Hello! Brand spanking new to this and ready to try to start thinking mustachian! What I have read so far really appeals to me.
Country: Australia
Life Situation: couple, no kids *yet*, 29 & 29. Partner employed full time, myself a PhD student finishing within a year.
Just got our first home.
Gross income: 118k p.a. & 32k p.a. The 32 is not taxable.
Take home income (minus tax and HECS): 68k p.a. & 32k p.a.
Current expenses:
Mortgage: 2256 per month (P:790 I:1466) per month. We have an offset acc.
rates 148
internet 55
partner's phone 30
my phone 15
health insurance 160
home insurance 68
my car insurance 26
partner car insurance 90
my car rego 73
partner car rego 73
partner sporting club 30
partner sporting sessions 74
my train ticket 158
charity 30
electricity 109
gas 154
water 60
road tolls (partner) 400
petrol (partner) 332
buying lunch at work (p) 260
buying lunch at work (me) 136
groceries 443
TOTAL: 5265
(edit: oops! forgot to put total!)
Because we've just moved to our new house in a new area, there could be costs I haven't come across yet and there's been a bit of bunnings spending going on fixing things around the house. We also like to host parties pretty regularly which has some expense (snacks drinks pizza etc), so that should probably be on there too.
Assets: house, $620,000. My car (2003): $4,000. Partner's car (2008) $10,000. offset account:$7,500. My super: $12,500. partner's super:[TBA]
Liabilities: Description, original loan amount, rate, original length, and monthly payment (which should be consistent with a spreadsheet PMT calculation). Add current balance and time remaining if close to final payment.
Mortgage:
original amount:$496,000
rate: 3.6%
original length: 30 years
monthly payment: $2,256
credit card: $0
(has a limit of $6,000, we almost never use it. Got it for travel.)
Specific Question(s):
really just "where do I start?" but I will try to be specific:
* where can we reduce our spending?
* is there anything you can see that I'm not considering but that I should be?
I've just been reading around here and there on the website; any specific suggestions for me to read at this stage?
We plan on having children. Anything I should be thinking about now?
Apologies if I've messed anything up or missed something entirely.
Thanks for reading! :)