- December 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: Seeking Opinions on Adequate Salary in Melbourne
Hello Reddit Community,
I am seeking your opinions on what constitutes a good salary in today’s market, particularly for someone residing in inner Melbourne. After analyzing my current financial situation, I have come to the realization that I am not left with much at the end of each month. As a 29-year-old single male, my current income stands at approximately 85k, excluding super, and my rent amounts to a relatively low $290 per week. Given these circumstances, I am aspiring for a realistic and comfortable figure to strive for in the future.
In addition, I would like to mention that I do not engage in any expensive hobbies other than motorbiking and gym membership, both of which are cost-effective in the grand scheme of things.
I sincerely appreciate your valuable input.
Sincerely,
Goomba
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****** just grabbed a
your current wage is decent / above average and your rent is low / below average. this means that your problem is all your other spending
$75k here, and I’m the Chief Minion for my Science job!
I suppose it depends if you want to eat out or not. It’s very tempting, there’s lots of good food around. Some of it is almost affordable.
But some of us are old science goons and know how to cook. Mmmm, lentils and pumpkin, it actually works as a dish you know. With Garam Masala and extra chilli.
Salary is decent assuming there is room for progression in your role. How are you blowing through the remaining 950 a week?
150k is the new 100k even then that’s chump change these days if you want to buy a house
Share all your spending. You said you have no hobbies etc and your rent is quite cheap. SomethingÔÇÖs missing here..
Decent salary for a single 29 year old imo. Your rent is very low.
Id say 200k for a couple, 120k for singles will give you a comfortable lifestyle in a decent area with plenty of cash for little luxuries.
85k will give you a comfortable lifestyle in a mid-ring suburb with moderate expenses and budgeted for luxuries.
Don’t need a salary just need generational wealth
The ability to share assets is
1M salary is really good
300K to keep your head above water ƒÿåƒÿåƒÿå
If you’re not ending up with much money at the end of the month, you need to map out exactly where your money went, to then decide what’s most important to you to use the money for going forward.
I have a $400k mortgage and I earn around $79k. I have a couple of hundred bucks spare at the end of each fortnight, even after paying down a separate Equity Builder (share investment) loan. I do have a housemate paying rent, but even after that, my ‘housing’ costs out of my own pocket is about $500 per week. So somehow I’m far better off than you, even though I spend twice as much money on living in this forsaken debt trap.
If you’re using ubereats or drinking, these are the things that quietly add up to $100 over a few $14 artisinal IPAs and $26.50 delivered Thai meals.
So get into a spreadsheet, put in every single transaction you made last month, and categorise it. There will be a set of categories that you can’t avoid or do a whole lot about, like internet, electricity etc, other than maybe move providers to save $20 here and there.
Here’s mine, lets see if it formats properly (this is a fortnightly budget as that’s my pay cycle):
Income
$2,162.44 Work
$580 Housemate
Expenses
$1,200 Home loan
$208 Body corp
$55 Gas/hotwater
$300 Grocery
$75 Electricity
$40 Water
$22 Internet
$23 Insurance
$12 Mobile
$35 Gym
$577 NAB EB Loan
Surplus/savings: $195.34
Now I run a very tight ship, and that $195.34 basically covers anything else/discretionary (I do actually go out for the occasional $25 meal or $15 drink!), but you can see my ‘fixed’ expenses are very very high, and yours aren’t.
So figure out where it’s all going.
$150k ideally but a hundy kay will be doable.
YouÔÇÖll need to pump it to around 250-300 for a crack at a house.
I’m on the same and paying off a mortgage on my own and still saving at least $500 a fortnight.
The problem is your spending.
it really all depends on your circumstances (mortgage, rent costs, spending habits etc)
Someone on 60k with minimal expenses could live comfortably.
I’m 27 on $121k including super. Currently have a newborn, wife and a mortgage.
Bit of a struggle saving whilst she’s on mat leave where as before it wasn’t an issue on dual income
Agree with others that $150k is the new $100k if you are the only income in your household.
I make $135k, and I’m the only earner in my home. It’s OK but sometimes it feels like treading water.
$150k would make me comfortable.
A good salary is what you make of it. I own a home and I make about $72k per year. Bentleigh.
$150k is the new $100k.
Gives you enough to pay a mortgage, eat out and go on a nice holiday to Asia each year.
120k + helps
Your earnings are enough to live but not much else with prices going up. Would recommend getting a flatmate – that’ll give you an extra $500 per month or $6k per year (assuming your rent halves)
stop buying bags
Time to leave the country.
I make 100k, living in Darwin, I live in a shared house, $250 a week everything included, but still struggling. I donÔÇÖt smoke and donÔÇÖt drink.
130k youÔÇÖll be having a good life and saving.