I'm currently a SAHM. Most years DP earns about $25k (runs various businesses). I honestly don't know what our FTB is.
We're fine. We consider ourselves extremely privileged. We have a mortgage and one car (9 years old). We buy pretty much what we want, but we do a lot of research on what we want and buy most things second hand. We don't spend much money on food compared to a lot of people, but eat very well.
We're happy, and living the way we want to. I struggle to think what we'd do with a higher income except pay off more of our mortgage. In fact, we had about double our usual income at one point when I was working too, and most of that went into the mortgage.
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20-04-2016 19:09 #11
20-04-2016 19:25 #12
I'm expecting to be a SahP once my ppl runs out next month and I'm not likely to find work with my double liabilities (defence wife/kids). Dh earns about 90k and we live in Canberra. Unsure about ftb as we've never been eligible before and only claim at tax time.
Our only debt is our mortgage (investment property) which is 1600/month. Currently our rental income pays for that. We are renting ourselves in Canberra at ridiculous prices. We pay extra into our offset while I'm on PPL.
Our monthly expenses are roughly
1600$ mortgage (mostly covered by rental income)
2300$ rent here in Canberra (subsided a bit)
Health insurance 200$
Private school fees 350$
Car insurance $50
Not sure how much our landlord insurance is nor our contents on both ours /investment property is.
Groceries 600-700$ includes cleaning/nappies
Fuel $250/both cars.
Gym fees 50$
We live simply. Most free activities/outings tho once every few months we do something like the aquarium/zoo. Never get takeaway or have dinner out.
My splurge is my gym fees. It keeps me sane.
20-04-2016 19:36 #13Senior Member
- Join Date
- Mar 2016
Out of curiosity are you working with pre or post tax figures?
20-04-2016 19:45 #14
Wow! I will stop complaining... Before I went on mat leave, DH and I were earning $280k combined, inclusive of super.
My company gave me 6 months leave at half pay, but now we are down to gov leave for me, and it's harder than we thought.
We decided to move while I was pregnant, so our mortgage is now double what it was but we're managing. Luckily we'd put a pretty good chunk away beforehand to supplement.
We paid off our car and a few other things when we sold our last house to reduce the amount of cash going out. Starting childcare soon and it's 155 per day! But I'll be back at work to offset. No other major debts, and the only time we really use our credit cards is to book flights overseas etc.
Even though it wasn't practical, I wish we'd stayed in our old place and I didn't have to go back to work. But hindsight is 20/20.
20-04-2016 19:48 #15Senior Member
- Join Date
- Mar 2015
My DH earns more than $200K and while we're ok, I wouldn't say we're rolling in it. Despite the fact that we do not buy anything aside from food and pay bills, we still don't have much money left. I think our mortgage eats up the majority of our income - we pay over $5000/mth so that's a huge chunk, but mostly that's because DH is obsessed with paying down the mortgage as quickly as possible. The rest goes to the car payment, internet/foxtel/mobiles, electricity, water, gas, food, household necessities, and various other bills like insurances, car regos, etc etc etc. Something always seems to come up. I don't think we're very good at budgeting. Before, our rent was half of our mortgage repayments and we were both working with no child so budgeting was never really an issue... Ah the good old days!
20-04-2016 20:27 #16
20-04-2016 20:32 #17
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!
20-04-2016 20:33 #18
20-04-2016 20:48 #19
20-04-2016 20:49 #20
Last financial year with wages and ftb our income was $71000. About $58000 of that was taxable. And that was only one wage. We lived fine. Paid bills...no other debts and pay rent and even went on an overseas holiday with it.
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