It's always hard me for to track how I'm going financially, I don't feel comfortable asking my friends their salary, so I though I would ask the OzBargain community.
Usually when you ask these questions you get lots of people posting that earn big money and not many average earners.
I ask this question as I feel like i'm going well for my age but still really struggling to make any progress in terms of saving. Would be good to see how others also spend their earnings.
That's the secret? Tax evasion? I pay 20K a year to the government to build roads and they charge me $10 in tolls per day to travel 10km to work.
You probably pay a lot more in taxes than 20k:
- gst whenever you buy something
- stamp duty when you buy a house/car/insurance
- excise when you buy petrol/alcohol/cigarettes
- council rates/land tax
- tolls
Plus, toll roads are not owned by the government, so neither are the charges.
Sorry mate. Some guy sold me the Sydney harbour bridge just this afternoon. Couldn't believe the deal I got on it!
Technically the government sold them and then we have to buy it back with tolls for the next 20years or whatever it is.
@sp00ker:
Woah, didn't know that. Here in Melbourne only private roads are tolled.
That really sucks, why would the government charge you for road use?
That really sucks, why would the government charge you for road use?
From what I've read, they started the harbour bridge toll to fund the opera house … not sure why it's still there, but I'm guessing it's just lining the pockets of the politicians now.
@sp00ker: The Harbour Bridge toll has been there from the start, long before the Opera House. In part, it's supposed to pay for the maintenance of the bridge. Exposed sections of the bridge need to be repainted every five years to prevent rust. The annual maintenance budget is about $20 million.
What ever i find in the fountain
Reminds me of the time I asked my class "Who is your daddy and what does he do?"
But seriously, everyone's situation is unique. How can you really compare?
It might be a tumor
It's not a tumour!!
Too-mah*
Who's your daddy?
Alright kids, that's enough, back to the carpet
My dad is a cynegologist and he looks at vaginas all day long.
…and your address, phone number, email address, facebook password, and a current photo please.
You are asking for password? You scammer.
Instead we are only asking for your tax file number, medicare card number, your DOB, your mother's maiden name, and a copy of your driver's licence. We are a privacy law abiding company that will put your information to good use.
Perhaps the $480 per week rent is too much? I pay $600 per month for mine lol
Wow, do you also live in Sydney? Average rent on apartment in $520. Maybe I should change Cities.
maybe u should move to Adelaide? lol I live in Melbourne but sharing the apartment with my partner and another housemate
Maybe we should do a lot of things, moving to Adelaide is not one of those things.
Radelaide is where it's at!
Car Loan + Tolls + Car Insurance + Petrol = $198 per week, I can see what I'd start looking into.
These days it's a luxury to have a partner only working 1 day per week so if thats your choice then you can't expect to be financially flying. Also $480 per week rent seems rather high if its just the 2 of you. Rent somewhere slightly smaller or less nice and you should be able to save more.
You're right. We have 2 cars at the moment. I own one outright, looking to sell it. Public transport is not an option, take over 2 hours to get to work on public transport plus a 40 min walk.
Partner has a medical degree and is currently taking the year to do research to further herself in a competitive field.
Yeah it’s kind of catch 22 between transport costs and rental costs. Maybe move to a smaller place closer to PT and see if you can pay around the same.
Hopefully when your partner is back working you’ll have plenty of spare to enjoy some of the things you’re missing out on now. It certainly seems like a solid investment they’re making at the moment.
You live 10km away by car and takes you 2 hours to get to work?
What are you doing when you take public transport?
Also in the medical field - out of curiosity what area is she doing research in?
Why isn't your wife getting paid to do her research?
I also work full time from home so a second bedroom is needed (it's also deducted on tax)
Why are you spending so much on petrol & tolls if you work fulltime from home?
Client meetings everyday. Wife's research at Western Sydney Uni. I also have an rx-8 which drinks like a v8 mustang.
You work in a bedroom? Usually people convert that into an office. What's your profession btw?
When I was 25, I was earning less than what you were - about 60K. That was 15 years ago, so I would have thought wages would have increased more than they have in that time.
As per expenses, ours are about the same as yours, but we are a family of 2 adults and 2 kids, our expenses are as follows:
Mortgage: $400 per week
Car loan: $0 - own my car
Food: $120 per week
Entertainment: $200 per month
Electricity and Gas: $50 per month
Phone Plans: $40 per month (2 phones on ALDI one year plan for unlimited calls and SMS and 42GB internet)
Car insurance (1 cars): $15 per week
Internet: $60 per month
Tolls: $0
Health Insurance: $75 per week
Petrol: $70 per week
Thanks, starting to think it's just the cost to live in Sydney. Looking to purchase a property in Newcastle next year and will reduce money spent of mortgage.
