- October 27, 2023
- Posted by: legaleseblogger
- Category: Related News
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In conclusion, utilizing AI Legalese Decoder can greatly contribute to maximizing your savings potential. By analyzing your mortgage agreement, health insurance policy, and overall financial circumstances, we can assist you in identifying opportunities for cost reduction, savings, and long-term wealth accumulation. With careful planning and the right strategies in place, you can make the most of your current income and achieve your financial goals.
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****** just grabbed a
> This is my first grown up job: main expenses are mortgage 541 per week and 115 for health insurance
Idk man, you seem to be doing better than me, I don’t even have a mortgage and am on significantly more than you. Just dump money into that offset that you can afford and try to get those promotions to a higher paying income.
1. Make sure you are using a fully structured budgeting system e.g set aside weekly money for bills/loan.
2. From that you should be able to figure out weekly spending money from that.
3. Once you have that weekly spending figure, take 33% of that money and put it into savings.
This has been my strat for years, no point saving money out of your means (Especially if you will just pull money straight out of your savings to have fun)
You seem to be in a great position! Congratulations on purchasing your first home.
Based on the figures you have provided, you could definitely be building a healthy savings and/or investment portfolio.
You havenÔÇÖt stated what your ÔÇÿgoalsÔÇÖ are (travel, early retirement etc) so I am going to go ahead and provide a few possible ways forward. This is conservative but allows for a comfortable lifestyle and future planning.
Take home annually is $45,522 with employer super contributions of $8,470.
You should have an ÔÇÿemergency fundÔÇÖ of at least 3-6 months of essential expenses. That should be your first savings goal.
I would also look making voluntary contributions to your super account of at least $100 per week ($200 per fortnight). Those small contributions can really build up your balance quickly. This could be increased to the point you hit the maximum annual contribution cap.
Next, look at making additional payments towards your mortgage. You are paying a phenomenally low amount each month (YAY!) so adding an extra $50 or $100 per month would make a difference in how quickly you can pay off the loan and how much interest you pay the bank.
These two contributions would only cost you around $500 a month leaving you over $500 per WEEK for everything else. Bills, groceries, health insurance etc. which is a lot for a single person in most situations. Someone very frugal could live off of $200-250 per week which could see you ÔÇÿsavingÔÇÖ over $10k per year if you save the remaining $200-$250 in a HISA or invest that into managed fund stocks.
If youÔÇÖre not particularly financially literate (which many arenÔÇÖt – nothing to be ashamed of!) an appointment with a financial advisor could be a good way forward to see what will help you achieve your goals. But please donÔÇÖt buy into the need for their ongoing services – at your salary/level, you can self manage with some basic direction from them.
Best of luck!
How is your take home so low? Should be 2100 a fortnight
So just to confirm:
-income is 1752 per fortnight
-mortgage is 541 per month (so 250 per fortnight)
-health insurance is 115 per fortnight
=$1387 per fortnight?
Food is roughly 100-200 a fortnight
Electricity about 250 a quarter or 40 a fortnight
Water about 250 a quarter or 40 a fortnight
Council rates about 1000 a year or 40 a fortnight
Strata about 600 a quarter or 90 a fortnight
Entertainment money about 200 a fortnight
Travel about 100 a fortnight
So assuming you didn’t pay gas or have a car, and minus any random expenses, I would say 600 a fortnight.
Edit: formatting
I like the FOO, Financial Order of Operations from the Money Guys.
20-25% savings rate – ironically if you earn more you can save less and still be fine
[https://moneyguy.com/2023/05/what-qualifies-for-your-20-25-savings-rate/](https://moneyguy.com/2023/05/what-qualifies-for-your-20-25-savings-rate/)
For super, if you do an extra $600 a month, your take home pay will only reduce by $400 – it’s free money
I say max super until you get to a level where it will compound on it’s own to over a million and then save more on top of that – it will be tight but I think people don’t realise that “If I save that much then I will have to live a very modest lower income lifestyle……” – yeah sister, yeah, live like no one else now so that you can give like no one else later
A book that really helped me simplify my money management was ÔÇ£the barefoot investorÔÇØ
Even it you do not implement all the strategies itÔÇÖs a good basic starting point.
