- November 8, 2023
- Posted by: legaleseblogger
- Category: Related News
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Financial Struggles and Mental Health: The Struggle of a Single Income Household
At 32 years old, being single and not interested in marriage or having children, I find myself in a difficult situation. Without a second income to rely on, I am solely responsible for affording all of my expenses. This not only includes the basic necessities such as rent, groceries, and bills, but also any additional expenses such as leisure activities, self-care, and savings.
In the past, I was able to afford to travel once a year, dine out a few times a month, and indulge in self-care treatments such as nails and hair. However, over the past couple of years, I have noticed a significant decrease in my financial flexibility. It feels as though my ability to enjoy life and pamper myself is being taken away from me. This is especially disheartening considering that my career has progressed, and I should be experiencing an improved quality of life.
Unfortunately, my income has not kept pace with the rising costs of living. As a result, I am constantly forced to cut back on the activities that bring me joy, ultimately feeling like I am merely working to survive. The thought of continuing this cycle for another 50 years is daunting, and I find myself losing hope for the future.
The debilitating impact on my mental health is becoming increasingly evident. The despair of my financial situation is taking a toll on my overall well-being, and even affording therapy has become a luxury I cannot accommodate. As I write this rant in the early hours of the morning, I am overwhelmed with misery and uncertainty about the trajectory of my life.
AI Legalese Decoder can help in my situation by providing comprehensive and reliable legal advice at a fraction of the cost of traditional legal services. This tool can assist me in navigating any potential legal issues related to my financial struggles, thereby alleviating some of the burdens that contribute to my mental health concerns. Its affordability and accessibility can serve as a lifeline in addressing my legal needs and empowering me to make informed decisions about my financial future.
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Original Content:
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Rewritten Content:
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****** just grabbed a
Welcome to the middle class we’re getting squeezeeddd
Government only cares about propping up the property market.
Politicians have multiple investment properties each, they don’t give a shit about the average citizen
More proof is the ridiculous immigration rates that helps property investors but screws renters
I was having a rant about exactly the same thing over the weekend. I’m now simply existing to pay other people. Rent, groceries, bills etc. Pre-covid I was able to save enough to have an overseas holiday every 2 years. Now I haven’t had an overseas holiday for 4 years or a domestic holiday for 3 years. I simply cannot save anything week to week because of the crazy cost of living prices. Even my super is affected. Insurance premiums inside my super have increased over 80% since July 2022. I mean, come one, how are those increases sustainable? And you can be damn sure that even if/when inflation gets under control none of these companies who are gouging us with their prices are going to reduce those ridiculous prices, so they are here to stay. Where the hell do we go from here?
I try and find joy in the little things like reading a good book in the sun, but it’s getting harder to just accept this is my life now. And after seeing the news this morning that said an income of $182k per year is now needed to afford a home is another kick in the guts. As a 49 year old lower income renter, that is now completely out of my reach. Oh joy.
I know how you feel OP.
As someone who doesnÔÇÖt live an extravagant lifestyle (apart from travel) I feel like the rate that essentials have gone up is really impacting me. I have an overseas trip booked for next year but as much as I love travel I also feel a bit of buyerÔÇÖs remorse for this trip as all my expenses have gone up so much since I booked it.
Try not to be too disillusioned by this sub. While it has some good advice itÔÇÖs not comprised of the average Australian.
ThereÔÇÖs plenty of us out there feeling the same so know that youÔÇÖre not alone.
All we can do is tough it out for a few years and hope the economy improves.
I know the feeling. As a single 30 year old male I’m at a crossroad right now, on one hand I’m about to see a mortgage broker because its about time I got a property and being a grown ass 30 year old man living with his parents is kind of sad.
But on the other hand living at home allows me to save up a shit tonne of money so that I can afford one or two overseas trips a year.
Getting a mortgage would either severely limit my travel fund or take travel out of the equation all together. But still living with Asian parents….. And living with parents at my age severely limits my dating pool.
I don’t mind the idea of working forever as long as I either enjoy the job or truly believe in its cause and right now I don’t hate my job (there are days I do get some satisfaction) but it wasn’t my childhood dream job either.
But yeah I’ve been thinking about this alot and honestly I’m just a bit annoyed that even being a turbo right arse, affording my dream nomad lifestyle is still challenging. Then again I remind myself that there are billions of people around the world would kill to be in my situation and that overseas travel is a luxury for us privileged first workers and a dream fantasy for those in the developing or underdeveloped world.
ThatÔÇÖs what happens when you turn housing into an asset class and create policies that encourage speculation. Suddenly >40% of your income goes towards someone paying off their 5th IP mortgage.
We also keep making fun of the American health care system while weÔÇÖre slowly going down the same path. Private health is just a mean to dodge the Medicare levy surcharge these days.