Electricity and gas for four people for that cheap? What's your secret?
Pacific Hydro had a really good deal.
Live in a 2 Bedroom apartment, no TV, no dryer. Rarely use heater as insulation is very good - or just wear more clothes if one is feeling a bit cold. Our kids don't seem to feel cold anyway, both have spent the whole winter going to school in shorts and t-shirt and absolutely refused to wear jumpers or jackets this year although I rug up in my thickest snow jacket when going outside.
So, other than two laptops and phones constantly on charge and fridge, dish washer and washer - we don't have anything that takes up a load of electricity.
We do cook daily with gas; but the gas bill is tiny as well.
Our water bill is probably on the high side as the kids love long hot showers.
Really? $50 doesn't even cover the supply charges
$120 on food a week for a family of 4. I'm impressed. Is that for 3 meals a day or lunch out is a separate budget.
3 meals a day - we don't eat lunch out - always take a packed lunch to work or school and no one in the house drinks coffee - so, no $20 a week for coffee either.
I'm 18 and I make $2k a week on my high yield investment car, I work for westpac.
Since news got out jobs at Westpac are in high demand. Did you go for the BMW or the Merc?
Link to where this was originally posted? Keen to read ozb history
what's a high yield investment car?
Has to be popemobile.
side job driving 'uber'
22yo, 60k/year, single
$300/week mortgage, studio apt.
Don't really track expenses but it's probably $100-200/week between fuel, food, internet,insurance etc.
HECS paid off (only did a year), and I don't have any other loans. Buy cheap used cars and ride a cheap motorcycle.
Nice, what's your position? 60K is great for no degree. I know people with masters that make 40K working retail.
IT Tech, started minimum wage entry level and jumped between jobs to get higher pay since sticking around never yielded any substantial raise.
I know that feeling. First job was at 42K worked really hard, loved by the company, they ended up only giving 50K after 3 years. Got a phone call from a Head hunter who offered me 70K which seemed to be the going rate for the work I was doing. I liked working their but felt so undervalued. Found out they replaced me with someone on 70K (I asked for 60K and they refused).
@Mysterymeat: Yep, cheaper for them to keep you low as long as possible then hire at market price than just up you to market price
@Mysterymeat: That's why I say companies don't value longevity any more. It's more beneficial for the employee to jump ship every few years to maximise their income. I would just feel exploited in your position, good thing you jumped.
Yeah I could never understand this. Assuming you know how to do your job well and it looks like you do, why would they not just offer you the market rate instead of having to replace you and have to re-train and pay agency fees. I see it happen a lot around me. Letting good staff go and replacing them with someone more expensive but not better quality.
@Hunter14:
Is it because they have to pay you higher redundancy payouts and long service leaves etc ?
Yeah redundancy payouts are probably the only valid reason for the company to do this. However, assuming the employee is good and the company is in a good position, it shouldn't matter much. If they had redundancies in the pipeline, why even hire a replacement? enceladus94 also stated that they made a counter offer for him so clearly they wanted to keep him. The Long service leave needs to be paid out regardless so shouldn't come into it.
@Hunter14: Must be thinking of someone else, I didn't mention counter offers. When I brought up leaving for a better wage, their counter offer was still peanuts. They tried to bargain with 'opportunity' and 'a better work life balance' even though it was the same amount of weekly hours and they wouldn't let me work from home.
As for good employees. Businesses don't need employees that excel, they just need employees that meet the minimum targets. That's why re-hiring is hardly even a headache, getting someone to bare minimum competency isn't hard.
Sorry I was referring to Mysterymeat.
Age: 25
Occupation: Marketing Manager
Qualification: Masters of Marketing (HECS debt 55k)
Salary: 70K
Good salary and title for your age, well done. But ouch, that's a lot of debt for a Marketing degree.
Rent: $480 per week (two bedroom apartment in Sydney)
Sydney property prices suck. Since your wife doesn't really work, I'd look at moving to Melbourne or Brisbane, if you can find a job that suits you.
Car loan: $58 per week
Sell car, buy something 2nd hand that's reliable and doesn't require financing.
Food: $150 per week
Assuming these expenses are for you and your wife? If just you, that's far too much to be spending. We don't even have a Wholefoods in Australia!
Entertainment: $60 per week
That's one lap dance a week. Acceptable.
Electricity and Gas: $40 per week
Seems high for just two adults? That's $520 a quarter…
Phone Plans: $20 per week (personal and business)
If you have a work phone, claim the tax deduction
Car insurance (2 cars): $40 per week
Your cars are killing you
Internet: $15 per week
Essential. Need OzBargain
Tolls: $50 per week (Thanks to the new toll to Parramatta)
LOL. Sydney is the worst
Health Insurance: $30 per week
Why have this? You earn under the Medicare surcharge threshold, and you're too young to be getting value for money. I'd ditch it
Petrol: $50 per week
Buy a Tesla
Bachelors degree was 25K masters was 30K - having a degree today is needed to get an interview.