Are you sure you’re on 77K?
$77,000 ├À 26 fortnights = $2961
After tax, your take home would be $2305 a fortnight ??
Even without the tax free threshold it’s over 2k a fortnight.
I save at least $450 a week on take home pay of just under 46K (I work part-time).
I have a budget that I stick to. I tend to over-budget on things like groceries and alcohol. It doesn’t take much time to keep track once it is set up.
I don’t have a mortgage, so that makes a difference. However, if I had to pay your mortgage, I should still be able to put away $300ish a week.
Here is my breakdown
[](https://imgur.com/a/tSVbJUu)
IÔÇÖm on about $77k + super excluding the overtime I do, end up taking home like $1150/week after tax. I put $450/week into a separate account which I occasionally dip in to when I have bills. I would guess IÔÇÖm saving about $15k/year at the moment
You are not saving anything on that. Just hope to get by.
Would be in the negative off the bat
Hey, sorry to hear about your injury, and well done on getting a place! Smart move.
To work out how much you can save, open a spreadsheet or document on your computer or phone, and start with your monthly income.
In your case 2 x $1752 if youÔÇÖre paid fortnightly.
Then, add any other income you might get (like interest rate if you have savings).
Then, do another column for your expenses per month.
Make sure you include MUST pays first. I.e;
Mortgage: $541
Health insurance: $230
Groceries: $? (Around $350?)
Fuel
Car rego
Car insurance
Etc
Then, do the ÔÇ£nice to havesÔÇØ
Spending: $?
Take away: $?
Streaming: $?
Etc
Whatever is left over, is your savings amount.
You can tweak the nice to haves if youÔÇÖd like to save more.
Why do you need health insurance?
My mortgage is $7k a month. If I were you, I would save as much as possible. You’re already living the dream.
On 77k close to nothing. Living how I currently do it’s 1/3 of my income.
It’s very very tight man. You have 277 a week to pay power (gas and elec), water, food, transport…
What about you try and target to save $50 a week and see how that goes? By the way, chuck that on your offset if you have one.
I was on a similar wage earlier in the year and have nearly the same mortgage repayment.
I saved around $9K for the year on that wage though I don’t have private health (though some health issues that equal around $55 a week)
What works for me is allocating everything to different offset accounts so I have funds for any bills ready, buying all veg from the local market, (always having leftovers for lunch), and limiting the premium cost for convenience expenses to treats.
Might budget is convoluted but works for me. Every dollar is accounted for.
$100 a week for 6 months. First you have to show the discipline that you can save.
Keep it simple. 10-20% of every single payment into your bank goes directly into savings. 1700 a fortnight $170-340 saved
Been there, only a year or 2 ago. Saved 25~30k on 75k salary
How much would I save on those figures? Same amount I’d save on any figure friend, as much as you can that doesn’t affect your quality of life in any significant way. Chuck in the offset/hisa for short term goals, ETFs for 10-20 years, super if you just don’t need it.
Can you explain how 1752 a fortnight equals 77000 a year?
IÔÇÖd be more than that in the negative.
541 a month on a mortgage is nothing! Wow!
Your mortgage is less then rent in student accommodation lol
A lot. On 541/month you’re paying about 1340 less than me, and I’m renting. SoÔǪ at least 4000.
A rough estimate of 400/week. But I have minimal expenses. No car loan, no loans outside of HECS. I don’t even have health insurance (your mortgage + health insurance is my rent anyway). I don’t go out and spend on much if anything. I live quite frugally and boring but that’s just me, it’s not intentional.
Thats good money and congratulations on your purchase of the unit. No looking back now.
I sorta work on this: 50% of your salary is for your basic living expenses like mortgage, food and power bills. 30% is for your wants like restaurants, streaming sites and gym memberships. 20% should go into savings.
I managed to save about 25% of my wage when I had a mortgage.