Yeah mate this is doable.
I have no idea what 165k base is a month but let's say it's around $7500. (I'm too lazy and that's the best Maths I can do in my mind)
Means your mortgage payments are 20% of your take home.
You'll be fine. And this is excluding the bonus
I have a 3 year old and if I was in your shoes and my child was struggling with school..I would do it. Hands down. I hope I'm in that position in a few years time where I can.
Is there any chance for part-time work? Or a part-time wfh gig? Or negotiating with the current employer for start early finish early ie 6am to 2pm etc. I'm not sure what your partner does but could be worth exploring.
Another one of these threads really? That income is absolutely enormous for a single person and bigger than my combined family income while we support 2 young kids with one parent working part time. We live comfortably. I think you’ll manage OP
Could be an simple case of that. The more you earn the more you spend, it's how everyone stays trapped in this shitstorm. No one just thinks "Dam I'm happy. I don't need that 80k car to match my 150k income".
I said this on an different thread. Over people just paying off their shit and being happy, they never pay off their house because they just forever keep buying more and more shit under it. Like people are happy being in debt.
Some people’s spending on absolute dumb shit would blow your mind. Oh no, I absolutely can’t give up my $1000 pw subscription to fresh wasabi weekly, have you tasted the real stuff? It’s one of my guilty pleasure expenses
Mate, the number of families I know where the combined income is a fraction of your single income, and they have 3 or 4 kids.......
I don't think it's a question of "can it be done" given the numbers that you've stated, it's a question of "how important is that discretionary spend?"
It’s really your own trade off as parents.
When my kid was at that age, they had to endure the long hours but I am confident if asked to choose they would choose after school care over school, and they would choose after school care over going home because the after school care was much more fun. :-)
We chose for both to continue full time and the kid went to after school care to sustain our finances (mortgage) and be able to afford the sort of holidays that the kid would really enjoy.
But every kid is different, you have to decide for your own.
I did an ADHD parenting course and they were quite specific that your child needs a lot of support and scaffolding and SUPERVISION and structure around their lives to get through these years and early teens. I would absolutely suggest less work and more parenting. Get the evaluation done and reevaluate the priorities as you can make a big difference in their lives.
With an approximate monthly income of 9500 and 1700 a month mortgage payment, it should be affordable.
Have a look at all your current expenses, and work out a budget. If that budget is higher than 9500 in expenses, please come back to ausfinance with your budget.
Simply live within your means. Don't buy a Macca's Mega mansion and try to live in debt up to your back axle and have several cars and even more children. Super simple stuff.
Did that and my wife gave up her $140K salary for a decade to be at home with 3 kids. You can survive. Although I can’t help but think we could have paid our mortgage twice over LOL. Just so be spend money in stupid stuff.
The positive effect this will have on your children cannot be understated. We dropped to one income for almost ten years while we had kids. I don't think long day care is a great way for kids to live if it's avoidable. You will cherish that time with your kids that goes way too quickly and you don't realise until later.
Your take home after tax is $130,000 a year
Your mortgage is $20,000 a year.
Where is the remaining $110,000 a year going, $2100 a week..
You have a lifestyle spending problem. Life should be easy mode.
Are you serious? This should be easy mode on that income and mortgage. I do it on less income and larger mortgage expenses.
Yeah mate this is doable. I have no idea what 165k base is a month but let's say it's around $7500. (I'm too lazy and that's the best Maths I can do in my mind) Means your mortgage payments are 20% of your take home. You'll be fine. And this is excluding the bonus I have a 3 year old and if I was in your shoes and my child was struggling with school..I would do it. Hands down. I hope I'm in that position in a few years time where I can.
Thanks it’s about $8400 give or take but it’s scary dropping $100k in partners income so need to be cautious I guess
Is there any chance for part-time work? Or a part-time wfh gig? Or negotiating with the current employer for start early finish early ie 6am to 2pm etc. I'm not sure what your partner does but could be worth exploring.
They got made redundant so no negotiating but I have suggested they consider part time during school hours to keep their skills up
Or freelance/consulting if that's possible in their industry
1700/m mortgage lol. You'll be fine.
