- April 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Situation of an Average Income Household
We are an average income household, struggling to save despite our best efforts. With a total income of $120,000, consisting of my $65,000 main income and an additional $11,000 from side hustles, as well as my wife’s $44,000 part-time income, we are finding it challenging to make ends meet.
### Current Expenses and Financial Obligations
Currently, we are facing several financial obligations. My wife is facing health issues and has a surgery scheduled in a few weeks. We also have two school-age children and two cars – one from 2006 and another from 2014, with a small debt to family. Additionally, we have a mortgage of $288,000.
Our mortgage payments amount to $1,205 per fortnight, while fixed bills and fuel costs add up to $1,200 per fortnight. On top of that, we spend around $700-$750 on food per fortnight. Despite our efforts, we only have about $2,000 in savings.
### Managing Expenses and Increasing Income
To make ends meet, we have tried various strategies such as meal planning and savvy grocery shopping. However, we realize that our current income may not be sufficient to cover all our expenses. My wife’s health issues limit her earning capacity, but she hopes to increase her working hours in the second half of the year.
### How AI Legalese Decoder Can Help
With the help of AI Legalese Decoder, we can analyze our expenses and identify potential savings opportunities. By inputting our financial data into the AI tool, we can receive personalized recommendations on how to optimize our budget and increase our savings. Additionally, the AI tool can provide insights on potential income-boosting opportunities, such as exploring new side hustles or negotiating a raise at work.
### Seeking Financial Advice
Despite our efforts, we are open to suggestions on how to improve our financial situation. If anyone has any recommendations or advice on how we can better manage our expenses and increase our income, we would greatly appreciate it.
### Update: Taking Action to Improve Financial Health
Following the suggestions received, we plan to scrutinize our food expenses, cut unnecessary subscriptions like Spotify and Disney, and review our insurance policies to see if any reductions can be made. By taking proactive steps to manage our finances more effectively, we hope to create a more stable financial future for our family.
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There should be room to reduce your grocery bill further. We’re the same size family and currently average $200-250/week. A few vegetarian meals a week, only buying the “super low” meat specials at pak’n’save, utilising your freezer, buying a vegetable subscription box, trying to buy as little processed/pre-prepared food as possible etc. Your wife’s health issues may mean this is too hard though.
There is something really off about your food bill. This is your easy win. Your fixed bills also seem really high. Presumably this is power, phone, rates, insurance. You cannot be paying $31k a year on this stuff. Are you paying tithes? Fines? Child support? It does not add up.
To give a food comparator we spend around $170 a week. We don’t eat meat but that includes chicken for our digestively challenged pet. We have three adults. What we don’t buy: alcohol, chips, meat, cakes or muffins, ice cream, snack food, ready meals, soups.
I would not concentrate too hard on increasing your income at the moment given your wife is unwell. You need a plan to increase your income by retraining or upskilling in the longer term. Now is the time to focus on cutting costs. You should be doing ok and it is your spending that seems off. There is so much info on you tube to assist – eg Dave Ramsey- not everyone’s politics (think redneck from Tennessee) but good solid advice.
Edit: I am not sure why you equate education with earning potential. It’s a myth. My partner failed miserably at school but has a very well paying job by job hopping around. No tertiary study. And no student debt. So don’t rule yourself out.
What do you do for work? Can you upskill at all?
It’s hard to tell what you fixed bills are going on. You don’t say whether you have life insurance or other such things. For electricity bills, you can go on the consumer power switch website to figure out if you can get a better deal. For Insurance is go around and see if you can get better quotes consider reviewing the amount you pay first before you claim
Some people run several bank accounts for different types of spending. This helps to focus the mind on where the money is going.
If that is not suitable, do a spreadsheet of all the money you have spent over the last few months to make sure you understand where it’s all going. We sometimes be surprised by incidentals that add up considerably.
Does that include any government assistance. You need to make sure you are getting all you are eligible for.
Your expenses all look high. Our mortgage is also $1200/fortnight but we’re sitting at about $450k. Talk to your broker before you refix!
Personally I’d ditch a car. Way better than scrimping on good food. We’re a family of five and have one vehicle. Fuel, insurance, wof, rego, servicing, repairs, it’s a lot of money. We’ll get a second car soon for the teens to drive and it’s going to suck.
Try bare foot investor (Aus based basic general personal finance advice for families)
Based on $56,500 +$35,500= $90k p/a net
Your take home is ~$3,500 per fortnight.
Barefoot investor suggests Your budget would be:
– 60% for food, bills, housing= $2,100 -$1200 for Mortgage = $900p/f for food and insurances and maintenance bills.
