on โ28-12-2015 12:40 PM
Hi all,
i am trying to work out if I can leave work or not as I cannot manage work and home, and I feel I can no longer cope with both
I own my own house.
Im not trying to be nosey, but what is a rough idea of what would be needed to live on if I live very simply.
i do have kids and other bills but just a rough beginning idea for myself would be good.
any tips ?
thanks
on โ28-12-2015 12:56 PM
Only you will be able to determine that.
You'll have to sit down and do some serious bookkeeping
Work out your power and water bills, food, council rates.
Clothing, medical and dental, entertainment
And anything else that you and your kids need on a regular basis
on โ28-12-2015 01:06 PM
I think one way of working it out would be to work out your expenses now, and see if you can save any money before stopping work.
Good on you for not having a mortgage! Thats a big saving right there.
So you would have to include
home insurance/ electricity/ gas/ water/ rates/ phone/ car- including yearly insurance/ bank fees, include whats owing on credit/
school costs- school fees/ lunches/ uniforms and dont forget the 'incidental' costs of excursions etc
Food- can you save money by cooking more, not eating out so much, growing your own, swapping?
Entertainment
If you start with what you already live on, then you can find ways of saving money relative to your lifestyle and choices. Some people dont smoke or drink, and grow their own food and have very few outgoings, others want to eat out a lot, have an expensive phone/ buy new clothes regularly/ travel etc..its all relative to the person..
โ28-12-2015 01:23 PM - edited โ28-12-2015 01:25 PM
on โ28-12-2015 05:07 PM
You can live very comfortably on 24k per year and not have to worry.
on โ28-12-2015 05:14 PM
@djilukjilly wrote:You can live very comfortably on 24k per year and not have to worry.
I wouldn't want to try that.
That's only about $30 week more than the single Aged Pension
And we all know how well off pensioners are
on โ28-12-2015 05:29 PM
Was just a guess but if you have no mortgage it could be done.
on โ28-12-2015 05:34 PM
$30 week more than the age pension - and raising kids?
Impossible IMO
on โ28-12-2015 11:33 PM
if you have kids you get a lot of welfare handouts and the pension is pretty generous for mothers and kids so I imagine it would be doable.
on โ29-12-2015 07:05 AM
If you can, I would work for another 3/6 months and only use the same amount of money that would be available to you if you stopped work and save the rest. This would show you how you would go as well as saving some money to maybe pay some of those bills which would also make it easier. I think you could manage on maybe $40 thousand depending on how many kids you've got.
The other option is to keep working and get yourself a housekeeper each week to do a couple of hours to help with the house. Just to clean bathrooms, toilets, do the floors and maybe change the beds.