- August 3, 2023
- Posted by: legaleseblogger
- Category: Related News
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Due to the recent surge in the number of posts related to Sankey budgeting and the repetitive nature of these queries, our team has made the decision to create a megathread that will serve as a centralized hub for all such discussions.
The purpose of this megathread is to gather all Sankey budgeting posts in one convenient location, making it easier for members of our community to access and engage with these discussions. By amalgamating these posts, we aim to streamline the information and foster more meaningful and comprehensive replies.
If you wish to build a Sankey and require assistance, we recommend utilizing the user-friendly tool provided in the link below. This tool allows you to create a Sankey based on your specific needs and requirements:
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To ensure that you receive more valuable responses, it is essential to include relevant details pertaining to your financial situation. Factors such as your income, living situation, dependents, and any other pertinent information will provide the context necessary for our community members to provide tailored advice.
Should you come across a post from someone with a similar situation to your own, we kindly request that you refrain from reposting a duplicate comment. This will help us maintain a clutter-free thread and ensure that the information is easily accessible to all participants.
In addition to creating this megathread, we would also like to introduce the AI Legalese Decoder. This innovative tool is designed to assist users in decoding complex legal jargon by simplifying it into more easily understandable language. By utilizing the AI Legalese Decoder, members can navigate legal documents and contracts with greater ease and clarity, saving time and facilitating better decision-making.
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****** just grabbed a
My fortnightly budget sankey: https://i.imgur.com/mZyqg5x.png
Not-yet permanent resident here. I started off with 60k/year and ended up almost 100k in 3 years on my company. I have a sister that I give $100/week as her allowance at school, I feel that the car is an absolute money sink, the rent killing me which was originally was 300/wk and now 440/wk just months ago. I try to budget for things that are unavoidable in the future like a new phone in case mine breaks, regular teeth cleaning, prime annual sub (cheaper), bike/car insurance and split them into smaller payments so they don’t put a “shock” in my finances.
Has lifestyle creep eaten me up? I feel like I’m just pissing a lot of money and need my head screwed in, or just need to be assured that I’m doing fine.
PS: “spare money”, I usually just chuck it on rainy day.
What spread sheet you using for fiance’s tracking or quick budgeting.
I’m using the gov smart site.
It’s good but forgot to add salary after tax.
My partner & I moved into our first home in December, so we’ve now had a full 6 months in our home.
Here’s how our expenses looked for these first 6 months:
https://imgur.com/a/r1wFGnr
We’ll see what the next 6 months bring!
I made a thing, budget is fortnightly. Ive been working on reeling in my budget, as ive felt my non necessary expenses have been quite high for a while now, and my mortgage has gone up quite a lot.
https://i.imgur.com/f4g7jvG.png
Is pearler good for index or etf investing? Are there any better alternatives to this platform?
[Weekly budget](https://imgur.com/F4QCwR8).
I earn $100k, have $80k in HECS, and my partner has a $1 million mortgage. I want to save $100k to pay off the mortgage before it switches to a variable rate in 2 years. I have a $20k surgery coming up and considering building a $4k gaming PC. Is this a reasonable budget?
Why is it cheaper to pay for my health insurance every week, then a yearly payment?
Hey ya’ll, in a privileged position but I seem to be hemorrhaging money. Is there an Aussie budget app or somewhere that I can point to my bank account and it sorts/categorises for me?
I have a bunch of subs etc etc
U use commsec and stake keep it simple. AUS stock your best bet for long term is to buy two efts. VAS and VGS that’ll give you exposure to australian and international markets that can form the BULK of your portfolio from there if you want and have spare cash to play with throw some in stake and grab some tesla stock, google or play your game with some small caps/penny stocks site like redit and hot copper are useful for finding gems. but most if you simply invest those two etfs untill retirement youll be fine
Hi I live in Sydney Australia and am looking for a platform to invest on S&P 500. I have invested in Spaceship Universe in the pasts. I am looking for invest $100-$1000 a month in the long term (30+ years). Where should I start or is investing on Spaceship Universe is good enough to be reckoned with?
Hello everyone!
Just wanted to chime in and say that I think this megathread is a great idea. It’s helpful to have all of the Sankey budgeting posts in one place for easy reference and to avoid cluttering up the subreddit. Plus, it’s a great opportunity for everyone to learn from each other and share their experiences with budgeting.
Let’s make the most of this resource and continue to support each other on our financial journeys.
