How much is the minimum to live on, do you think ?

[ashjoma]

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

[imastawka]

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

[youcandoityoucandoityoucandoit]

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..

[kopenhagen5]

Get one of those budget sheets from a bank or building society.

Then enter all your figures and you can see what you need yearly, monthly, weekly.

Helps you plan better. Everyone should do one.

[moonflyte]

You can live very comfortably on 24k per year and not have to worry.

[imastawka]

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@djilukjilly wrote:

You can live very comfortably on 24k per year and not have to worry.

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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

[moonflyte]

Was just a guess but if you have no mortgage it could be done.

[imastawka]

$30 week more than the age pension - and raising kids?

Impossible IMO

[moonflyte]

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.

[sandypas]

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.