Hi mums
Just wondering if both you and your partner/husband work one part time one full time. People on midle incomes like 95k a year between both workers, with 2 small kids under 5.
How much money do you have left of a week/ fortnight after mortgage, food, bills every but emergencies and entertainment money come out (because I don't save anything for those)
Please feel free to stay annoymous ☺ thanks mummas
4 Replies
Hi IM,
Except for the fact that we have 1 child under 5, not 2 - this is us. I budget for most things but we always seem to have "something" come up as we start to get ahead. I'm trying to build up our buffer for emergencies/future costs but it's hard.
After bills, rent, food, fuel, childcare and a bit of slush money for hubby and myself (to be spent on whatever we want but once it's gone, that's it) we're broke. I do budget for bills by breaking yearly, quarterly and monthly costs into a fortnightly amounts - all of those fortnightly costs go into the bills account and whatever is due that fortnight gets paid from it. What's left over is *supposed* to be saved for future bills but it tends to get eaten up in things I've fortgotten to allow for; like eTag top ups, or when we need extra groceries or when our dryer died the other week and we needed a new one.
The best thing you can do is pay yourself first. I've been doing this since I started working and my "payments" have paid for a house deposit, my sons braces at the best orthodontist in town and is now high enough again to pay out my car loan. 10% every pay to savings, then work out your budget. Our son is older so about the same value in upkeep as two younger ones and what I have left over each pay varies from $100-150 per fortnight after paying savings, half a mortgage, all of our family private health premium, the phone and internet and two mobiles, private school tuition, car loan payment, car insurance, house insurance, money put aside for power/water/rates/gas, groceries, fuel, and pocket money for odd jobs to our boy.
Well we both work, I'm part time, husband is full time, I guess we would be classed as low income (approx 62k combined). Afyer everything is paid we'd be lucky to have $100 a week left to cover entertainment and any emergencies
We are a two income family, partner full time, myself part time, well 50 hours a fn. We have 3 kids under 18 and 3 still at home over 18, we semi support the older 3 they pay for their own clothing, entertainment etc. We bring home approx 98k after tax, every single bill is paid fortnighly, ie electricty, gas, water, council rates, phones, insurances, school fees, regos, groceries, dental (we have two with braces). We also see our savings as a bill, 500 per fn must go in, but on average we sit around 900 going over. We only have a small mortgage that is paid weekly higher than required. We run 3 cars, all between 3 and 5 years old and we own out right. We have no credit expenses, but do have two credit cards that are just in case, one is a revolving line of credit, the other is one that many companies offer larger interest free terms both not currently being used. We then place aside money for kids sport fees, kids clothing, christmas, birthdays, car expenses etc in a seperate account. Our entertainment is the few getaways we get with the kids through the year. I wouldnt say we have spending money as such, but can acess the accounts as needed and id say we have a float of about 400 per fn then anything left is then transfered over to savings once we click over to the next pay cycle.