$56k after-tax budget for two in their 20s. Whaddya reckon? [Budget Image](https://ibb.co/9yHYDG0)
I signed up for my first CC ever ($200 cashback)
1) How do you actually pay off the CC?
2) When are bills due? Example if I make a $50 purchase on credit on the 3rd March and a $200 purchase on the 25th March does the CC bill come monthly?
Me and the wife are going to lease a new car and sell our old one. We both work full time and arent planning on having kids in the next 4 years. We both work for the same company but she earns around 180k a year while im on around 137k. Does it really matter who leases the car?. Like i understand it reduces your taxable income and in her case earning more it would be most efficent to have her lease it under her award rather than myself? Is that right or it doesnt matter being married even if we file seperate returns.
Has anyone not had their home loan repayment deducted over the past long weekend. I notice they sometimes take the repayment late…is there a reason for this?
Thank Christ
Excuse some of the slight discrepancies here. I’m from Canada but have been living in Australia for the past several years. Sankey diagram is provided below:
2022 Sankey Diagram
General
I’m a Canadian working in Aus. I’m in my early 30s (non-tech). My partner and I live together and split our living expenses (outside of mortgage and associated house maintenance) 50-50. She works in the healthcare space as a contractor and makes significantly more than I do, but I’ve got a much larger NW. We track our communal expenses using splitwise. We don’t ‘settle up’, but we adjust expenses accordingly when we notice the difference getting large.
We both travel a fair amount for work where I either travel alone (small town Australia) or follow her and work remotely. My taxes in the diagram include my return from last year.
I switched jobs several years ago and took a fairly large hit to my income ~30%+, to make a change I thought would benefit me in the long term. I went from a management role to a consulting role. It’s taken me three years to get back to the salary I was on before leaving; that said, my bonus and perks are still quite a bit lower than they were.
Income
My income includes rent from renting out a room and some minor cost-sharing with my partner. I rent out a room for $300 per week with utilities included, and my partner contributes $150 per week (I bought the house alone) for general housing expenses. We both travel a lot for work, so having someone in the house is really helpful when we are away. It also makes my mortgage palatable and currently covers most of my interest expense.
Interest and dividends are income paid from investments I have back in Canada. This includes a reduction for the management fee (1%). I haven’t separated this out as an expense but will start doing so in the future.
Fixed Costs
I include fixed costs as base costs that I need to take into account. This includes things like my mortgage, car insurance, etc. I’ve excluded the paydown of my mortgage principle because I discount my mortgage payments in my budget tracking spreadsheet. I like to try to treat my life more like a business and have an income statement, cash flow statement, and balance sheet.
I have a reasonably high ‘hospital cover’ and a low ‘extras cover’. I pay around $160 a month. My experience with the medical system over here has been fantastic. By operating both a private and public system, costs in certain areas are significantly reduced by competition (note this isn’t an in-depth review of the healthcare system, just some general observations). I’ve had to get quick out-of-pocket (work reimbursed) MRIs to confirm injuries, and I’ve been able to get in the same day and have results back by the next morning. Coming from Canada this is a huge plus. Getting non-essential medical services in Canada can be very time-consuming, and you can often be forced to wait 6-9 months for non-essential MRIs and other imaging services.
The subscriptions include some discretionary items:
Netflix (family plan – share with the fam)
Amazon Prime – Free Yearly
Strava Yearly – $75
Calm (meditation) Yearly – $65
Office 365 Yearly – $120
Google One Yearly – $130
NYTimes (support as I enjoy the daily) – 50$
WSJ – 24$
Living Costs
These are costs that I consider that support my life and that aren’t optional. There is an opportunity for savings in here, but the items included in living costs need to be bought one way or another. I bought a house towards the end of last year. The ‘home’ costs include things like furnishing, aircon installation, etc. I took a fairly large hit in the ‘home’ department with a misunderstanding about a house transfer tax. Long story short, I rented a room out in the house, which violated the terms of a reduction I’d received on my home transfer tax. This cost me ~$9000.
‘Business’ services generally includes things I can deduct against my taxes; professional fees, home office equipment, required courses, etc. This was substantial this year due to setting up a home office when we had to work remotely for the early part of this year. I also have to maintain my professional registration in several jurisdictions.
Discretionary
Pretty self-explanatory. These are items I could cut out (I should probably move coffee to living costs). I make most of my coffee at home, so the ‘coffee’ segment includes a bean subscription and any coffee shop costs. The dining portion of our budget is pretty substantial – we eat out a fair amount especially when I’ve followed my partner somewhere for work. I’m not sure I have any choice in reducing this category as she’s a bit of a foody.