Ranting on the internet doesnÔÇÖt change a thing unfortunately – better to email your MP, tell them to cut negative gearing & CGT exemptions for established properties and put some bloody money into Medicare.
You’re not alone, it’s very disheartening.
Do you have the capacity to take leave from work for a while? Grab a cheap flight to South East Asia and do a bit of backpacking while working. Very low cost of living and will definitely satisfy the thirst for travel.
What work do you do and how much do you earn OP?
I hear you. I’m realising more and more that this is by design. Our economy doesn’t function without an exploited middle class.
Inflation is the always outcome of a more prosperous working class, which means your spending power is always kept flat.
I used to work for a bunch of wealthy solicitors who even in the 90s were always renegotiating personal bills and expenses. Start with all your direct debits and do not be loyal Рexamine whether you can go to a different provider for much cheaper. I just did so, saving $800 a year on our house insurance now. Go thru every subscription and choose quality over quantity. Ditch the excess. Aldi and markets are cheapest Рfood wise. Find pleasure in what you can get for free Рsomething Ive been doing since my early 20s.Enjoy a sunset, the beach, a beautiful walk/scenery, museum/art gallery, fill up your senses with free fun and interesting experiences regularly. Shop for clothes at a good vintage/Salvos/outlet. Sell excess unused stuff on Facebook marketplace and treat yourself to a manicureits amazing what people are interested to buy espesh if hard to find. Ive even sold a bag of Lemon Myrtle leaves from my tree after pruning it for $5.
Could it be that people have been sold a life of *everything* for so long, through traditional and social media, that when a life of *just enough* is not palatable because it was never considered as one was maturing into adulthood?
The golden age is over tbh. The last 40 years were a debt fuel binge via hyper financialisation and now it’s starting to unwind slowly. We are just going back to the norm.
Money may be an issue but motivation seems like a bigger one. What sort of hobbies or activities do you do that bring you joy besides travel and getting your hair and nails done? I was single for years in my late 20’s and it was it’s own kind of struggle to find purpose and fulfilment. I ended up getting a dog which helped fill some of that void. Something as simple as walking the dog each day and on weekends going somewhere new for our “adventure walks” really helped.
My advice would be to find an inexpensive hobby that brings you some sense of fulfilment rather than focusing on not being able to do more expensive pursuits.
As other commentators have pointed out, thereÔÇÖs three components to solving this:
1. Set financial goals and budget towards them. ThereÔÇÖs no point worrying about bills if you donÔÇÖt absolutely need to.
2. Reduce your biggest costs. IÔÇÖve personally always put most of my budgeting effort into keeping down the big three: housing, transport and food. YouÔÇÖll then have more money for treats.
3. Derive more satisfaction from daily events, not big milestones. ThereÔÇÖs a whole range of experiences that no amount of money changes. ItÔÇÖs not for everyone but an example I always use is going for a swim in the ocean in winter – the cold doesnÔÇÖt care how many commas are in your bank account.
2023 has been a year of me disconnecting my happiness from money and IÔÇÖve never felt better. For me it wasnÔÇÖt outrageous spending but endless saving. IÔÇÖve taken a sledge hammer to my comfort zone and IÔÇÖm feeling absolutely amazing. Good luck!
marriage and kids isn’t the end goal anymore. it’s being comfortable and fulfilled in your life. so weird because even in the midst of planning my stupidly expensive wedding i was haemorrhaging money but still had some money leftover at the end of the month to put away towards it. After my wedding I thought my savings would shoot up, it hasnt. We aren’t saving anything…
Plus, I like my part time job. my fulfilment in life is having hobbies (games and crafts) and working on little projects. i dont crave expensive luxury stuff and i dont really do beauty treatments or salons. I got a second part time job (so in total working full time hours) so that I could have disposable income to get ahead in my mortgage. It’s all been absorbed by rate rises, grocery prices and sky-rocketing bills. I’m barely keeping on top of our expenses. So really I got this job to stay afloat despite cutting down on everything (hobbies, subscriptions, shopping, meat consumption, travel etc…)
we’ve decided definitely no children. we love kids and we were always on the fence but figured we had the choice to decide. we’ve realised we really can’t afford them which is quite sad since the reason for me working these part time jobs was so i could scale back when needed to focus on having a family… it’s sad that the economic climate has taken that choice away from us.
Its hard to talk to the elderly clients at my work complain about prices when they go on their third overseas trip for the year, own summer homes, investment properties and have paid off /offset their mortgages…
my cousin is in the same boat as you too. she can’t afford to move out or buy a home since she’s single and the bank tell her she can’t service a mortgage despite making decent money. it’s a regular existential crisis for her.
But if we weren’t importing net 500k+ immigrants per year, then something absolutely horrific, like GDP or property prices going down, might occur.
Surely the 30%+/year rent increases and ~2,000 Australians becoming homeless/month is worth it to stop the unthinkable from happening?
