working out finances

[guspjmh]

Hi all, after reccie I've been doing a budget spreadsheet to establish whether we will be able to survive on one wage.

 

We have savings, but don't want to fritter them away, and hopefully I should be well on my way to having a job lined up on arrival. Assuming I earned at least 75k, and my wife did a days relief teaching here and there, would this be enough to support 2 kids? We aren't frivolous with money, and I've worked out that after food and bills wewould have At least 125 dollars for leisure stuff (all worst case). This is without the relief teaching.

 

Is this a realistic amount to survive on initially?

[Guest vikkiann]

We have 4 kids and are only on a little more than that. We've hardly touched our savings because that's our house fund.

$125 isn't much but it probably is do able.

Have you counted family assistance in your budget?

 

Vikki

[guspjmh]

Thanks, I've included a minimum level of family assistance, worked out on that salary. The budget is worked out excluding any relief teaching, which would give us more. Its also based around a rent of 450 pw and with 350pw for groceries. Obviously though, budget is just educated guesses!

 

Would you say its realistic to live on 75k for a family?

[Guest vikkiann]

Yes!

 

Have sent you a pm.

[Guest gormusoglu]

Thanks for this post. There has been lots on about wages and what we can live on. If we ever get there we will only be on $62000 until i can find something but we will have savings to support us for a while. Lots of people have said before it's not enough, I am hoping it will be!

 

It's given me a little hope!!

[Misplaced]

You may have already found this site but if not it maybe useful for you.

 

http://www.paycalculator.com.au/

 

I also have an excel sheet that you can use which calculates money left after the sale of your house, shipping etc. you can then put in your costs for the week and it shows how much you'll eat into your savings if neither of you are working.

 

If you would like it let me know and I'll send it to you.

 

Mis

[guspjmh]

Mis - That would be great if you could. Email is my username at hotmail dot com.

 

I also have done my budget calculator, so if anyone wants a copy (its adapted from the one posted on another thread previously) just ask me. I have just found out that company car tax is paid by the company, which is different to the UK, and is good news for me as my car would be completely paid for - petrol, tax etc. This should make things more comfortable!