Alcohol is broken out only when I’ve only purchased alcohol. I’m working to bring this area down as I’ve noticed even small amounts of alcohol significantly affect my sleep and productivity.
Although my partner and I travel a fair amount, we try to line it up with work to reduce costs. We travelled back to Canada over Christmas last year and made several trips to different spots in Australia. This year we’ve got quite a few large trips planned (mostly done through frequent flyer miles).
Savings
This area really struggled this year with the purchase of a house at the end of the year and associated expenses. I’m hoping to increase my cash savings next year to build up a better emergency fund. Reduced expenses on the house should help with this.
I included debt reduction, which is essentially just my mortgage principal reduction. I’ve focused on reducing my mortgage this year to manage the change to a variable-rate mortgage in 2024. I currently use my offset account to reduce my interest on the variable portion of my loan (1/10th current at 5.00%)
Hey guys, I just got into mortgage a few months back and have very little cash left in the offset account. I was in the process of building my emergency fund and my car gone busted. I also had maxed out on my mortgage borrowing power. What are my options now? Will I be able to get a car loan? I always wanted to avoid car loans. But, are there any other options for me at this moment?
I have access to Stake and Selfwealth, which one has a better FX rate if I wanted to purchase US stocks? (ie transfer aud to usd)
Hmm I think youÔÇÖve answered your question in the first paragraph. Too much debt. Budget is sensible for family of 5 and you might be able to cut a little bit of fat off your expenses but the big items are the mortgage and income property.
With another one on the way IÔÇÖd be worried you donÔÇÖt have much savings to cushion, should you and or partner lose your jobs.
So I think the only way is either sell your negative gearing property, assuming thereÔÇÖs some equity, weather the recession and baby with the equity. Meanwhile pay down your ppor assuming thatÔÇÖs the one with capital growth, when you can, buy another inv again when you have less debt.
You could also do the find best rate and refinance or charge more rent (if itÔÇÖs out if term) if thatÔÇÖsess drastic. Also if you are main income earner and happy with your income protection donÔÇÖt touch it.
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Hey guys – not a bright guy here so was looking for some guidance on how the ING saving maximiser account works: It says 4.30% p.a. variable rate, Does this mean if I start of the account with 15K, I’ll get a monthly interest of $53?
Which means in a year it will grow to $15,648 ?
Does this mean it compounds monthly or yearly?
To calculate for the year would this mean: 15k * 1.043 = 15648?
Thank you!!
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I lodged my tax return at the end of October and still receive nothing. It says itÔÇÖs being processed on myGov.
Does it mean IÔÇÖm getting audited ?
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If you had 100k in savings right now, what would you do with it? Real estate looks like it’s going to bottom out some time next year, stocks look like they’ve been in the red for a while.
What else is there? Just buy regional property and hope for rh best?
I don’t know if this belongs here but some insight would be great. My partner is going on my lease. I am the primary rent payer, I pay the whole amount and I will continue when my partner moves in. I am told that her going on the lease they will have to provide payslips. Do they have to if I’m paying the whole amount? I don’t understand and I’m pessimistic that they want this information so they can manage whether they can charge more rent.
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I read an article inflation in Australia is being driven by corporate profits and greed. Anyone have any thoughts on this?
Can I keep using my bank card after I report it damaged and need a new card ?
Has anyone else noticed that second hand cars donÔÇÖt seem to be selling? Just from My own observation and watch list. Anyone else noticed this ?
Just another budget post:
https://www.reddit.com/r/dataisbeautiful/comments/wuilok/oc_australian_bean_counter_salary_incomebudget/
I finally Googled Sankey and I have to say IÔÇÖm disappointed
Sankey was just a fad for a week. Can we keep the general mega thread sticked instead and merge any info from this OP into there.
How often does everyone change private health funds?
How to manage being on Jobseeker. Amounts are fortnightly.
https://imgur.com/a/U78s1ih
I got a job as an apprentice and I’m looking at my insurance through qsuper.
IP 3% of income to 65
TPD $10/wk
Death $5/wk
Final cost is like $2k on a 45k income. Seems crazy right?
I sacrifice 5% atm so my insurance is being eaten up by my salary sacrificed super amount
28, no kids, no spouse, no mortgage
Rate my budget. 28M, 27F, 2kids, Sydney
Generally feel well off, but have to be thrifty.
https://imgur.com/a/6J2wQs5
Please enjoy my contribution.
[https://i.imgur.com/GkDxhaL.png](https://i.imgur.com/GkDxhaL.png)