  10. #107
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    Quote Originally Posted by Sonja View Post
    Not everyone on higher incomes works more. DH and I would have what most would consider very high incomes. I work 3 days a week school hours only. I'm available by email all other times but it never takes me long to respond to queries.

    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).
    This is what I want!

    I feel like a corporate slave sometimes, tho I am pretty good at boundary setting with regard to working hours.

    Ironically, I'd be happy to work longer hours if I was working for myself. This is the dream.

  11. #108
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    Default 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.

  12. #109
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    Okay, it's a tricky thing to pin down our budget exactly (various different cards being used etc.), but roughly per year:

    Mortgage 12720 (lower than I thought!)
    Insurance (car, house, ambo) 720
    Rego 800 [edited]
    Childcare (1 day per week) 1300
    Internet 960
    Gas 1250
    Water 800
    Mobile phones 275
    Rates 1000
    All other expenses (food, clothes, anything random that pops up, discretionary stuff) 15000ish

    Total 34425

    Excuse me if I've miscalculated anything...very tired here
    Last edited by Renn; 22-04-2016 at 19:17.

  13. #110
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    Quote Originally Posted by DT75 View Post
    H earns 80K currently, but was getting $160K plus my 80K. We had 150K (now 100K) in easily accessed savings plus if needed we have 250K put away for a house.

    I also get about 40K a year from an estate I own overseas.

    Honestly, we could live on H's 80K.
    Actually, now that I think about it- we could not live on H's 80K.
    We COULD live on it if we had my step kids full-time. But with CS and paying half of everything, or more, on top of that, plus 100% of everything for our house and time with them... His 80 and my 40 are needed in full.


 

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