guspjmh

How much money after bills is enough?

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    I've gone through the really helpful spreadsheet posted on another thread, and calculated that after all bills and groceries (including all obvious stuff plus things like booze, fuel, haircuts, dominos twice a month and cinema once), we will have around $150 per week as free money to spend on casual purchases. This is assuming I am offered the lowest end of the wage I have been told I can expect.

     

    Is this realistic?

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    Guest ali

    Gus can you give me the link to the thread you've just mentioned. I'd like to have a look as well. Thanks mate:smile:

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    Guest Adelaide_bound
    http://www.pomsinadelaide.com/forum/money-finance/25074-budget-spreadsheet.html

     

    Here you go Ali.

     

    Anyone got any feedback on whether $150 is enough for spending money every week?

     

    TBH, this is something only you know - how much do you spend now? On absolutely everything. Do you buy them because you can, because the things are there to be purchased, because you were bored, because you needed to etc etc? If you spend more than equivalent $150 a week on 'stuff', and its stuff you need then you probably would struggle, however I strongly suspect its more like takeaway coffees etc that isn't life threatening.

     

    I would say prices on general things here is roughly the same as the UK - but with regards to extras, it depends what you are going to be doing with that - there is a LOT of free stuff to do here (we have toured WA, the South Coast, West Coast, the Goldfields and are nearing the end of the Coral Coast now), and if we were living here I don't think we would fritter money away like we did in the UK, however again - that depends on you and the sort of stuff you like doing. I would say that $150 a week isn't a lot for saving anything though - we just had to have a couple of new tyres for our camper, which were $500, so you may need to think about things like that if they aren't budgeted for (not forgetting that you can't string that $500 out if you don't have a cushion of money, you need it upfront for things like that!)

     

    Good luck - if you want it to work imho it will, no matter how much dosh you have :)

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    TBH, this is something only you know - how much do you spend now? On absolutely everything. Do you buy them because you can, because the things are there to be purchased, because you were bored, because you needed to etc etc? If you spend more than equivalent $150 a week on 'stuff', and its stuff you need then you probably would struggle, however I strongly suspect its more like takeaway coffees etc that isn't life threatening.

     

    I would say prices on general things here is roughly the same as the UK - but with regards to extras, it depends what you are going to be doing with that - there is a LOT of free stuff to do here (we have toured WA, the South Coast, West Coast, the Goldfields and are nearing the end of the Coral Coast now), and if we were living here I don't think we would fritter money away like we did in the UK, however again - that depends on you and the sort of stuff you like doing. I would say that $150 a week isn't a lot for saving anything though - we just had to have a couple of new tyres for our camper, which were $500, so you may need to think about things like that if they aren't budgeted for (not forgetting that you can't string that $500 out if you don't have a cushion of money, you need it upfront for things like that!)

     

    Good luck - if you want it to work imho it will, no matter how much dosh you have :)

     

    Thanks! We do have substantial savings, but don't want to 'eat away' at them - they would be for emergencies or a house deposit down the line, so not saving for a while shouldn't be an issue. Like you said, it would be more for fun money - coffees, days out etc. It would also be a 'worst case', in terms of wages (hopefully I would get more, or my salary would increase quickly). I just like to budget on a worst case scenario, so we can't be shocked!

     

    Gus.

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    Guest ali

    Thanks Gus,

     

    I'll start looking at it right now.:smile:

     

    Adelaide Bound, some good info there. Thank you:smile:

     

     

    Hey, no poker nights down under? :biggrin:

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    Thanks Gus,

     

    I'll start looking at it right now.:smile:

     

    Adelaide Bound, some good info there. Thank you:smile:

     

     

    Hey, no poker nights down under? :biggrin:

     

     

    Not sure how happy Kate will be with me if I squander our $150 free money a week on poker!!!

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    Guest Sachertorte

    I note you have 2 kids- that is way too little left over for any unexpected expenses IMHO. Please consider your options carefully! I note also you are a pharma sales rep- do you rep GP or hospital? As a hospital rep you should earn a decent salary (85-90K) so you should be OK if you get a job in that field. Here reps don't seem to sit exams (ABPA?) but they want you to work from the bottom to learn the system (possibly an excuse, I know)

    Be aware here hospital territories are mostly combined- eg you need to do SA and WA. Not having family to support it might be tricky (I know a lady here who is a hospital rep and travels very often)

    Good luck!!

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    I note you have 2 kids- that is way too little left over for any unexpected expenses IMHO. Please consider your options carefully! I note also you are a pharma sales rep- do you rep GP or hospital? As a hospital rep you should earn a decent salary (85-90K) so you should be OK if you get a job in that field. Here reps don't seem to sit exams (ABPA?) but they want you to work from the bottom to learn the system (possibly an excuse, I know)

    Be aware here hospital territories are mostly combined- eg you need to do SA and WA. Not having family to support it might be tricky (I know a lady here who is a hospital rep and travels very often)

    Good luck!!

     

    Thanks for the reply! I do have a reasonable pot of savings I could dip into for unexpected expenses, this was really for day to day living.

     

    I have done both GP & Hospitals (9 years experience), currently doing account management (which covers both), which doesn't seem to be widespread in Australia. That spare money was based on an income of $70k, which I would think would be a worst-case scenario, so I'm sure things could only get better from that - it's also assuming my wife chooses not to work at all (she likely would when kids were in school).

     

    The recruitment person I spoke to said I should be applying for hospital rep jobs, but I would probably accept GP roles too initially, which don't pay as well, just to get into work! I don't suppose your friend has any useful contacts?

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    Guest ali

    Just got through the spread sheet but I got a bit confused. Whats income tax rate like in SA? Because on the spread the wage was 53,000 $ but when he was comparing income/cost of living on a balance sheet annual income was stated as 43,000$ - This parts confused me a bit. I thought the 53,000 $ was net income.

     

    Cheers:smile:

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    Guest Sachertorte

    Hi Gus,

     

    I am sorry I am not able to help you out here- I lost track of this person. Just an acquaintance and I knew of her through her mum who took her children to playgroup as she was always interstate!

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    Just got through the spread sheet but I got a bit confused. Whats income tax rate like in SA? Because on the spread the wage was 53,000 $ but when he was comparing income/cost of living on a balance sheet annual income was stated as 43,000$ - This parts confused me a bit. I thought the 53,000 $ was net income.

     

    Cheers:smile:

     

    The $53k quoted is gross income.

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    Hi Gus,

     

    I am sorry I am not able to help you out here- I lost track of this person. Just an acquaintance and I knew of her through her mum who took her children to playgroup as she was always interstate!

     

    No problem! If I work a budget based on £70k, I can only be pleasantly surprised if I get a much higher salary! The $150 per week free is based on this.

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    Guest ali
    The $53k quoted is gross income.

     

    Thank you again Gus:smile:

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