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How much to live on per week after mortgage/rent


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#1 VVV

Posted 17 August 2019 - 11:00 AM

I’m looking at adjusting my hours with work which would leave us with about $800 per week to live on after mortgage payments. We live quite frugally but this seems tight. I know I need to sit down and do a budget to account for everything. Just wondering what others live on or thereabouts? Not sure if this is doable.

#2 MarigoldMadge

Posted 17 August 2019 - 11:04 AM

I would start with pulling out 12 months worth of transactions and overlaying your new income over it, and see if you could have managed.

See where improvements could be made, etc.

#3 28 Barbary Lane

Posted 17 August 2019 - 11:09 AM

For us it would be. We actually live on less than that. We don’t spend much though, don’t have any loans, have low electricity bill, rent so no rates, no water, and no private school fees, no health insurance, prepaid phones, eat cheap cheerful Asian places, public transport. So not $$ lifestyle.

I’d still want to have a savings buffer though if something comes up.

#4 BadCat

Posted 17 August 2019 - 11:09 AM

Depends on your expenses and how many people you're looking after on that money.

On ordinary expenses, bills and the little things in life we enjoy, I spend about $600  per week.  That's with three adults and two cats in the house.  One car.  I could spend less if I needed to.

#5 ~LemonMyrtle~

Posted 17 August 2019 - 11:20 AM

I don’t think there is a stock standard answer to this. Depends on too many things. Many people live happily on that, many wouldn’t survive.

I’ve always imagined $1000 a week after housing was a very comfortable living. But as I get older $1000 buys less and less. So I don’t know anymore.

Fact is, if you have no choice you will make it work.



#6 blimkybill

Posted 17 August 2019 - 11:35 AM

I live comfortably on less than that, but it's just me and one semi independent adult DD. Of course you need to add up all your bills, food, car costs, insurances, utilities, school costs, internet, phone, rates, entertainment,  and see where it comes in. Remember everyone needs a buffer for maintenance and for when things break down. I suspect for a young family it might not be enough,  but it very much depends on your expenses.

#7 Kallie88

Posted 17 August 2019 - 11:53 AM

Me, DH and 3 small ones. He earns 1150 per week, 300 on mortgage, 150 on groceries, 270 for bills, 250 for daycare, 100 for petrol leaves $80 free and puts our weekly living expenses at 770. Daycare will probably go down next term when I'm getting less work so they'll drop a day. I've already put together an estimate (rounding up)for all our bills for next year based on expenses in the past year, divided by 52 to get a weekly amount for bills which we put in a separate account until we need to pay for something.

#8 nom_de_plume

Posted 17 August 2019 - 12:05 PM

I think it’s doable depending on your fixed expenses.

After paying rent we have $3600 per fortnight leftover. Of that we save $2000 and live off $1600. We usually have $300-$400 in our bank account at the end of the fortnight.

#9 WannabeMasterchef

Posted 17 August 2019 - 12:27 PM

First up I would look and see if losing income means your other costs change (eg FTB if you get it, childcare subsidy if you use it).

We are a family of 5 and I reckon I spend about $200- $250  on groceries (youngest is a baby). Utilities are about $800 - $900 a quarter which is about $70 a week.  Fuel isn't much as we have one car that's a diesel but we all use PT tickets as well (except for the baby, obviously :p). Then insurances, mortgage, phones about $500 a year so $10 a week, internet $750 so about $12 a week, council rates $1500 a year so about $25 a week, school fees $700, union fees, car servicing $700 a year, it all adds up!  We could do it but our mortgage isn't high.  

Don't forget to allow for prescriptions and other incidentals like hair cuts, birthday presents, house repairs, car tyres, clothes and school excursions if that applies to you.

Edited by WannabeMasterchef, 17 August 2019 - 03:00 PM.


#10 BornToLove

Posted 17 August 2019 - 12:34 PM

Roughly speaking, your housing (rent/mortgage) shouldn’t be more than 30% of what you bring home. Anything above that is putting your budget under stress and is unaffordable in the long term.

That said, for us, we could live on $800 a week. We would need to trim the budget, and it would be very tight, but could make it work. However, we are a family of three and only have one car, so it would be easier for us m than say a larger family.

#11 Bugster

Posted 17 August 2019 - 12:40 PM

It depends on so many factors, where you live, kids? Pets? Medical expenses? Car loan? etc

We ‘need’ roughly 70-75% of our current income to live including house payments . We could cut expenses if we had too but with 4 kids I am not sure $800 would work for us.

#12 Mooples

Posted 17 August 2019 - 12:48 PM

For us, $800 wouldn’t be enough but we spend way too much.

#13 Mumma bug

Posted 17 August 2019 - 01:30 PM

Wouldn’t be for us. We have so many insurances. Plus childcare and utilities. No private schooling thankfully.

