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  1. #1
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    Default budgets

    Hello i was wanting some advice on budgets for a family of 8. We have 6 kids under 11, one with complex medical needs. We are renting. We seem to live pay to pay and I'd like to get ahead. Thank you

  2. #2
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    Hi Kazza87, I think you might need to provide some more info to get any helpful replies. E.g. a rough idea of your expenses and how much disposable income you have after expenses would be a good place to start
    Budgets are very complex and you have a large family so good luck!

  3. #3
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    Start with adding up all of your income and expenses for the year.

    Eg income - Check last year's group certificates and add up salary / wages / regular overtime / any centrelink money.

    Expenses - Divide between fixed expenses (those you have no control over or need to spend to provide the basics of life) and discretionary spending (the nice to haves that you can control). Total up your fixed expenses for the year.

    Examples of fixed expenses:
    Rent
    Car Rego
    Insurances (shop around for best deals)
    Electricity
    Water
    Loan repayments
    Estimate of medical expenses for your child with complex medical needs
    Food - set a realistic target
    Estimate of schooling costs per year
    Transport (include petrol, car servicing and maintenance)

    Examples of Discretionary Spending:
    Entertainment eg movies, eating out etc
    Clothes
    Hobbies
    Presents
    Holidays

    Look at your annual income less your annual fixed or unavoidable expenses. Hopefully there is some left over. Work out your savings goals and how much you want to save for the year then divide by the number of pay periods in the year (52 for weekly or 26 for fortnightly). Then set budgets for discretionary spending from what is left over.
    Last edited by SSecret Squirrel; 01-05-2017 at 18:05.

  4. #4
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    Thank you for the replies so far. We get 3120 a fortnight.
    Rent 700 fortnight
    Power 245 (currently paying it off)
    School fees 135 (4 kids Catholic school )
    Anz 200
    Go card 200
    Telstra (nbn, mobiles homeline) 220
    Food 600
    Insurance(contents and car) 45
    Rego 50
    Medical 60
    Petrol 100
    Car loan 80

  5. #5
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    Ok from your list you should have about $485 per fortnight left after expenses.

    To get that, I've assumed all your costs are fortnightly. Your Telstra bill looks very high. Do you have phones on a plan? Are you able to get the cost down at all?

    ETA is ANZ a credit card? Switching to a card with an interest free period will help you get it paid off faster and save money in the long term.
    Last edited by SSecret Squirrel; 01-05-2017 at 18:20.

  6. #6
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    Our telstra is under contract at moment so cant do much. Everything is paid fortnightly s9 we don't have huge bills. Hopefully anyways.yes ANZ is a credit card. Hopefully in july pay that off.

  7. #7
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    Not to be rude or hijack your thread would most people budget about 150 a fortnight for two cars driven for 1 hour daily

  8. #8
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    Things like buying in bulk and making homemade food can really cut your food bill down. Not saying i need to, i have no idea how to cook for a family of 8.
    Not buying prepackaged food is a big one. Buy ingredients not meals.
    Can the home phone (unless u need it for a business or something) its a waste of money.

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    I would try get to a financial counsellor. They can help.

    Pay smallest debt first and smash it out


 

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