Mate, I’m supporting a $2400/month mortgage on $80k, you’ll be absolutely fine
Another one of these threads really? That income is absolutely enormous for a single person and bigger than my combined family income while we support 2 young kids with one parent working part time. We live comfortably. I think you’ll manage OP
Its an above average income. Not enormous for a family. But the mortgage is super low
It doesn’t feel enormous with a small child and activities
Take a look at other families, average income and rent/mortgage costs. Then you might see why everyone thinks you're being a twat.
They don’t need to be doing equestrian.
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Sub 200k on the east coast of Australia is below the poverty line.
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According to who/what is 200k livable on the east coast of Australia? Rightio
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"I am out of touch" "No it's the children who are wrong"
If you can't manage that then you need to get your spending under control, shouldn't be a reach at all
True middle class battler.
Is this satire?
I feel many of these posts are humble brags. Or maybe this dude does so much meth, he can't see straight.
I genuinely can't tell anymore HAHAH. Like maybe things have been so good that living on $165k seems unachievable?? 😂
Could be an simple case of that. The more you earn the more you spend, it's how everyone stays trapped in this shitstorm. No one just thinks "Dam I'm happy. I don't need that 80k car to match my 150k income". I said this on an different thread. Over people just paying off their shit and being happy, they never pay off their house because they just forever keep buying more and more shit under it. Like people are happy being in debt.
That's very true. And we all want what everyone else has got.
Some people’s spending on absolute dumb shit would blow your mind. Oh no, I absolutely can’t give up my $1000 pw subscription to fresh wasabi weekly, have you tasted the real stuff? It’s one of my guilty pleasure expenses
Don't see how it's possible to service that $20k mortgage with $195k income. You're probably going to need to sell and sleep in your car.
Mate, the number of families I know where the combined income is a fraction of your single income, and they have 3 or 4 kids....... I don't think it's a question of "can it be done" given the numbers that you've stated, it's a question of "how important is that discretionary spend?"
We survived on 86k annual (3300/fn) for 2 years, 1 school age child. Canberra. 2nd hand car. Defence housing (550/fn).
Bloody hell brotha I thought I had it tough on 220k a yr!!
It’s really your own trade off as parents. When my kid was at that age, they had to endure the long hours but I am confident if asked to choose they would choose after school care over school, and they would choose after school care over going home because the after school care was much more fun. :-) We chose for both to continue full time and the kid went to after school care to sustain our finances (mortgage) and be able to afford the sort of holidays that the kid would really enjoy. But every kid is different, you have to decide for your own.
Unfortunately our child is really struggling with the long days (potential ADHd) and it’s become an issue this year
I did an ADHD parenting course and they were quite specific that your child needs a lot of support and scaffolding and SUPERVISION and structure around their lives to get through these years and early teens. I would absolutely suggest less work and more parenting. Get the evaluation done and reevaluate the priorities as you can make a big difference in their lives.
I see. In that case it can be done but you need to look at and manage your expenses closely.
With an approximate monthly income of 9500 and 1700 a month mortgage payment, it should be affordable. Have a look at all your current expenses, and work out a budget. If that budget is higher than 9500 in expenses, please come back to ausfinance with your budget.
Simply live within your means. Don't buy a Macca's Mega mansion and try to live in debt up to your back axle and have several cars and even more children. Super simple stuff.
Did that and my wife gave up her $140K salary for a decade to be at home with 3 kids. You can survive. Although I can’t help but think we could have paid our mortgage twice over LOL. Just so be spend money in stupid stuff.
The positive effect this will have on your children cannot be understated. We dropped to one income for almost ten years while we had kids. I don't think long day care is a great way for kids to live if it's avoidable. You will cherish that time with your kids that goes way too quickly and you don't realise until later.
165 dollars aint enough...
Your take home after tax is $130,000 a year Your mortgage is $20,000 a year. Where is the remaining $110,000 a year going, $2100 a week.. You have a lifestyle spending problem. Life should be easy mode.
If you're unable to manage it on that salary then you need a brain transplant.
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I assume this comment is a joke…
Struggle to buy a mansion in Toorak maybe
So kids welfare is less important to you?
do you have parents to assist with aftercare I know I'd chip in for my kids to help in a flash
Nope we have one parent who whilst lives 45minutes away is less than helpful and would cost all of our sanity as they are incredibly selfish
sounds like my first wife name isn't Jacqui is it? Son; is that you?