#14 -Emissary-

Posted 17 August 2019 - 02:54 PM

How big of an adjustment is it from where you are now and how big is your family? I’ll probably do a budget to see if it was feasible.

We spend over $1000 after our mortgages per week but that includes utilities, rates, insurances on two properties as well as health insurance.

If we only have one set of household utility then $800 a week would probably be doable but we’re currently just a family of 3.

#15 SplashingRainbows

Posted 17 August 2019 - 05:32 PM

We would have to make a number of drastic changes to survive on that. I’m sure we could if we had to, just, but it would be tight and I wouldn’t enjoy it.

One of the reasons I’ve maintained my career and work hours

#16 JomoMum

Posted 17 August 2019 - 06:20 PM

View PostMumma bug, on 17 August 2019 - 01:30 PM, said:

Wouldn’t be for us. We have so many insurances. Plus childcare and utilities. No private schooling thankfully.

Same. Utilities and bills, insurances, car costs, plus food and petrol, would be well over 800.

It’s a “how long is a piece of string” question.

Edited by JomoMum, 17 August 2019 - 08:56 PM.


#17 Freddie'sMum

Posted 17 August 2019 - 06:28 PM

I don't think our family (2 A, 2 C and 2 pets) could live on $800 a week.  Our day to day expenses are more than that and there is only so much trimming we could do.

#18 Cimbom

Posted 17 August 2019 - 07:51 PM

We could easily (just two adults) but it is very much dependent on your situation and expenses

#19 kerilyntaryn

Posted 18 August 2019 - 01:51 AM

We are a family of 5 and we could easily live of about half of that

#20 newmumandexcited

Posted 18 August 2019 - 04:39 AM

No chance.

#21 EmmaFY

Posted 18 August 2019 - 05:45 AM

I think it depends on individual circumstances.

Kids in daycare? Pets? Insurances? Bills? Transport to/from work?

#22 Lunafreya

Posted 18 August 2019 - 06:32 AM

Well let’s see
No insurance
No pets
No car and my PT is capped at 2.50 a day
Child in pre-school but ex pays half
Will have to get a nanny though to look after DS after school

One thing I’ll have to start doing is bringing my lunch to work, which is healthier anyway.
And I’ll need to stop spending, waiting for things I need and paying things off gradually like with after pay and stuff.
I think I can do it, though with my job I should get a raise once I finish training

#23 JomoMum

Posted 18 August 2019 - 07:18 AM

View PostLunafreya, on 18 August 2019 - 06:32 AM, said:


And I’ll need to stop spending, waiting for things I need and paying things off gradually like with after pay and stuff.


If things are tight, may I recommend saving for it first, then purchasing? Afterpay can be a nasty little trap. Much like a credit card, but with no limit attached.

Efs

Edited by JomoMum, 18 August 2019 - 07:18 AM.


#24 Mozzie1

Posted 18 August 2019 - 08:30 AM

As others have said, it really depends on your fixed expenses. Our insurances are $200 a week and our child care alone would come close to your total expenses.

I think if you are going to need a nanny for a few days that will chew up a lot of that money.


View PostWannabeMasterchef, on 17 August 2019 - 12:27 PM, said:

First up I would look and see if losing income means your other costs change (eg FTB if you get it, childcare subsidy if you use it).

We are a family of 5 and I reckon I spend about $200- $250  on groceries (youngest is a baby). Utilities are about $800 - $900 a quarter which is about $70 a week.  Fuel isn't much as we have one car that's a diesel but we all use PT tickets as well (except for the baby, obviously :p). Then insurances, mortgage, phones about $500 a year so $10 a week, internet $750 so about $12 a week, council rates $1500 a year so about $25 a week, school fees $700, union fees, car servicing $700 a year, it all adds up!  We could do it but our mortgage isn't high.  

Don't forget to allow for prescriptions and other incidentals like hair cuts, birthday presents, house repairs, car tyres, clothes and school excursions if that applies to you.

How do you manage $10 a week for insurance? Our home insurance alone is $2400 a year and it's a very modest house in size and construction quality.

#25 Lunafreya

Posted 18 August 2019 - 08:35 AM

View PostJomoMum, on 18 August 2019 - 07:18 AM, said:



If things are tight, may I recommend saving for it first, then purchasing? Afterpay can be a nasty little trap. Much like a credit card, but with no limit attached.

Efs
I am careful with AfterPay. I only do one thing at a time and for things I really want and can’t wait for. Or there is an amazing sale for something I have wanted for a while. I am currently finishing off paying for something and only then will I use it for something else.
I admit I used it while I was on Newstart, but more like LayBy where I could pay it off slowly. ZipPay, which I also used, was a real godsend for my phone bill as it cut it in half. I paid $50 a fortnight instead of it taking $100 out of one payment.
The next thing I’m using this for will be a new bed for DS. I can afford it, but paying it in instalments makes it less of a financial hit.

Edited by Lunafreya, 18 August 2019 - 08:42 AM.





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