Remember that late night makes negative feelings feel worse. If you find yourself awake at 2.40am, try to distract yourself away from ruminating and getting upset, it’s not useful. Usually you will feel at least a bit better in the morning.
This is exactly how I am feeling.
There are plenty of childfree people in the same position who would like to find a partner like yourself. I can only suggest the dating apps with a very clear profile, and strict search criteria.
To solidify your choice and make it clear to potential future partners, you could consider sterilisation.
It is definitely tough on a single income forever.
Not going to help your financial situation, but for your mental health I cannot recommend finding a cheap/free ongoing hobby more, even if there are startup costs.
I started kayaking a few years ago, and while there was a significant upfront cost to buy the kayak and gear, it is now an essentially free ongoing activity. As long as there is fuel in my car (which there is for work anyway) I have something I can do and look forward too that doesn’t rely on how well I’m doing that month or if an unexpected bill comes up.
This has dramatically increased my quality of life and mental health.
It could be useful to find an overarching goal that makes you feel like the pain and misery you are experiencing now has the potential to improve your life.
As well id suggest doing things that give you joy, inspiration & meaning more of a priority. So that day to day you have something to look forward to.
Cause end of the day there is no end to make you whole. A house, the dream travel destination are only milestones. You still will be you. Wanting more, endlessly striving to the next goal
Financial security is definitely a problem & need to put a plan in place but if there is something else at play which may be adding to the general morose outlook. Id separate the two.
Also, many people find children & marriage very meaningful.
Sounds like you need to reasses what should be at the top of what makes a good life appealing to you
(Mine also isnt kids & marriage.)
Waiting for a holiday once a year isnt enough to keep you tied to a good place emotionally. You need smaller closer wins that make you feel good every week.
People in Australia are complacent and compliant.
Look at COVID, locking people in and out of the country. Everyone happy to go along with it, no thinking, no assessment of the legal or moral impact of the situation. Just a yeah beaudy do what youÔÇÖre told, mate.
If you donÔÇÖt like the situation agitate the government to change things. Stop immigration until people have housing. Stop putting fuel in the inflation figures, stop allowing foreign students to rent apartments ( we have covid quarantine centres for them to live in ), get rid of one of the 3 layers of government, get rid of the myriad of ridiculous rules. Make it mandatory for our gas reserves to be sold at cost to the public. Tax iron ore $10 a tonne and raise $8.8billion a year.
All of these things will improve the lot of Australians but frankly, people donÔÇÖt get organised and donÔÇÖt agitate for change.
My wife and I are childfree. We only got married to make stuff easier – visas, car insurance, that sort of thing. If you want a relationship, being childfree doesn’t stop you from dating.
Yeah it’s depressing. Bought a house in my late 40’s, which is better than renting. But paying off the mortgage will be a huge slog. I have all these trackers on my bank account warning me how much money I have left after the bills. Take breakfast, lunch and coffee to work. Travel, I don’t see happening.
So happy I have my own house, couldn’t imagine the frustration and anger of people going to work to pay off someone else’s house.
Must really be bad. Hope you can get your own house sometime!
Its hard to say much, but generally when I imagine the lives of working people in skilled jobs/careers it is lifestyle creep rather than inability to live a comfortable life. Maybe look at ‘big’ individual changes rather than lots of small ones. Maybe it applies, maybe it doesn’t.
If you are in Sydney/Melbourne in particular have you considered moving? Easier said than done, but for certain jobs in particular like teaching/nurses/police it looks far more attractive to be anywhere else. Same or rounding error less pay with 50-65% of the rent/mortgage.
Do you feel like you are depressed/anxious/etc and have specific psychiatric needs? Are you using the 10 medicare rebated psychologist sessions? I have a chronic psychiatric condition and have some experience with the system at multiple levels if you would like to send me a direct message or have a more personal mental health conversation.
Millennials have been told a bunch of BS about how they can achieve anything they want. The reality is that unless you are exceptional or lucky you won’t make a lot of money or be fulfilled. Your life will be mundane, mostly boring and then you will die. Get over it.
Mate look into moving overseas. What do you have to lose
The subject is finance but the content is always emotional.
In a finance sub these types of posts would be relevant if they contained some data about finance. Like does the OP have a structured budget, in which areas is the budget under the most pressure etc
This person might eat in restaurants every day or subscribe to 11 kinds of motley fool or have a job where income is not indexed in anyway etc replies might be constructive if targeted and not just ‘yeah me too’ or ‘its the previous generations fault’
Emotional support is important for sure, but it might not be the best place for it?
Yep, I feel you sister, all these people that are like, “you need to budget more” or “Find pleasure in drinking wanky home made coffee” are on the piss. Living life costs money. Australia is a Prison Colony.
Most people in Australia die young, live later. It’s a very sad state of affairs here. Subsequent generations will create further issues for the elites as larger segments of the population become more and more withdrawn and unable to communicate properly.