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KieranR

Household Budget

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No budget for us, but my wife puts money where it needs to be. My job is to make sure it is deposited. From there we buy what we need to and like.

Our wedding was under $300 back in 1985 - that included the celebrant and meals at the local Rissole for 22 guests.

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Me and the wife both come from pretty ordinary financial families. We were used to working pretty hard and not spending much.

We’ve never had a budget but..

We were renting and still managed to pay for our own wedding and save up $30k for a deposit (20 years ago) 

I think neither of us drinking coffee, she doesn’t drink alcohol, I hardly drink, we obviously don’t smoke, I generally buy fruit from the supermarket for my lunches and she takes hers too. 

Discretionary stuff for me is really only tri stuff. We have had a few holidays overseas but also have family or friends in lots of places so they are not hugely expensive in the scheme of things.

kidd are both in public education at the moment, and we are now over all the childcare, Oosh etc costs so that has freed up a bit more money.

we had cleared the mortgage but the house needed a bit of work. Then a well timed tornado renovated the whole house for nothing. We chipped in some extra to get some renos done at the same time and now have cleared that debt too do currently we are debt free and the house is worth a whole lot more now. So it’s been a bit of a win. 

Now once I get a new bike we can look at finding an investment so we don’t waste too much money. 

I figure if we got this far without a budget we should be ok for a while longer. 

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We have never had a budget but we aren't big spenders on stuff for the sake of it , heck if any one has seen my dress sence they know I save heaps! 

The wife worked out a while ago some expenses we had I nearly had a farrking heart attack !

i found if I just made sure what came in was more then going out I was happy .surf holidays family holidays and eating out was our thing.

in saying this though now that I have taken a massive income reduction I might set something up   But I'll probably be to lazy lol and just coast along again . The expenses down here are know where near Sydney .school fees are half .even gymnastics is way cheaper eg Sydney was $30 per kid every Saturday so for us $60 bucks down here in The New Gods Country $8 bucks !!!crazy 

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I hav create a height spreadsheet Listimg all disposables and bills 

I don't buy a lot but by Vostok of groceries which I budged for $300 per fortnight between me an d my cat has exploded, it is now more lie 450. So the cat I expect it ordering cats scaping things such as moisturisers,mouwashes. Scented pottie.  I don't know yet but I will have to have a meeting regarding this.   

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On 9/27/2017 at 2:56 PM, Cat Lady said:

dont put everything into super - you never know when and how future and current governments are going to change the rules on you. 😡

 

 

I see where you are coming from, but given the need to get as many people as possible off welfare (including the pension), I don't think they'll mess with it too radically.  Maybe some tinkering at the edges re the age you can access it, and levels of tax deductibility but atm, it is hard for me to find a better investment that a good industry super fund.  And the tax treatment of earnings and salary sacrifice are still very favourable, so we'll pump in the $s while we can. Might all change if the neucs start flying of course....and then my super won't even matter!

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Private school here is a different ball game to the UK. I want to put my kids into the education I had but without scholarships we're looking at £150k each. That's a really nice car...

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150k is over their entire schooling life?????

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Had a strict budget for the 1st 20 years of marriage but have waned the last 15 years. I do however, keep a balance of all assets (loans, shares, A/Cs, super etc) and we are always heading in the right direction every year. As I am looking at retiring from work in 2 years (i.e. stop what I am doing now and start doing other stuff), we are reintroducing a budget next year. This will allow us to get get a bit stricter and rid the housing loan.

It will be tough as I manage the funds. We don't go out on spending sprees but we do but stuff occasionally on a whim. We built a new home just under 3 years ago so it should be OK for a long while.

Daughter is still at home (27) and son is married with his own place. Not much outgo on that front. I have already done a budget for retiring. It is a "want" value rather than a "need" value. It's the way we want to live.

FM   

Edited by Flanman

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I'm a tightarse by nature so writing it down seems unappealing.

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On 9/28/2017 at 11:46 AM, ComfortablyNumb said:

We had both in all-girls private high school ($20K+/yr, both on 50% academic scholarships) but the eldest hated it so we put her in the local co-ed High Catholic school ($3K/yr) which worked much better for her.  But the difference in ATAR result was 95.25 private vs 90.25 Catholic (and I reckon the one that got 90.25 is more academically gifted)....not that those ATARs mattered for what they wanted to do job wise.

Catholic is private, no?  :confused1:

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I'd say so, but jeeze there can be varying different costs for private schools.  My old school would only cost about 3k a year. Still wouldn't send my kids there.

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On 29/09/2017 at 11:57 AM, goughy said:

150k is over their entire schooling life?????

That would be for 13 - 18. And that's boarding, you could do less for a day school if you wanted that option. And that's GBP not AUD. It's mind boggling.

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It most certainly is! I can't even fathom having enough money to even put something like that into consideration!

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On 9/29/2017 at 6:49 AM, ComfortablyNumb said:

I see where you are coming from, but given the need to get as many people as possible off welfare (including the pension), I don't think they'll mess with it too radically.  Maybe some tinkering at the edges re the age you can access it, and levels of tax deductibility but atm, it is hard for me to find a better investment that a good industry super fund.  And the tax treatment of earnings and salary sacrifice are still very favourable, so we'll pump in the $s while we can. Might all change if the neucs start flying of course....and then my super won't even matter!

I'm with Cat Lady on this.  I put my "extra contributions" into the mortgage, now that is down to a bit over 5 years to go to zero balance, have started to look at the super.  I'm planning on cutting back the work somewhere in the 55 - 60 age bracket, so around 15 years away, might look at part time work or consultancy work post this but want the option to take a year or a month off when I want. 

As it stands at present my super won't be able to be touched until I hit 70, so I'll have 10 - 15 years of super not being able to be touched.  There are some tax benefits, however unless going to the expense and hassle of setting up a SMSF I'm restricted on investments.  In my current super fund, I do my own choosing of stocks etc, with around 50% in my own selections, 50% in the "fund" selected shares, properties etc.  I tend to outperform the fund managers by about 60% (based on the last 3 years of data), taking into account the tax benefits I'm still just ahead if I invest outside of super - and will be able to access it when I want.  Most funds "share" options get outperformed by the ASX200 indices - it's not rocket science to diversify in quality shares and keep an interest on the market - the return is even better when super fund fees and compliance costs are factored in

There is going to have to be some changes in the next 5 - 6 years or next 2 terms of the fed government.  The current rules are on a collision course with the maximum allowable contribution cap of $25,000 due to be overtaken by the employers minimum cap (currently just over $21,000) in that time frame - and that's before any proposed increase to the super above 9.5% which is just going to hasten the conflict.  Unless the budget is returned to surplus before then (and all indications are it won't), the cap is going to have to be raised, and with the govt addicted to the revenue from wages taxation, this will have to be traded off with either less tax concession or some other cap on the total in the super fund

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Almost went into Bankruptcy back in 2000 and started a spreadsheet of incomings and outgoings. Have maintained this ever since and it's one of the reasons I know where money comes from and goes to. 

The wife, on the other hand, comes from a bit of money, has never needed to consider these things and - most importantly - is a GP with a strong income. Trying to get her to see sense in a budget was hard until we had to get a mortgage together and look at things like different tax rates in the different countries we work in, interest rate changes and ForEx.

When you consider how easy this can be, if people don't have a budget and still complain about these things .... it's their own fault, really.

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God cat lady, don't talk about retiring time! Buggers me what we're gonna do.

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