SwanseaJack

Finance headache

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    Hi

    Please help. Finance is no my strong point. Trying to work out monthly costs of a family of three in Adelaide with two cars and a mortgage/rent of approx $1300 pm. I have worked out $4800 pm. I know each family is different but this budget is based on essentials and about $450 for spends and extras.

     

    Is this about right and what yearly salary would be needed to cover this?

     

    Did say finance not my strong point.

     

    Thank you kathy:confused:

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    I've worked out our spend should be at around $4200 per month, with a rental of $450 pw, including food and bills, but not leisure money. On this you'd need around $70kPA to break even.

     

    THis is a useful link which works out tax on your pay and your take home wage:

     

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

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    I would rethink your rent/mortgage price.

    Depending on where you want to live, and what type of house, that is a little low (but not impossible) for rent. Mortgages tend to be much more than rent unless you have a huge deposit.

    I pay $310 for an old, rundown three bed house. I'm not fussy though. If you are (not fussy, more particular) you would want to up your budget maybe.

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