2 adults (husband 45 working fulltime, myself 39, SAHM, studying part time), 2 children (aged 12 and 16, both in private girls catholic high school). Living in Brisbane, Australia.
I am posting here as we need to get our act together to pay off the balloon payment on our lease next year, and start getting a stash together so hubby can retire before 75…
What we already have planned to get started:
We have a caravan that we are going to sell as soon as we get back from Easter camping. We free camp so it’s a very cheap holiday. Just going to outback QLD so no tourist traps. We are going to spend the free time on the trip fixing up the fiddly things on the caravan ready to sell it on our return.
We have a great big car lease that we are stuck with. Two years ago we were not at all financially smart and thought how nice to have a new car. Now we have a car worth less than the lease so even though we are selling the caravan that we had to have the car to be able to tow it, we are stuck with the JEEP! Oh well. After posting in general discussion I have realised that we can put everything into the car lease once the Interest Free finance is paid off in April and the caravan is sold, and we SHOULD be able to pay off the balloon in June 2018 of $22,000. Then we will drive the car until it dies, hopefully a long time away although you never know with Jeeps.
Budget: My husband likes to budget for EVERYTHING so there is a lot of detail. This gave me the feeling that we had only $707 left per month to save towards the car
Gross Salary Package includes superannuation:
$170,000pa
Superannuation paid by employer: 9.5%
Deductions Before Tax:
Car Novated Lease: $1116.81pm (ex GST)
Deductions Partly Before, Partly After Tax:
Car Tyres and Maintenance: $1800 pa
Car Registration: $831.60pa
Car Insurance: $1250pa (includes loading for Learner driver)
Diesel: $2975pa
Lease Fees/Unemployment Insurance: $633pa
Automobile Club: $180pa
Total Car Cost Deductions (not including before tax lease payment): $7669.60pa
Tax Bracket:
$19,822 plus 37c for each $1 over $87,000
The following are all per month.
Income:
Net Salary: $7518
Expenses:
Bank Fees: $14
Chemist: $20
Council Rates: $129
Drivers Licenses: $6
Electricity: $250
Netflix: $12
Tolls: $5
Gas (stove and hot water): $80
Child 2 Dance: $50
Insurance Caravan: $30 (Selling caravan in April 2017, not replacing)
Insurance Health: $339 (Changed in Sept 2016 to lowest)
Insurance Home and Contents: $145 (Changed in Sept 2016 to lower)
Insurance Life and Income Protection $167
Interest Free Finance: $175pm
Internet: $87 (high speed needed for occasional work from home but company won’t pay for it)
Loan – Caravan: $423 (to be sold in April this year)
Passport Renewal: $10 (2019)
Pocket Money: $61 (each receive half their age per week, they do dishes, animal care, cleaning)
Mobile Phone #1: $76 (includes handset fee, plan expires April 2018)
Mobile Phone #2: $60 (plan expires April 2018)
Mobile Phone #3: $5 (prepaid for kids occasional use on Scout camps)
Mortgate: $1735
Registration Caravan: $17 (will be sold in April 2017)
Registration Dog: $4
School Fees Child #2: $500 (Includes fees, books and uniform allowance)
University Child #1: $87 (text books, she starts next year. High school is paid in full now)
Scouts Child #1: $40 (includes term fees and one weekend camp each term)
Grocery Shopping: $1300 (includes everything food, pet, toiletries, stationery etc. Still too high. Currently doing an empty the cupboard challenge and spent $79 for this weeks groceries. Plan to do a lot more meal planning and budget meals in the future. I’d like to do $120 a week if possible)
Spending Hubby: $44 (he has sushi once a week. I’m not going to ask him to lose this. He doesn’t golf, go to the pub etc)
Spending Me: $217 (this is for everything else not covered by grocery shop such as everyone’s clothes, shoes, doctor, dentist and so on. No haircuts, nails, massage etc. All done at home. I do plan to not buy any clothes, shoes etc so this will be less, just for emergencies)
Tax Return Fee: $13
Transport – Bus Fare: $150 (hubby’s transport to and from work)
Water and Sewerage: $130
Total Expenses:
$6381
Liability:
Interest Free Finance: $478.25, will be paid off in April 2017 and will not add anything else
Loan – Caravan: $11,986.21 (will be sold in April 2017)
Mortgage: $359,000 (5 years into 30 year mortgage, refinanced in June 2016 to lowest rate)
Lease – Car: $41,830.11 (Cannot sell as it is only worth $35,000. Lease pays off interest first)
Liability Total: $413,294.57
Assets:
Caravan: $20,500
Car – Jeep Grand Cherokee: $35,000
House: $450,000 (So around $90,000 in equity. Not sure of actual value. Most sales in the area are old houses being demolished and subdivided or brand new on our size block selling for $850,000… We paid land value for ours!)
Cash: $4500 (placed into home loan but we have unlimited free redraws)
Superannuation: $120,000
Assets Total: $630,000
I hope I’ve arranged everything correctly, hubby is the money man.