Archived Discussion Topic

Realistically How Much Money Would You Need?       started by debs1966 on 08 Jun 2010   (22871)
Message InfoMessage
From debs1966

08 Jun 2010 4:14 PM
(108579)
Hi Guys As you can appreciate the Aussie Dollar to the English Pound is not the best at the moment. When I come to Oz until the Exchange Rates improve I will be keeping any monies from the sale of my house in the UK. Can anybody please advise me as to how much realistically a family of 4 would roughly need to live off for same the first 6 to 12 months. Bearing in mind we hope to find work when we get out there fingers crossed. I am really worried because from reading your posts it sounds really expensive out there. Any ideas would be greatly appreciated. Many thanks Debbie
From me2you

To debs1966

08 Jun 2010 6:53 PM
(108580)
It
From meandbee

To me2you

09 Jun 2010 12:23 AM
(108584)
Great info although some of those prices need an update. Renting a 4 x 2 in kingsley is going to be more than $135 per week now. You will be luck to see change out of $450 per week based on the 7 that are available on realestate.com.au today. So that is now $23-25k rent bill. plus about a $2k bond upfront. Rates is more like $1200 now, Gas, elec and water would now be in the order of $4k based on $3k in 2006.
From Kris+Rob

To meandbee

09 Jun 2010 6:30 AM
(108587)
If you rent you don't pay rates. Our familiy of three uses about $110 electricity every two months, $120 gas a quarter and our last water bill was $360 for six months (didn't realise we had a leak though, so that cost us dearly :( ).
From vickyo

To debs1966

10 Jun 2010 12:05 PM
(108604)
Hi, I have not been on here for a while. We have been living in Brisbane now for 2 years and are only just coming to grips with the cost of everything and eventually sorting out our finances on a month to month basis. Having had the expense of the move, Renting ($450 per week)$900 per week for the first 4 weeks as it was a holiday rental, cars, furniture, school uniforms (twice as we moved areas and schools)and building our house we are now settled into our life and I have listed the costs for you below to give you some idea on the cost of living here and what I pay or save on a month to month basis to cover the costs..... Building and content insurance $125.00 Private Medical Insurance $275.00 Motorbike Insurance $50.00 Car Insurance $72.00 Foxtell $140.00 Loan $100.00 Toll Charges $75.00 Rates $180.00 Electricity $200.00 Mobile Phone $65.00 Car/Bike Rego $100.00 Car/Bike Service $75.00 Uniforms $100.00 Christmas $120.00 Books for School $50.00 Extras $200.00 Clothes $150.00 School Trips $50.00 Birthdays $120.00 Mothers Day/Fathers uk/Aus $75.00 Petrol Motor Bike $200.00 Petrol Car $400.00 Food - @$550 per week $2385.00 Total needed per month $5357.00 We are family of Me and Hubby and 4 boys aged 16, 15. 13 and 12. Our Daughter is also joining us in July who is 22 so I would expect some of the above cost to go up. With regards to private medical insurance it is adviseable to take this out within the first 12 months of arriving as after this you will get charged an extra 1 or 1.5% tax on you gross income. Also something else to consider which I have just found out is that if your child is looking to go to Uni, which my eldest boy is just looking into, as a permenant resident you or they are not eligible to take out a student loan, they have commonwealth funded places available upto 75% of the cost but the remainding 25% has to be paid by the student, in our case and extra $6000 per year. Which added to the above for us means we would need to save an extra $500 per month to cover the cost and thats without any books or him travelling there. Additional to the above is obviously your mortgage/rent repayment, which will be different for everyone all depending on the amount you borrow or the house that you rent. Hope the above has been of some help to you, if you want to know anymore then let me know and I will help all I can. Vicky
From SyNikki

To debs1966

10 Jun 2010 9:00 PM
(108609)
We get by (easily) on less than half of what some people seem to be spending, for example both our cars cost a whopping $6k!!! All depends what you want to spend, some things are more expensive some aren't. But some of the figures here seem a little excessive to me, but thats just my opinion!
From vickyo

To SyNikki

11 Jun 2010 12:50 AM
(108613)
I do tend to agree that it does depend on what you want to spend, however, I have spent a considerable amount of time working out what it takes to continue our lifestyle that we had in the UK, it has been hard and we are not flushed and don't have a lot of spare money, but if you think some of the figures are a little excessive then maybe you would like to share your details and costs with everyone, if nothing else it could help the rest of us, maybe you know something we don't know!!
From jimboman

