Huggies Forum

The Huggies Forum is closed for new replies and topics, you can still read older topics.
  1. home
  2. Baby Forum
  3. Your Baby's Family
  4. Managing Your Family's Budget
  5. Is it possible to live on $45k a year for a family of 3?

Is it possible to live on $45k a year for a family of 3? Lock Rss

Just wondering if anyone else has done this?

Had a single income of $45k to support a family of 3 and managed to keep private health insurance?

If so, how? I'm redoing our budget and REALLY struggling to find $$ for private health...

thanks in advance
DH makes that amount, we get help from centrelink and we have health insurance - just hospital cover. I don't know if you rent or own your own house, but we rent - I don't think we'd be able to afford it if we were paying off a mortgage.
We live on about that, but we don't have health insurance. We do have other things that we manage to put money towards though so of course it's possible! It just depends on what you view as important and not so important.
oh we have a mortgage... urgh...maybe i'll look for just hospital cover then
My first instinct is to say yes of course you can .... but, then I changed my mind. If you were renting you should be able to, but if you have a large mortgage it would be a struggle - that's what I find anyway. While I am on maternity leave our income is $50k gross but we have a large mortgage so when our baby bonus ran out recently, we've had to start using our savings. I think we have a modest lifestyle but we do pay for things such as superannuation, swimming classes, kinder, DH goes to footy once a month and has AFL membership, but we rarely go out or do any unnecessary shopping.
At the moment we pay $450 a week on mortgage, but that is above our repayment amount.

We pay about $120 towards bills each week, and car and house insurances come to $150 a month.

Our grocery budget is $100 - $120 per week including fruit, vege and meat. I try to save a little each week too.

Our private health insurance is currently $250 a month. I am not sure if there is something we can do to reduce that. It covers hospital and extras, and excludes obstetrics.

Hubby plays cricket once per week and that is around $20 a game.

I am very money conscious, but still can't seem to find how we can pay $250 a month on health insurance when our income goes back to $45k gross. Please help with any ideas... wink

Thanks
we survived on a few thousand more than that and had insurance but nly pay $90 a f/n with extras. we have a mortgage and two kids. we droped about $30k a year to move out of sydney and while it was tough, we still managed. we did have a bit of savings, but when that started to dwindle, i shoped around for all my insurances and bills and managed to save about $200 a month, car, home & contents, health, phone, internet, and cancelled things that were non essential like kids swimming lessons, foxtel, made DH quit smoking.

it was tough, dont get me wrong, but DH and i always said to each other, we have a roof over our head and food on the table, yeah, maybe our bills are paid late but we are better off than alot of other people out there who survive on less.

but it did get to the point where i said this is not how i want to live, and DH had had enough of his job, i found a new one for him on seek.com, applied and within a week got the job, for an extra $25k a year plus possible bonus of $15k. Maybe that could be something to look at, the extra money for us will mean we can go on outings and that, not to actually live.

good luck!!!!
.
You should be able to get about $12K off family assistance with 3 kids. You should look into that..

Dav


At the moment we pay $450 a week on mortgage, but that is above our repayment amount.

We pay about $120 towards bills each week, and car and house insurances come to $150 a month.

Our grocery budget is $100 - $120 per week including fruit, vege and meat. I try to save a little each week too.

Our private health insurance is currently $250 a month. I am not sure if there is something we can do to reduce that. It covers hospital and extras, and excludes obstetrics.

Hubby plays cricket once per week and that is around $20 a game.

I am very money conscious, but still can't seem to find how we can pay $250 a month on health insurance when our income goes back to $45k gross. Please help with any ideas... wink

Thanks

Ah, right. We pay $500 a fortnite for our mortgage. That makes a difference. Do you have things like pay TV that you could cancel? Could you get better deals on phone and internet? Could you invest in a freezer so you can buy things like meat and veg in bulk? Grow your own veggies/fruit/herbs etc? Don't know how many cars you have, is one an option? Or not have a car at all? Just a few ideas.
As Streetlights says, having one car can make a big difference - we only have one.

As Streetlights says, having one car can make a big difference - we only have one.

I would love to have only one, but alas, cars are our vice. We now have 4 currently going and registered. We need 2 because of our location but 4 is getting me down a bit. One's on the market, just not selling.
I do take most of my own advice wink
Sign in to follow this topic