topic Re: How much is the minimum to live on, do you think ? in Community Spirit

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

ashjoma — Mon, 28 Dec 2015 01:40:09 GMT

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

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

imastawka — Mon, 28 Dec 2015 01:56:10 GMT

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

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

youcandoityoucandoityoucandoit — Mon, 28 Dec 2015 02:06:44 GMT

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..

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

kopenhagen5 — Mon, 28 Dec 2015 02:25:24 GMT

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.

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

moonflyte — Mon, 28 Dec 2015 06:07:00 GMT

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

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

imastawka — Mon, 28 Dec 2015 06:14:40 GMT

@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

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

moonflyte — Mon, 28 Dec 2015 06:29:40 GMT

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

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

imastawka — Mon, 28 Dec 2015 06:34:36 GMT

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

Impossible IMO

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

moonflyte — Mon, 28 Dec 2015 12:33:14 GMT

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.

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

sandypas — Mon, 28 Dec 2015 20:05:37 GMT

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.

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

esayaf — Mon, 28 Dec 2015 21:59:55 GMT

Well knock me down with a feather. I'm unemployed, lost my job because of a heart condition. I developed angina and wasn't able to fulfil my contract due to being in hospital at the time when they needed me. So that's only 12k a year and I'm paying a mortgage. Luckily I've no kids or partner. I'm definitely not living. I'm stressing every week trying to get by. Sucks big time and I've noticed all everyone ever talks about is how they hate dole bludgers cause they're ruining the country. Yet the government spends more on defense than the unwanted unemployed.

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

debra9275 — Mon, 28 Dec 2015 22:53:14 GMT

geez esayaf. I hope you have a better year coming up, a lot of people are really doing it tough atm, I know

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

esayaf — Mon, 28 Dec 2015 22:57:25 GMT

Probably not. That was in the first half of 2013

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

youcandoityoucandoityoucandoit — Tue, 29 Dec 2015 00:09:24 GMT

Ash, Is there any chance of working part time for a while, and then going back to work full time when things change?

It would be good to have this option..Or depending on the work you do, could some of it be done at home?

I wouldnt take any notice of some of the opinions here..some dont know what they are talking about..guessing and throwing figures round, making assumptions..

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

sandypas — Tue, 29 Dec 2015 09:34:46 GMT

I'm sorry - I was only trying to help .

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

imastawka — Tue, 29 Dec 2015 09:55:18 GMT

Really don't think Youcan meant you Sandy.

I thought what you said made sense.

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

youcandoityoucandoityoucandoit — Tue, 29 Dec 2015 10:32:56 GMT

Sandy, I wasnt referring to you-Im sorry that you thought that.

I think your advice is sound and sensible...and useful for anyone whos trying to save money..

PS Thanks Stawks

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

chameleon54 — Tue, 29 Dec 2015 11:20:00 GMT

Wife, myself and two teenage kids live comfortably on around 50k. We have done it tough in the past and lived simply on 20 - 25 k when the kids where younger. ( house was paid off ) This still included basic house and contents and car insurance etc.but buying a set of car tires or paying school fees was a worry. Sometimes we picked up second hand tires, did some of our own mechanical repairs, purchased all furniture and electrical second hand etc. We did all of our own house repairs using second hand materials. Kids wore hand me downs from relatives etc. Other clothes came from discount store sales etc. My own work clothes and boots where thread bare and worn.

The family found plenty of cheap or free ways to have fun. ie. fishing, bike rides, friends over, swimming or canoeing in the farm dam, "bushies" ( bonfires ) with toasted marshmellows, damper and a few illegal fireworks.

There was never any spare money and trying to keep up with regular bills was incredibly stressfull. I havnt got any desire to go back to that lifestyle as the lack of money was a source of constant struggle and worry when unplanned expenses came up.

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

zanadoo_56 — Tue, 29 Dec 2015 11:43:10 GMT

A big expense (even when the house is paid off) are sudden home maintenance costs.

From my experience these unexpected disasters come in bunches....I'm still working my way through the most recent list.

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

chameleon54 — Tue, 29 Dec 2015 12:19:15 GMT

We where " lucky" in that we lived in a small four room, 100 year old timber framed cottage. You could just put in a bit of pipe or replace one rotten bit of timber with a less rotten piece. We purchased it in 1981 for $4000 ( in a remote country town ) and recieved the first home owners grant for $6000 It was priced at land value, minus the demolition costs of the cottage.

I was just a lad, but I pulled it down to a bare frame of three rooms and rebuilt the whole thing myself using parts from another old house I demolished for free. By the time we finished it was a nice little place that we sold ten years later for $75,000 when we traded up to something bigger.