Wife doesn't work but is studying. Has an MBBS (Med degree) and finished internship. Before research earned 80K.
Car sips petrol 4.8L. Very reliable and 5 year warranty. It actually made a lot of sense to get it. Only lost 2K in value in 2 years.
Yes for both - we choose a healthy diet which costs more.
Lap dance? More like compulsory date night.
Yes selling second car.
Health Insurance - For my Wife in case she gets pregnant. Hospitals treat public patients like dirt (she knows)
If you're set on keeping those expenses, you really don't have the income to 'get ahead' while living in Sydney. You still seem to be doing alright though, and once your wife returns to the workforce you'll be able to look at more holidays and saving for a house.
Selling that second car will help. Maybe try do more video conferences rather than driving to client meetings?
Will have to now that i'm selling my car (which was more of a toy anyway) This wasn't supposed to be a review of my expenses so much as comparing how others spend and live.
very thoughtful advice railspider!
If you need health insurance just in case your wife gets pregnant, why not ditch the couples policy and get a singles policy just for your wife which has maternity cover?
Health Insurance - For my Wife in case she gets pregnant. Hospitals treat public patients like dirt (she knows)
Make sure if the insurance covers for delivery before 26 weeks
Public isn't bad but if you can afford a fancy hospital go for it but Liverpool Hospital is after all a training hospital for UNSW students…babies still come out relatively the same way
It's still in the revision history… You will need to request a mod to delete the thread completely if you haven't already.
Lol, thanks man, not a huge issue but will request.
@Railspider did a cut & paste…
Pretty shitty, you delete all your info but expect others to post there's. You should have locked the thread if you delete your contribution.
I tried mate - take a look at revision - I thanked everyone and asked the mods the remove the thread but they wouldn't let me, they just removed my personal info. If it were up to me I would have this locked but it looks like I don't have a choice.
I really wonder what the point of this thread will be. But i'll give some stats if it makes you feel better.
Age 30
Health Industry
Income - in the 37% tax bracket (lower end)
Expenses - save 75% of after-tax income
I rent and living in Brisbane Outer region.
Just bought an home outright.
No kids
True OzBarginer - I respect you.
Why did you buy a home outright? Don't you think you could invest that money for a better return than the 3.xx% interest you would pay on a mortgage? That's without even considering the capital gains on the property.
He was able to get 5.5% off from e-gift cards.
Should of bought 8 years ago when property was cheap.
Honest question, why do I keep hearing people saying that about property? I mean its true, but it seems like a pointless statement - of course I should have bought something XX years ago, but I didn't have money back then!!!
why do I keep hearing people saying that about property?
haha! I keep hearing that too so I know exactly what you mean! Talk about stating the obvious! lol!
In a couple of years, they'll be saying 'I should've have sold it in 201X' at the top of the market :)
It's not a pointless statement because I've spoken to countless people telling them to buy over the years but they all believe a crash will be right around the corner. That's why people keep bringing it up. People who don't buy now, will have the same issue in another 10 years time.. It actually quite troublesome because THIS has occurred to two of my buddies who eventually bought a house but had to relocate 90km away from the city, as a result we never get to visit them regularly. Both were adamant property prices were going to crash, 10 years ago….
@overshopper: I see what you mean, but in the context of who you're replying to… 8 years ago, narbe would have been 22.
So more specifically, I don't understand why people keep telling me I should have bought property earlier when I obviously only finished uni not too long ago. Nothing against you personally overshopper, I think I'm just bitter because I don't need to be reminded of the constantly skyrocketing property prices :(
Wow you paid too much. Should of bought 25 years ago when property was cheap.
Should just reply with,
wow, you wasted $250,000 (or insert figure here that fits) on property. If you had have taken that $250,000 at the beginning of 2011 and invested it in Bitcoin you would now be worth well over a billion dollars.
$480/week for a two bedroom apartment? That's half your income! If its just two of you, why are you renting a two bedroom apartment?
You're still quite young and $70k isn't easy an easy salary to support more than just yourself.
My rent is a quarter of my income and I really feel it each month when I pay. There's no way I'd go anywhere near half. Might need to downgrade if possible since that's you're biggest expense.
When I was 25, I was earning just a little over what you're on now, but I was still single and living at home (asians!) so I had much more disposable income and no-one to support. So I won't go into details since our situations are complete opposites.
I'm a bikie. I make 500k/year, pay $0 taxes. I get free stuff from everywhere, so I have no expenses.
/thread
hope you've practiced picking up the soap real quick! haha
Nice try ATO! You're not catching me out that easily.