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  1. #21
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    I think the more you earn the more you get accustom to a certain way of life and the thought of dropping income is difficult. There would be a certain point where things would be pretty bloody tough - maybe $50k? depending on where you live and non-negotiable outgoings.

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  3. #22
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    You know I think you learn to adjust to live within your means.

    Try not to stress about what other people say, they aren't you and they aren't in your position.

    An example... I only have two kids and I'm a single parent. When I first became a single parent I wasn't working and relying on Centrelink... I was managing quite well on 34000 a year... we were managing because I had to...you get budget savvy and find ways to save etc.

    I'm still single and still only have two kids but I now earn $120k a year and in all honesty I was so much better at saving and budgeting when I was only getting 34k... but the most important thing I'd happily go back to being a stay at home mum even if it meant going back to 34k a year... because there is simply nothing better than spending every day with your kids and being able to be there for them, no stress about work/ life balance.... honestly enjoy your kids... you'll manage money wise

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  5. #23
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    Quote Originally Posted by Furmumma View Post
    I wonder the same thing?!? My DH only earns around $44k and I'm working 4 days and bring home around $50k. And we only have one child. We have no mortgage as we rent but we still struggle to save and can't imagine having to pay two lots of child care fees. That's the killer when thinking of no 2.
    As I earn more I have to work, we simply cannot survive on $44k alone if it was just hubby working. I'm dying to know how those with large families living on such low wages do it!
    yeah my mind is blown away people sitting here saying they survive on $75k one wage. i guess if you're a sahm/sahd then you're not paying daycare costs. bonus if you can both work and get family as free daycare.

    our home loan repayment is $3k a month so that's a chunk right there. we spend about $2k a month on daycare and our car loan is $567 a month. our savings are hard to track too because everything just goes into the offset then we live on the credit card all month then pay the balance off in full monthly. whatever is left in the offset after that is generally "savings". it's not the best system really.

    i'm actually worried about how things will go with a second bub! i don't really want to pull ds out of daycare completely but no way can we afford the fees if i'm not working!

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    Quote Originally Posted by turquoisecoast View Post
    yeah my mind is blown away people sitting here saying they survive on $75k one wage. i guess if you're a sahm/sahd then you're not paying daycare costs. bonus if you can both work and get family as free daycare.

    our home loan repayment is $3k a month so that's a chunk right there. we spend about $2k a month on daycare and our car loan is $567 a month. our savings are hard to track too because everything just goes into the offset then we live on the credit card all month then pay the balance off in full monthly. whatever is left in the offset after that is generally "savings". it's not the best system really.

    i'm actually worried about how things will go with a second bub! i don't really want to pull ds out of daycare completely but no way can we afford the fees if i'm not working!
    Yeah it's all relative... some people have a much smaller or no mortgage, no car repayments and because their income is smaller their daycare fees are less (more subsidy). We couldn't live on $75K either unless we made some significant changes to our lifestyle (eg sell our house ).

  7. #25
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    OP you seem to get a lot of FTB- my partner and I earn $110k between us yet we get no FTB. Is it because you are on one salary do you know?

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    5 kids, dh is on $85k a year plus we get roughly $700 a f/n family tax benefit. We struggle but make do. Previously he was on $145k a year and we struggled more than we do now!

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    Quote Originally Posted by Lilahh View Post
    OP you seem to get a lot of FTB- my partner and I earn $110k between us yet we get no FTB. Is it because you are on one salary do you know?
    The more kids you have the tax benefit you get but once your salary etc goes over 100k it reduces. We earn literally $101k and get nothing from A & B plus dp is self employed so we have to opt to get tax benefit at the end of year just as an incase. There is a family at my ds school they get $1700 a fortnight in family tax benefit as they have 8 kids that's more then what I earn in a fortnight full time work

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  11. #28
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    I think you learn to adjust no matter what wage you're on. We have survived on $50k, $100k and now $180k with 4 children. I'll admit, the more we earn, the more we spend. You would also be entitled to more FTB when you have the 4th, seems to go up a fair bit more than when you have 2-3 children.

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    Quote Originally Posted by BabyG4 View Post
    I think you learn to adjust no matter what wage you're on. We have survived on $50k, $100k and now $180k with 4 children. I'll admit, the more we earn, the more we spend. You would also be entitled to more FTB when you have the 4th, seems to go up a fair bit more than when you have 2-3 children.
    I agree. But I think you are more budget savvy the less you earn. I always had so much more cash flow when both hubby and I were on minimum wage many years ago, and now we earn about $190,000 a year including rental income, and there's never any spare money... it's all living within your means.

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  14. #30
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    Quote Originally Posted by Lilahh View Post
    OP you seem to get a lot of FTB- my partner and I earn $110k between us yet we get no FTB. Is it because you are on one salary do you know?
    Hey yeah I think the family tax b which is about $160 of that money gets cut off once the main earner earns more then $100 000.
    I have changed to claim ours at the end of year in bulk as hubby wage is a bit un predictable and I don't want to go over the limit and have to pay money back.
    I am full time stay at home so we don't have any daycare fees.

    I think you just learn to live/ deal with what you earn. We have a realistically small mortgage $280 000 so that cost us about $1600 a month. We don't have any car loans or any other loans and we work in cash each pay fortnight so we never over spend on a credit card. Every time I open my wallet I can see if I will run out of money before the fortnight is finished or if I have a bit extra to spend. ( we we might spurge on takeaway or something at the end of the fortnight)

    But our children are still young ( 4,3,1, pregnant) so they don't have any school or activity cost yet.

    My perception from my friends is that it's the daycare cost they hurt the most but they can't live on the one wage. I feel so lucky we can manage on hubby wage. With the cost of daycare it would be worth me going back to work.

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