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  1. #31
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    Before going on maternity leave I was earning around $90k and DH earns about $95k (all pre tax). I had 8 months mat leave at full pay and I'm now back part time earning $30-$40k depending how many hours I end up doing for the full year. So our total income now is $125-135k and as far as I know that means we get no FTB.
    Here are our expenses:
    Mortgage (minimum payment is $1500 month).
    PHI is costing us $350 month (going to downgrade as wont need pregnancy cover again 😜).
    We have no car loans or credit card debt.
    We are in SA where utilities are stupidly expensive our electricity bills are at least $200 a month plus $80 for gas
    Council, water rates are $200 month House/car insurances about $150 month
    Childcare (after rebate) $390 month
    Phones, Internet $200
    Then food, fuel, spending money and other bits and pieces etc on top which is about $1500 month
    We are doing fine on the reduced income. I think we are lucky to be in the position we are. We try and put as much money as we can into the mortgage so even though the repayment is $1500 we pay at least $2.5-3k a month as we can't wait to be mortgage free.

  2. #32
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    I love those kinds of challenges!! I didn't work for about 5-6 months back in 2012 and I was the same. was a good challenge to try and get as much value as possible living cheaply.

    I'm on ppl now and we're living on dh's salary only. I feel we haven't really curbed our spending, like we don't really have a budget per say. but day to day i spend very little, dh's main daily expenses are parking in cbd and a coffee in the morning. so he's spending just over $100 a week on that. otherwise our spending is just on necessities- home loan, car loan (which we also pay extra on), home bills, private health insurance, mobile phones and groceries. if I want to buy something, I just buy it. dh doesn't question my spending (but I'm not a wild spender so that's probably why). we only have one car which we share so that saves a lot too.

    we rarely go out either, not even to eat out really these days as I was pregnant before and so restricted in what I could eat it was barely worth bothering. and now with a bub in finding it all too hard. so minimal social life means money saved too.

    our offset has taken a bit of a beating of late, need to ensure we don't run it down to nothing before I go back to work!!

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    ilex  (21-04-2016)

  4. #33
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    Default If your a sahm/dad how much income?

    Quote Originally Posted by turquoisecoast View Post
    foreign rental income? he can claim foreign rental expenses against it.

    never thought about whether a concessional super contribution would be an allowable deduction in a case where the taxpayer has only foreign income. interesting scenario. I would've thought they could off the top of my head?
    Oooh yes you're an accountant! I forgot about that. He doesn't pay tax in Australia (as his foreign tax credits are more than what his income tax here would be and there's some reciprocal agreement or something) so there's nothing to claim back as such. Sounds dodgy but it's not. Works out not in our favour, he pays more tax than he would working here hahaha. Sorry to thread derail!
    Last edited by babyno1onboard; 20-04-2016 at 20:52.

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    turquoisecoast  (20-04-2016)

  6. #34
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    Quote Originally Posted by babyno1onboard View Post
    Oooh yes you're an accountant! I forgot about that. He doesn't pay tax in Australia (as his foreign tax credits are more than what his income tax here would be and there's some reciprocal agreement or something) so there's nothing to claim back as such. Sounds dodgy but it's not. Works out not in our favour, he pays more tax than he would working here hahaha. Sorry to thread derail!
    makes sense!

    even without the tax deduction, try and put a little bit away into super. you'll thank yourselves down the track!

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  8. #35
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    Below is a copy of my old MONTHLY budget, based on a take-home income of just over 4k per month (48,000 per year). This is a couple of years old - based on our family with a toddler and a baby (haven't updated the monthly budget since then because I use a different format now). We now have a higher income (we now take home around 5k per month/ $58,000 per year), but have 3 children, which means more expenses. We also pay private school fees now, but it's only 4k per year.

    I think wealth is a state of mind. I recognise that our lifestyle here in Australia is incredibly wealthy. I also think I have been lucky (and very cautious!) not to accumulate too much debt & to make pretty good choices.




    Donations/ charity - 10% of income $400
    Groceries $600
    Petrol $320
    Mortgage $1,400
    Electricity $300
    Car rego $120
    Council rates $180
    Water bill $80
    Mobile phone $50
    Internet $50
    Gifts/ birthday presents/ etc $60
    Medical/ chemist/ prescriptions/ etc $40
    Car maintenance/ services $40
    Dinner/ going out/ takeaway $20
    Spending money (incl. clothes, socks, haircuts, etc) $60
    Nappies, baby wipes, kids clothes, etc. $60
    Savings $300
    TOTAL $4,080
    Last edited by cheeeeesecake; 20-04-2016 at 21:52.

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    BornToBe  (21-04-2016)

  10. #36
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    Default If your a sahm/dad how much income?

    DHs income after tax is around $1700 net per week (DH full time job & 2 businesses). I have just gone back to work part time recently & bring home $700 net per week, so take home is $2,400 per week.

    We rent, have 2 cars, one small car loan, no credit cards, $25k in savings. I didn't need to go back to work as such, as we were fine without my income, but we recently paid for out wedding & are going overseas for 6 weeks with our kids & are also saving for a house deposit so it all adds up.

    We could get by on less, however we don't want to compromise on lifestyle. We want to send our kids to private school & take them overseas. We want to build our businesses and also invest in property, all of which require money to do. We are still young and really want to set ourselves up early.

    On the flip side, I work with a man whose wife & himself collectively earn $75000 and get by fine for them. It's definitely all perspective and expectations, but doable definitely
    Last edited by lulupetal; 20-04-2016 at 21:41.

  11. #37
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    @Cheeeesecake is that a monthly spend?

  12. #38
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    @Cheeeesecake is that a monthly spend?

  13. #39
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    God I don't even want to post here how much we pay in interest & loan repayments. Your eyeballs will pop out of their sockets.

  14. #40
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    Quote Originally Posted by Sonja View Post
    @Cheeeesecake is that a monthly spend?
    Yes, sorry probably wasn't clear enough.


 

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