I have 10 weeks of paid maternity leave left before I have to find a new job. I can't go back to my previous job now that I have a baby. My husband pays all the bills , rent , his (credit card , personal loans from his previous relationship) and I only have to pay my car loan. Once my maternity finishes I will have $0 income as hubby earns to much for me to be entitled to anything.
How do people be in a one income family live, when there is so many bills to pay?
To give a rough idea
He earns 90,000 and our rent is $385 a week. We have 2 car loans , credit card , phones , internet , Foxtel , health insurance , house , car insurance , he pays for the groceries.
The only debt I have is 1 of those car loans, but I guess his debt is my debt.
How to live on one income
How to live on one income
Posted in:
Relationships & Marriage, Money
4 Replies
90,000 is a decent amount that a family could live off very comfortably if they choose to. I mean I live off of a lot, lot less than you do. But I don't do 'loans'. I saved up and bought my car for $5000. It's cheap to run, the insurance is cheap and there are no repayments. Foxtel is expensive, it's not needed, and something like Netflix can be a lot cheaper depending on your internet plan. If your internet plan is generous you are much better off dumping the Foxtel.
Go over everything with a fine tooth comb. Set yourselves a budget and live with in it. Also look at what your spending on phones, most people are spending way more then they need to just to get the latest phones etc.
yes you have Family debt because you are a family, there is no such thing as his and yours now, that's part of marriage and also having children.
Your rent sounds reasonable.
I spend a maximum of $150 a week on food and I feel that generous for two adults. We eat very well.
You should be entitled to family assistance payment. My husband earns slightly more and we get a payment every fortnight. Might be enough to cover your car loan.
We have lived off one income for 7 years. Our only debt though is our mortgage and we have 3 children. It is very doable.
If it were me I'd sell my car, pay out the loan and buy a shitbox (basically a runner that costs 4-5 grand and is nothing special to look at but reliable). 1 bill down. Swap comprehensive insurance for the shitbox to third party property. 1 bill significantly reduced. Punch every extra dollar into paying the credit card out and destroy it if neither of you have the discipline to keep it "just in case" without using it for frivolous things, then do the same for the personal loans. Eventually 1 bill less and then 1 less each time one is cleared. If your phone is recent, sell it while it's still worth something and buy a cheap pre-paid. Frees up dead money in aging technology and as a parent in a one income household you'll soon learn to do without a lot of unnecessary stuff like new phones. Ditch the Foxtel and if you have a large internet bill reduce it to a smaller deal. My partner and I have combined debt such as mortgage, house and contents insurance, rates, water, electricity etc but we also have individual debts such as car loans, respective regos and insurances etc but we both work. In a one income household there is no ability for his and yours debts, it's all family debt especially since the two of you are married.
See a financial planner we just did and she told us we could live off just my pay and bank my husbands. He earns 90k i earn 47k
Bills are similar to yours.