– 20% for building up assets for retirement (paying debt if in debt) = $700 p/f $18kp/annum
– 10% for joint goals (not retirement assets) like travel, depreciating assets like vehicles, large items like home decor = $350 p/f or $9k p/annum
– 10% for fun money and garbage (his/her money, kids allowance, entertainment) same as above =$350p/f or $9k p/annum.
Since your fixed bills are more than 60% you need to cut something or make more money.
I’m assuming you have car loans. so if your bills included debt/car loans repayments … you’d probably fit into the 60% figure once you clear the debt with your 20% assets money.
Based on $700 a fortnight and 7% pa ROI (after inflation). You would have ~$3mil in assets after 30 years of saving.
To replace for $90k net:
– 4% rule suggests you need $2.3mil
– 3% rule suggests you need $3mil
So you should be in a good place depending on the debt numbers and your age and if you can get full time work for mother as kids age.
My suggestion would be to keep the mortgage payments up. You’ll chip away at it a lot faster and be mortgage free sooner or have the ability to use the capital to purchase a rental property sooner. Your joint income is not unlike a lot of people in your same position. Sadly 120k isn’t a lot of money these days when you have a house and family to support.
The reality, is that you probably won’t be able to save until your children are late teenagers or if your wife works more.
Best advice is to concentrate on paying down your mortgage and get in good habits (avoid lifestyle creep)
You want to be in a position when your kids are grown up to max savings.
The only pragmatic advice now, max out kiwi saver etc when and if you can.
Also, enjoy your kids and appreciate the things you have !
10x by grant cardone
Food bill seems quite high, we’re a 2 adults & 1 x 6 year old & a dog household and our fortnightly grocery shop is $400 – $500.
Man your grocery bill is high. My partner and I under 30 usually spend 160 a fortnight max (no meat no alcohol)
You can easily get that down
What are your fixed bills? Like insurance, power internet etc? Would he worth shopping around for insurance companies, power companies etc and you can see some savings there.
Also perhaps look at the children’s extra curriculums and see if you can make some savings there or cut some out?
Look hard at your grocery bill. There’s always savings somewhere.
Oh and perhaps time for a garage sale? Go through your possessions and see what you can sell.
Just as a small suggestion, have you tried Chinese supermarkets like Tai Ping? Usually they have foods that you can get at other supermarkets but for cheaper.
Try the Chemist Warehouse for personal/bathroom/laundry & cleaning products. They have some good savings compared to supermarkets.
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can you switch power/internet providers who might be offering a free month here/there. I recently reduced my car insurance to third party cover only, and i also signed up to contact and get free power 9-5 on weekends, so now that’s when i do all my laundry, run the dish washer and do a week’s cooking. We have the same household income and I currently struggle to spend less than $150 a week on food. edit to add – could you lower your mortgage payments for a little while to free up some cash?
The Barefoot investor has some good suggestions for setting the right conditions.
We are a family of 6 – 2 adults and 4 kids aged 5 and under. We spend $450 weekly on all household shopping including nappies and formula so I agree with the other replies, you have room to improve there.
For the fixed bills – do you have room to reduce these? try the snowball method. This is what really helped me.
Ignore interest, attack the smallest debt with a vengeance. Then once its out of the way, youve freed up that “payment” to go elsewhere and ideally you put it on to the next smallest bill until thats out of the way. Your snowball of money gets bigger and bigger as you knock out the smaller bills. It also feels more successful when you see debts getting paid off faster, it gives you momentum.
Logically you should pay debts based on highest to lowest interest rates but when cashflow is the issue and your trying to stop using the savings, snowball method works best. Once you have more cashflow created by using the snowball method, then you can consider whether you want to adjust and pay off the highest interest rate debt first.
Put 10% of your income away on pay day for a wealth fund, sit down come up with a plan with your debt repayments.
Some good advise to squeeze a little more out of what you have now in the comments.
I would recommend a change in your mind set you seem to put barriers in front of your potential. Instead of watching the box looking at people doing stuff. Look to some free learning on you tube, good topics on mindfulness and mindset. Becoming more abundant starts in the mind, don’t in prison your self in your way of thinking. Start with that.
Look to how your skills brings value to a businesses, if you bring value then your value will increase.
Talk to truck drivers if you are a store man see what others are paid in different warehouses give you a better benchmark.
Accept where you are today, but realise you can be so much more. Your best life is waiting for you, it starts in the mind.
That’s a lot of money on food. We spend about 900 a fortnight for a household of 8. Sure we have a bit of a veggie patch, but still