To vickyo

11 Jun 2010 2:08 PM
(108614)
To start with, the foxtel and private medical insurance are not essentials, along with car insurance, car/bike service and putting aside $120 a month for chrimbo. If you service your own car, make do with medicare and without foxtel, you can trim a fair bit from your budget. I am not having a go. We have car insurance because the third party you get with your rego, only covers personal injury and not damage to other cars or property. We do not have private health cover or foxtel, but our house is insured (that is essential!!). Since we came here 3 years ago, I have never taken home more than $800 a week. Our house is paid for by virtue of the fact that we sold in the UK at the right time and the exchange rate was good so we bought for cash. So, as we don't have mortgage/rent to worry about, $800 a week has done us fine. We run two cars, eat out now and again and our kids are in private education. You have answered the question as I would have answered it if I earned $500 a week more than I do now. The answer is not wrong, it is your answer, under your circumstances and with your income. There are people who survive on 1/4 of what you have and there are people who feel under pressure financially on ten times your income. As for maintaining a lifestyle like you had in the UK, my UK lifestyle did not include a world class beach at the end of my road, or pretty much guaranteed sunshine for nine months of the year. It did not include a house in its own grounds with a pool and a patio for entertaining. It did not include the feeling of optimism for the future that Australia has. How much money do you need? It depends on who you ask. The average premier league player will tell you that he needs at least 50 bags of sand a week just to survive. My family and many others we know, manage on just under a Rio.
From mohamm

To jimboman

11 Jun 2010 6:52 PM
(108621)
To be honest I think vickyo is probably about right with that figure (family of six.) all at an expensive age. Vicky is saying that each house hold member is costing $892.83 per month for the standard of life they want. On Vicky
From Kip

To mohamm

19 Jun 2010 10:19 PM
(108679)
as jimbo points out you live within your means so if you earn 65k you don't borrow 330k which is approx 5 times your income. Our total outgoings per month are $2600 excl food, (everyone different) rates etc including 230k mortgage kids clubs / foxtel $58 per month (sports package) insurances / utilities.
From mohamm

To Kip

21 Jun 2010 4:48 PM
(108697)
Of course you have to live within your means that goes without saying. The examples given were not specific to anybody just a benchmark for people to do the math. For example your outgoings are $650 per week plus food. So let
From Kip

To mohamm

21 Jun 2010 9:38 PM
(108702)
How much would you realistically need was the question - people give examples of there situation I gave examples of mine $2600 plus food - you're right aprox $300 extra per week. It wasn't misleading. Do I get by yes are we loaded no. We could tighten our belt further if we needed to. We're all different and I'm trying to give balance to it. My mate earns near 40k a year more and feels hard up - similar outgoings but he had a smaller mortgage in the UK so he feels like he has less disposable. Most of us have to compromise on area - not being funny.
From jimboman

To mohamm

21 Jun 2010 10:28 PM
(108703)
I work with single blokes who struggle on $50k. Then again, they run flash cars, buy their lunches at the local lunch bar (chips and gravy $4.50 and choc milk another $4.00). The best way to find out how much you need, is to find out how much things cost and then decide which of those things you need. The IT pro who earns a $110k and pays people to fix his leaking taps and tile his bathroom, may well struggle to get by, while the labourer on $30k will sail by because he doesn't drink or smoke and unblocks his own sink instead of paying someone $75 an hour to do it for him. I'm not knocking people who earn lots or little. I am just saying that asking 'how much do you need to live on', is like asking the proverbial 'how long is a bit of string'.
From Kieren

To jimboman

22 Jun 2010 12:40 PM
(108712)
'while the labourer (who) doesn't drink or smoke' Now who's being unrealistic!!! LOL! :o) KIEREN
From Kris+Rob

To jimboman

22 Jun 2010 7:15 PM
(108719)
Whilst jimbo usually speaks the truth, I doubt ANYONE could sail on $30k unless they lived with mummy and got free food and lodging. $30k is just above the minimum wage.
From mohamm

To Kip

22 Jun 2010 7:48 PM
(108721)
'My wife and I always compromise. I admit I'm wrong and she agrees with me.'
From mohamm

To Kris+Rob

22 Jun 2010 8:01 PM
(108722)
I'm so poor I can't even pay attention :)