Just wanting to hear how other families cope financially. We are currently on a combined income of about 140,000 (husband full time and I work minimal hours to be at home with kids aged 1 and 5) We have been on a reduced income since our second child was born a little over a year ago and are starting to struggle with keeping up with general expenses. We own a house with an average mortgage with no other debts other than living expenses. We feel like others around us on less money or with more commitments than us seem to be able to cope much better than we do. We just can't see where we are going wrong as we have very little debt and earn pretty good money. We don't spend big and always try to only buy what we need but we just can't keep up at the moment. Currently debating whether I need to return to full time work which is something we were hoping wouldn't have to happen until our youngest was 2+. My main question is that I'm curious as to whether others in similar circumstances find it as hard as what we are at the moment?
9 Replies
Have you reviewed the following to see if savings can be made:
- utility providers
- utility consumption
- cars/house/contents/health insurances
- mortgage
- bank fees
Do you actually know that your earnings are greater than your expenses, it really helps to write it all down and see it visually presented.
Are you energy efficient, including water usage? To become efficient you may need to get things repaired or replaced. You'll be amazed how much money you can save if you become truly energy efficient!
Do you meal plan and freeze leftovers for lunches and avoid junk food? Buy meat in bulk from a butcher or wholesaler and fruit and veg from a fruit shop rather than the supermarket?
Finally it sounds as though you're comparing your situation to those around you, that's fine its human nature but do you really know your friends' financial situation? For example I was shocked to find out recently that many of my friends don't have health insurance for their kids, they didn't think it was a necessary cost. I had simply assumed that because I insure my child others would do the same....
Good luck, there are many aspects to frugal living! X
When we were on good money we had less money, I found the same when I was younger and on good money no commitments or dependants.
Like as said previous, sit down and have a really good look at consumption and bill break down.
we saved more money just not using the air con, but opening windows and turning the fans on. Use blankets instead of the heater every time it gets chilli.
We have solar hot water and we turned the booster off ( we only run out of hot water after about 3 days of grey weather) 2 adults, a 3yrs and a 4 yrs old.
We have also found we live on the Sunshine Coast and the woollies in our Suburb is really expensive compared to one in a not so affluent suburb near us. Buy at whole sale meat/ veg and aldi for staples.
Little changes can make a huge difference in the long run. Ohh and pay loans weekly or fortnightly, you will save in interest especially the house.
First, use a notebook for a whole month to record where every dollar is going. One for you, one for your husband and make sure it really is every bill, coffee, takeaway and newspaper. Then you can use this to see where savings can be made. If you have a look online there are free excel spreadsheets you can use to work out a budget.
We are on one income of approx $72,000, our only debt is our mortgage and we live comfortably, It's definitely doable!
We earn similar to you, and it's not easy as some would think. I suppose it's also the thing that you deem nessesary.day care fees, I have a mid size mortgage, 2 cars with almost finished loans, private health, a tutor for my son, 3 kids at swimming lessons, and looking for dance for the 2 girls.
To me I like and want these thing for my family so I work 3 days a week. My husband also likes having breathing space financially. I agree with the honest list of what you are all spending, and I have found if you talk to power and gas companies I now have 17% discount. I turn off all power points when I leave he house, and my dryer is for emergency drying only, it can be done it's about what you are prepared to let go for it.
We have 2 boys (2yrs&5 mths). I am currently not working and my husband works full time. We have a mortgage, car loans x2 and a credit card. We live off $50000 a year, we still have a little money left over each week for luxury or savings. It is defiantly doable just keep track of where ur money goes, maybe try shopping at aldi o save on groceries.
I am a single parent on less than $30 000 a year. NOT in government housing , paying normal rent like everyone else and my son and I live comfortably.
I dont have a car loan and would never get one , dont get my hair done at a salon. You just have to cut back. If I can manage , I am sure most others can.
ok we live on a combined income of 32,000 a year. and I must say I always wonder how people struggle on more.
we go on a one month holiday once a year a weekend camping about once a month.
I don't know what to say we do differently but let me break down our expenses.
300 rent.
100 groceries
100 bills. (car rego, electricity ext ext
20 emergency account
20 anything money
20 clothes account
40 holiday account
5 daughters savings account
5 presents account
20 petrol
5 extras account
5 christmas account
5 birthday account
10 surfboard account
i mean thats a rough breakdown some weeks we get more so that goes into fatten up the accounts that need it.
we don't eat out a lot but when we do its a 30/40 bill (anything money) or we use extra money earned that week and treat ourselves.
i cook every night and make lunch for hubby most days.
he rides his bike some days to work.
a date night for us can be a long walk on the beach (corny i know but we love it) or i make sushi and we have a picnic on the beach while he fishes or we do spend days on the the beach taking turns surfing. that doesn't cost a cent
i do free yoga or 10 dollar classes. we go for bikerides to spend time together
we just budget :) i know where every dollar goes
obviously we live without a lot of "luxuries but we have all we need and wi5h that kind of income you could afford a lot of the luxuries you would like! :)
hubby is starting a new job this year on 70,000 and we will be going around the world as a family in 4 years time and buying a home :) its totally doable if your in control of your money.
(my groceries are even planned for example i bulk buy my chicken and i DO NOT shop at willies or coles for most of my fruit veg and meat. I'm sure you'll find a independent grocer who is much cheaper the gold coast has tons. or get veggie boxes from charities usually 25 for a massive box.
hope that helped
xxx
oh and I'm crazy about turning off power points and lights. our electricity bill is about 220 a quarter.